<PAGE>
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The Strong
CASH MANAGEMENT
Funds
The Strong Advantage Fund
The Strong Municipal Advantage Fund
The Strong Heritage Money Fund
The Strong Investors Money Fund
The Strong Money Market Fund
The Strong Municipal Money Market Fund
Semi-Annual Report . August 31, 2000
<PAGE>
The Strong
Cash Management
Funds
---------------
SEMI-ANNUAL REPORT . AUGUST 31, 2000
Table of Contents
<TABLE>
<S> <C>
Investment Reviews
The Strong Advantage Fund........................................... 2
The Strong Municipal Advantage Fund................................. 4
The Strong Heritage Money Fund...................................... 6
The Strong Investors Money Fund..................................... 8
The Strong Money Market Fund........................................ 10
The Strong Municipal Money Market Fund.............................. 12
Bond Glossary............................................................... 14
Financial Information
Schedules of Investments in Securities
The Strong Advantage Fund...................................... 15
The Strong Municipal Advantage Fund............................ 19
The Strong Heritage Money Fund................................. 27
The Strong Investors Money Fund................................ 31
The Strong Money Market Fund................................... 34
The Strong Municipal Money Market Fund......................... 39
Statements of Assets and Liabilities................................ 50
Statements of Operations............................................ 54
Statements of Changes in Net Assets................................. 57
Notes to Financial Statements....................................... 59
Financial Highlights........................................................ 67
</TABLE>
<PAGE>
THE STRONG ADVANTAGE FUND
-------------------------
FUND highlights
. The Fund's return for the period was generated primarily through the
income advantage provided by the Fund's holdings in corporate debt and
mortgage-backed securities.
. The Fund also experienced slight capital appreciation despite an overall
rising interest rate environment, which normally drives bond prices down.
This appreciation was due to the outperformance of floating-rate
securities and general credit-spread tightening.
----------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 8-31-00
INVESTOR CLASS
--------------
1-year 6.50%
5-year 5.98%
10-year 6.71%
Since Inception 7.01%
(11-25-88)
ADVISOR CLASS/1/
--------------
1-year 5.98%
5-year 5.58%
10-year 6.33%
Since Inception 6.63%
(11-25-88)
INSTITUTIONAL CLASS/2/
--------------------
1-year 6.89%
5-year 6.05%
10-year 6.75%
Since Inception 7.05%
(11-25-88)
----------------------------------------
PORTFOLIO STATISTICS
As of 8-31-00
----------------------------------------
INVESTOR CLASS
30-day annualized yield/3/ 7.34%
----------------------------------------
----------------------------------------
ADVISOR CLASS
30-day annualized yield/3/ 6.96%
----------------------------------------
----------------------------------------
INSTITUTIONAL CLASS
30-day annualized yield/3/ 7.79%
----------------------------------------
Average maturity/4/ 0.6 years
Average
quality rating/5/ A
Perspectives
from the Managers
/s/ Jeffrey A. Koch /s/ Thomas Sontag
Jeffrey A. Koch Thomas Sontag
Portfolio Co-Manager Portfolio Co-Manager
--------------------------------------------------------------------------------
The efforts of the Federal Reserve Board to slow down the economy continued,
with the Fed imposing another 75 basis points of rate increases over the past
six months. This brings the federal funds rate to 6.50%, up a total of 175 basis
points since the Fed began its tightening campaign in the summer of 1999. So
far, it appears this activity has had little effect on the economy. Gross
Domestic Product, a measure of economic activity, advanced at an annualized pace
of 4.8% in the first quarter of this year and at an even stronger 5.2% rate in
the second quarter.
We believe that eventually the economy will feel the effects of tighter monetary
policy through a lag effect; we also believe the Fed is near the end of its rate
hikes. An old market maxim has it that "you can't fight the Fed." In keeping
with this philosophy, we have maintained the overall quality of the portfolio at
A. Simply put, we believe it is prudent to hold a higher-quality portfolio in an
economic environment that is likely to be less robust going forward.
An example of the higher-quality assets in which the Fund has been investing
over the past six months is floating-rate securities issued by Student Loan
Marketing Association ("Sallie Mae"). These issues are AAA-rated securities
backed by a government-sponsored enterprise. In July, the Fund also
--------------------------------------------------------------------------------
...we believe it is prudent to hold a higher-quality portfolio in an economic
environment that is likely to be less robust going forward.
--------------------------------------------------------------------------------
From time to time, the Fund's advisor has waived its management fee and/or
absorbed fund expenses, which has resulted in higher yields and returns.
/1/ The performance of the Advisor Class shares prior to 8-31-99 is based on
the Fund's Investor Class shares' performance, restated for the higher
expense ratio of the Advisor Class shares. Please consult a prospectus for
information about all share classes.
/2/ The performance of the Institutional Class shares prior to 8-31-99 is based
on the Fund's Investor Class shares' performance. Please consult a
prospectus for information about all share classes.
/3/ Yields are historical and do not represent future yields. Yields fluctuate.
Yields are as of 8-31-00.
2
<PAGE>
purchased $10 million of Meridian Funding Company, LLC debt. This is also an
AAA-rated floating-rate security and is guaranteed by MBIA, Inc., which insures
its AAA rating.
While we believe that the Federal Reserve has stopped increasing rates in the
near term, the portfolio is still positioned cautiously from a duration
standpoint. The Fund's duration as of August 31 was 0.45 years. The Fund also
continued to hold a substantial portion of floating-rate securities, reflecting
our belief that, overall, the risks are still skewed in favor of higher
short-term rates rather than lower short-term rates. That said, the most likely
scenario is rather benign.
Thank you for investing in the Strong Advantage Fund. We appreciate the
confidence you've placed in us.
GROWTH OF AN ASSUMED $10,000 INVESTMENT
From 11-25-88 to 8-31-00
<TABLE>
<CAPTION>
The Strong Lipper Ultra Short
Advantage Fund 1-Year Treasury Bill* Obligation Funds Average*
<S> <C> <C> <C>
Oct 88 $10,000 $10,000 $10,000
Dec 88 $10,102 $10,038 $10,075
Dec 90 $11,783 $12,036 $11,894
Dec 92 $14,134 $13,721 $13,382
Dec 94 $15,792 $14,621 $14,376
Dec 96 $18,112 $16,700 $16,265
Dec 98 $20,205 $18,765 $18,148
Aug 00 $22,202 $20,387 $19,776
</TABLE>
This graph, provided in accordance with SEC regulations, compares a $10,000
investment in the Fund, made at its inception, with similar investments in the
Salomon Smith Barney 1-Year Treasury Benchmark-on-the-Run Index ("1-Year
Treasury Bill") and the Lipper Ultra Short Obligation Funds Average. Results
include the reinvestment of all dividends and capital gains distributions.
Performance is historical and does not represent future results. Investment
returns and principal value vary, and you may have a gain or loss when you sell
shares. To equalize the time periods, the indexes' performances were prorated
for the month of November 1988. This graph is based on Investor Class shares
only; performance for other classes will vary due to differences in fee
structures.
YOUR FUND'S approach
The Strong Advantage Fund seeks current income with a very low degree of share
price fluctuation. The Fund invests primarily in very short-term, corporate, and
mortgage- and asset-backed bonds and in higher- and medium-quality bonds. To
enhance its return potential, the Fund also invests a portion of its assets in
bonds that have longer maturities or are of lower quality, though it may not
invest in bonds rated below BB. The managers focus upon high-yield bonds rated
BB with positive or improving credit fundamentals. To help limit changes in
share price, the Fund's average maturity is usually one year or less. To a
limited extent, the Fund may also invest in foreign securities and mortgage- and
asset-backed securities.
MARKET highlights
. Strength in the U.S. economy, as measured by growth in Gross Domestic
Product, continued to outpace the forecasts of the majority of
economists--including the projections of the Federal Reserve.
. In an attempt to rein in the economy and ease inflationary pressures, the
federal funds rate was raised another 75 basis points to 6.50%. Market rates
followed suit, with three- and six-month Treasury bill yields moving up 50
and 35 basis points, respectively.
________________________________________________________________________________
/4/ The Fund's average maturity includes the effect of futures and when-issued
securities.
/5/ For purposes of this averaging rating, the Fund's short-term debt
obligations have been assigned a long-term rating by the Advisor.
* The Salomon Smith Barney 1-Year Treasury Benchmark-on-the-Run Index ("1-
Year Treasury Bill") is an unmanaged index generally representative of the
average yield on one-year Treasury bills. The Lipper Ultra Short Obligation
Funds Average represents funds that invest at least 65% of their assets in
investment-grade debt issues or better, and maintain a portfolio dollar-
weighted average maturity between 91 days and 365 days. Source of the
Salomon index data is Standard & Poor's Micropal. Source of the Lipper
index data is Lipper Inc.
3
<PAGE>
THE STRONG MUNICIPAL ADVANTAGE FUND
-----------------------------------
FUND highlights
. We slightly reduced the Fund's duration, and consequently its sensitivity to
interest rates, during the period by selling callable bonds.
. Anticipating a slight slowdown in prepayment rates within the single-family
housing sector, we have reduced our exposure to this area.
---------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 8-31-00
INVESTOR CLASS
--------------
1-year 3.37%
3-year 3.99%
Since Inception 4.40%
(11-30-95)
INSTITUTIONAL CLASS/1/
-------------------
1-year 3.39%
3-year 3.99%
Since Inception 4.41%
(11-30-95)
---------------------------------------
PORTFOLIO STATISTICS
As of 8-31-00
---------------------------------------
INVESTOR CLASS
30-day annualized yield/2/ 4.68%
---------------------------------------
---------------------------------------
INSTITUTIONAL CLASS
30-day annualized yield/2/ 4.96%
---------------------------------------
Average maturity/3/ 0.9 years
Average
quality rating/4/ A
Perspectives from the Managers
/s/ Lyle J. Fitterer /s/ Mary-Kay H. Bourbulas
Lyle J. Fitterer Mary-Kay H. Bourbulas
Portfolio Co-Manager Portfolio Co-Manager
--------------------------------------------------------------------------------
The early months of this period started out as a continuation of the trends that
had been in place previously--interest rates marching higher, with the Federal
Reserve pursuing its goal of slowing economic growth by raising short-term
rates. One major change did occur, however, with the Nasdaq reaching its peak in
early March. By mid-May, the Composite had declined by more than 35% off its
record highs. The month of May also witnessed the Federal Reserve raising rates
by 50 basis points; by the end of that month, however, market rates started to
move lower, and the Nasdaq recovered modestly.
Signs of an economic slowdown started to surface over the summer, and many
investors speculated that the Federal Reserve had engineered another soft
landing for the U.S. economy. By the end of the period, yields on issues with
maturities from 2 to 30 years were 25 to 50 basis points lower than they were at
the start of the period.
During the period, we slightly reduced the Fund's duration by selling some of
our callable bonds as the market improved late in the quarter. We also reduced
our exposure to the single-family housing sector, as we believe that prepayment
rates may slow slightly. That would cause these bonds to perform poorly if
interest rates start to move higher again. The proceeds
--------------------------------------------------------------------------------
...we plan to reduce our cash position by investing in new opportunities our
research uncovers.
--------------------------------------------------------------------------------
From time to time, the Fund's advisor has waived its management fee and/or
absorbed fund expenses, which has resulted in higher yields and returns.
/1/ The performance of the Institutional Class shares prior to 7-31-00 is based
on the Fund's Investor Class shares' performance. Please consult a
prospectus for information about all share classes.
/2/ Yields are historical and do not represent future yields. Yields fluctuate.
Yields are as of 8-31-00.
/3/ The Fund's average effective maturity includes the effect of futures.
4
<PAGE>
of these sales are currently invested in daily and weekly issues, which add to
the Fund's liquidity. Traditionally, the next few months would produce an
increase in new issuance in the municipal market; we plan to reduce our cash
position by investing in new opportunities our research uncovers.
Considering our investment approach, we'd like to remind investors that
incremental yield (relative to money market funds) does not come without taking
incremental amounts of risk. To manage this risk, an investment team consisting
of six research analysts and two traders assists the managers in implementing
the Fund's goals by using active credit research and an appropriate level of
diversification.
We appreciate your confidence in the Strong Municipal Advantage Fund.
GROWTH OF AN ASSUMED $10,000 INVESTMENT
From 11-30-95 to 8-31-00
<TABLE>
<CAPTION>
The Strong Lehman Brothers Muncipal Lipper Short Municipal
Municipal Advantage 1 Year Bond Index* Debt Funds Index*
<S> <C> <C> <C>
Nov 95 $10,000 $10,000 $10,000
Dec 95 $10,085 $10,037 $10,041
Dec 96 $10,576 $10,473 $10,415
Dec 97 $11,117 $10,959 $10,918
Dec 98 $11,625 $11,478 $11,417
Dec 99 $11,974 $11,814 $11,654
Aug 00 $12,269 $12,222 $12,018
</TABLE>
This graph, provided in accordance with SEC regulations, compares a $10,000
investment in the Fund, made at its inception, with similar investments in the
Lehman Brothers Municipal 1 Year Bond Index and the Lipper Short Municipal Debt
Funds Index. Results include the reinvestment of all dividends and capital gains
distributions. Performance is historical and does not represent future results.
Investment returns and principal value vary, and you may have a gain or loss
when you sell shares. This graph is based on Investor Class shares only;
performance for other classes will vary due to differences in fee structures.
YOUR FUND'S approach
The Strong Municipal Advantage Fund seeks federally tax-exempt current income
with a very low degree of share price fluctuation. The Fund invests primarily in
very short-term municipal bonds and in higher- and medium-quality municipal
bonds. To enhance its return potential, the Fund also invests a portion of its
assets in bonds that have longer maturities or are of lower quality, though it
may not invest in bonds rated below BB. The managers focus upon high-yield bonds
rated BB with positive or improving credit fundamentals. To help limit changes
in share price, the Fund's average maturity is usually one year or less. To a
limited extent, the Fund may also invest in mortgage- and asset-backed
securities.
MARKET highlights
. The Federal Reserve raised short-term interest rates by 75 basis points over
the period. Nonetheless, longer-term rates--from 2 to 30 years--actually fell
by 25 to 50 basis points.
. New issue supply appears poised to increase over the next few months.
. Consumer spending habits are starting to track the direction of the Nasdaq,
helping to slow the economy over the past few months.
________________________________________________________________________________
/4/ For purposes of this average rating, the Fund's short-term debt obligations
have been assigned a long-term rating by the Advisor.
* The Lehman Brothers Municipal 1 Year Bond Index is an unmanaged index
generally representative of one-year, tax-exempt bonds. The Lipper Short
Municipal Debt Funds Index is an equally weighted performance index of the
largest qualifying funds in this Lipper category. Source of the Lehman
index data is Standard & Poor's Micropal. Source of the Lipper index data
is Lipper Inc.
5
<PAGE>
THE STRONG HERITAGE MONEY FUND
------------------------------
FUND highlights
. We managed the Fund to a relatively short average maturity in March and
April, in anticipation of higher short-term rates. In May, we extended the
maturity to about 50 days, as Fed tightening pushed rates to attractive
levels.
. With the Fed on hold for the summer, we shifted back to a slightly short
maturity in June and July, before re-extending to 50 days at the end of
August, when evidence of a slowdown in growth continued to mount.
. The Fund continued to emphasize asset-backed commercial paper.
---------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 8-31-00
INVESTOR CLASS
--------------
1-year 5.84%
3-year 5.44%
5-year 5.57%
Since Inception 5.59%
(6-29-95)
ADVISOR CLASS/1/
-------------
1-year 5.83%
3-year 5.44%
5-year 5.57%
Since Inception 5.59%
(6-29-95)
INSTITUTIONAL CLASS/2/
-------------------
1-year 5.94%
3-year 5.47%
5-year 5.59%
Since Inception 5.61%
(6-29-95)
-------------------------------------------------------------------------------
PORTFOLIO STATISTICS
As of 8-31-00
------------------------------------------------
INVESTOR CLASS/3/
7-day current yield 6.30%
7-day effective yield 6.50%
------------------------------------------------
------------------------------------------------
ADVISOR CLASS/3/
7-day current yield 6.17%
7-day effective yield 6.36%
------------------------------------------------
------------------------------------------------
INSTITUTIONAL CLASS/3/
7-day current yield 6.50%
7-day effective yield 6.72
------------------------------------------------
Average maturity 50 days
Perspectives
from the Manager
/s/Jay N. Mueller
Jay N. Mueller
Portfolio Manager
--------------------------------------------------------------------------------
The big economic story so far in 2000 is productivity growth. The Bureau of
Labor Statistics reported non-farm labor productivity growth of 5.1% for the
year ended June 30, 2000--a big jump over the 2.2% improvement reported in the
prior 12 months. The productivity gain was large enough to overwhelm recent wage
gains, resulting in falling unit labor costs. The productivity explosion has
allowed the U.S. economy to run at a rapid pace without generating much upward
pressure on inflation.
Cost pressures have remained fairly modest, despite high energy prices. The
Consumer Price Index for the 12 months ended July 31, 2000 rose 3.5%, but after
removing food and energy costs, the so-called "core" inflation rose only 2.3%
over the same period. In addition to high productivity growth, a relatively
strong U.S. dollar helped to hold down inflation by depressing the prices of
imported goods.
However, inflation has moved meaningfully off its lows of 1998, driven in large
measure by a doubling in oil prices. The Fed responded to a combination of
faster-than-expected growth and rising inflation by hiking rates at its March
and May Federal Open Market Committee meetings by a combined 75 basis points.
Market rates moved higher as well, particularly in the corporate sector. We
extended the Fund's average maturity to capitalize on these rising rates.
--------------------------------------------------------------------------------
The productivity explosion has allowed the U.S. economy to run at a rapid pace
without generating much upward pressure on inflation.
--------------------------------------------------------------------------------
Performance is historical and does not represent future results. Investment
returns vary. From time to time, the Fund's advisor has waived its
management fee and/or absorbed fund expenses, which has resulted in higher
yields and returns.
/1/ The performance of the Advisor Class shares prior to 3-31-00 is based on
the Fund's Investor Class shares' performance, restated for the higher
expense ratio of the Advisor Class shares. Please consult a prospectus for
information about all share classes.
/2/ The performance of the Institutional Class shares prior to 3-31-00 is based
on the Fund's Investor Class shares' performance. Please consult a
prospectus for information about all share classes.
6
<PAGE>
Since the Fed's 50-basis-point move in May, there has been a moderation in the
pace of growth and no additional sign of accelerating inflation. At its past two
meetings, the Fed elected to keep monetary policy on hold, though it has
retained a bias toward tightening. In the face of this Fed policy, we ended the
period with a portfolio maturity of 50 days. In the absence of a significant
run-up in inflation, we believe the Fed is likely to stand pat for the
foreseeable future.
The perception that the Fed is finished with its tightening course--at least for
now--has led to a rally in bonds. Two-year Treasury rates dropped about 0.75%
from their highs in May, ending the month of August at 6.16%, near the
low-watermark for the year. Money market rates nudged down slightly, as fears of
future Fed tightening were squeezed out of the market.
Looking forward, rates are likely to trade within a fairly narrow range in the
months ahead. As long as most elements of the present supportive economic
environment persist, there is little impetus to move rates either significantly
higher or lower. It will probably take convincing evidence of a meaningful
slowdown to spark a rate drop, while bad news on either productivity or
inflation could push rates higher.
Thank you for your investment in the Strong Heritage Money Fund. We appreciate
the confidence you've shown in us.
3-MONTH TREASURY BILL YIELDS
As of 8-31-00
<TABLE>
<S> <C>
Feb 99 4.67
----------------------------
Apr 99 4.54
----------------------------
Jun 99 4.78
----------------------------
Aug 99 4.97
----------------------------
Oct 99 5.09
----------------------------
Dec 99 5.33
----------------------------
Feb 00 5.78
----------------------------
Apr 00 5.83
----------------------------
Jun 00 5.85
----------------------------
Aug 00 6.31
----------------------------
</TABLE>
Source: Bloomberg
YOUR FUND'S approach
The Strong Heritage Money Fund seeks current income, a stable share price, and
daily liquidity. The Fund is managed to provide attractive yields and a stable
share price of $1.00./4/ The Fund invests in a portfolio of high-quality,
short-term debt securities issued by corporations, banks, and other financial
institutions. The Fund seeks to increase its yield by keeping its operating
expenses very low; therefore, it requires investors to maintain balances of
$25,000 or more.
MARKET highlights
. The period from March through May was characterized by rising interest rates,
with commercial paper yields climbing about 0.75%.
. The Fed responded to worrisome inflation figures and surprisingly strong
economic growth with a total of 75 basis points of tightening at its March
and May meetings.
. Short-term rates moved mostly sideways in the summer months. Mixed data on
growth and inflation put the Fed on hold through June and July. By late
summer, economic data painted a picture of slowing growth, which kept the Fed
on the sidelines through the August 22 Open Market Committee meeting.
________________________________________________________________________________
/3/ Yields are annualized for the 7-day period ended 8-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate. The Investor Class has
temporarily absorbed 0.18% in expenses for the Fund. Otherwise, the Fund's
current yield would have been 6.12%, and its effective yield would have
been 6.31%. The Advisor Class has temporarily absorbed 0.06% in expenses
for the Fund. Otherwise, the Fund's current yield would have been 6.11%,
and its effective yield would have been 6.30%. The Institutional Class has
temporarily absorbed 0.02% in expenses for the Fund. Otherwise, the Fund's
current yield would have been 6.48%, and its effective yield would have
been 6.69%.
/4/ An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other Government agency. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Fund.
7
<PAGE>
THE STRONG INVESTORS MONEY FUND
-------------------------------
FUND highlights
. The Strong Investors Money Fund targeted a shorter-than-neutral average
maturity in March and April, as economic conditions forced the Fed to hike
short- term rates. By May, interest rates reflected an excessively
pessimistic view of future Fed action, and we extended portfolio maturity
slightly past the neutral point to about 48 days.
. Rates were little changed in June and July. By the end of August, an
accumulation of softer economic reports inclined us to push out to a modestly
long 53 days.
. Throughout the period, the Fund maintained an emphasis on high-quality
securities and kept a significant commitment to the asset-backed commercial
paper sector.
--------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 8-31-00
1-year 6.20%
Since Inception 5.76%
(1-31-98)
--------------------------------------------------
YIELD
SUMMARY/1/
As of 8-31-00
7-day current yield 6.55%
7-day effective yield 6.77%
Average maturity 53 days
Perspectives
from the Manager
/s/ Jay N. Mueller
Jay N. Mueller
Portfolio Manager
--------------------------------------------------------------------------------
Productivity growth has proven to be the big economic story in 2000. The Bureau
of Labor Statistics reported non-farm labor productivity growth of 5.1% for the
12 months ended June 30, 2000. That represented a major jump over the 2.2%
growth recorded in the prior 12 months. Because the productivity gain far
exceeded recent wage gains, the result was a decline in unit labor costs. The
U.S. economy has, therefore, been able to run at a rapid pace without generating
much upward pressure on inflation.
In addition to high productivity growth, a relatively strong U.S. dollar is
helping to hold down inflation by depressing the prices of imported goods.
Nonetheless, inflation has moved meaningfully off its very low levels of 1998,
primarily because of the doubling of oil prices.
The Fed responded to this combination of faster-than-expected growth and rising
inflation by hiking rates at its March and May meetings by a combined 75 basis
points. Market rates moved higher as well, particularly in the corporate sector.
In March and April, we decided to shorten the portfolio's maturity in the face
of rising rates. Since the Fed's 50-basis-point hike in May, the pace of growth
has moderated, with no additional signs of accelerating inflation. In this
environment, the Fed has opted not to raise rates further, though it
--------------------------------------------------------------------------------
In addition to high productivity growth, a relatively strong U.S. dollar is
helping to hold down inflation by depressing the prices of imported goods.
--------------------------------------------------------------------------------
Performance is historical and does not represent future results. Investment
returns vary.
/1/ Yields are annualized for the 7-day period ended 8-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate. We have contractually agreed to
waive our management fees and absorb expenses for the Investors Money Fund
to keep total expenses until July 1, 2001 at no more that 0.35%. Without
these waivers and/or absorptions, the yield would have been lower.
8
<PAGE>
does retain its bias toward raising rates. In the absence of a significant
run-up in inflation, though, the Fed is likely to stand pat for the foreseeable
future. Considering the softer economic reports near the end of the period, we
extended the portfolio maturity to 53 days.
As the perception has spread that the Fed is finished with its tightening course
at least for now, a bond rally has ensued. Two-year Treasury rates dropped about
0.75% from their highs in May, ending the month of August at 6.16%--the
low-watermark for the year. Money market rates nudged down slightly.
Looking forward, we anticipate that rates are likely to trade within a fairly
narrow range in the months ahead. There is little impetus for the Fed to move
rates in either direction as long as the economic environment retains its
current supportive tone. Only signs of a meaningful economic slowdown or bad
news regarding productivity or inflation is likely to spark a significant change
in rates.
Thank you for investing in the Strong Investors Money Fund. We appreciate the
opportunity to work with you on your important financial goals.
3-MONTH TREASURY BILL YIELDS
As of 8-31-00
<TABLE>
<S> <C>
Feb 99 4.67
----------------------------
Apr 99 4.54
----------------------------
Jun 99 4.78
----------------------------
Aug 99 4.97
----------------------------
Oct 99 5.09
----------------------------
Dec 99 5.33
----------------------------
Feb 00 5.78
----------------------------
Apr 00 5.83
----------------------------
Jun 00 5.85
----------------------------
Aug 00 6.31
----------------------------
</TABLE>
Source: Bloomberg
YOUR FUND'S approach
The Strong Investors Money Fund seeks current income, a stable share price, and
daily liquidity. The Fund is managed to provide attractive yields and a stable
share price of $1.00./2/ The Fund invests in a portfolio of high-quality,
short-term debt securities issued by corporations, banks, and other financial
institutions. The Fund is specifically designed for investors who are just
starting to build a diversified portfolio; therefore, shareholders in the Fund
will receive an array of educational materials. The maximum investment in the
Fund is $50,000.
MARKET highlights
. Interest rates rose from March through May, with commercial paper yields
climbing about 0.75%.
. The Fed responded to worrisome inflation figures and surprisingly strong
economic growth by raising rates a total of 75 basis points at its March and
May meetings.
. During the summer months, short-term rates moved mostly sideways. Mixed data
on growth and inflation put the Fed on hold in June and July. The Fed stayed
on the sidelines through August, as economic data through the late summer
painted a picture of slowing growth.
________________________________________________________________________________
/2/ An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other Government agency. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Fund.
9
<PAGE>
THE STRONG MONEY MARKET FUND
----------------------------
Fund highlights
. The Fund maintained a relatively short average maturity in the early spring
months in anticipation of higher short-term rates. We took advantage of a
surge in rates in May to extend the portfolio maturity slightly past the
neutral point to about 48 days.
. With a flattening yield curve and stable monetary policy, we shifted back to
a slightly short maturity posture in June and July, before moving to a
neutral 45 days at the end of August.
. Throughout the period, the Fund maintained an emphasis on high-quality
securities and kept a significant commitment to the asset-backed commercial
paper sector.
--------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 8-31-00
1-year 5.58%
3-year 5.20%
5-year 5.29%
10-year 5.00%
Since Inception 5.82%
(10-22-85)
--------------------------------------------------
YIELD
SUMMARY/1/
As of 8-31-00
7-day current yield 6.03%
7-day effective yield 6.21%
Average maturity 45 days
Perspectives
from the Manager
/s/ Jay N. Mueller
Jay N. Mueller
Portfolio Manager
--------------------------------------------------------------------------------
Productivity growth takes the lead as the big economic story in 2000. With
productivity growth reported at 5.1% for the 12 months ended June 30, 2000 (a
major jump from its 2.2% level a year earlier), these gains were more than
sufficient to outweigh recent wage gains. The resulting decline in unit labor
costs allowed the U.S. economy to run at a rapid pace without sparking
inflationary pressure.
High energy prices have exerted some influence on price levels, but cost
pressures have remained fairly modest. The Consumer Price Index rose 3.5% for
the one-year period ended July 31. After removing food and energy costs,
however, the so-called "core" inflation rate was just 2.3%. A relatively strong
U.S. dollar is doing its part to hold down inflation by lowering the prices of
imported goods.
It hasn't been enough, however, to fully counteract the impact of rising oil
prices. Inflation has been able to rise from the very low levels seen in 1998,
primarily because of the raising of oil prices to near-record levels. The Fed's
response to these rising prices, as well as the startling level of economic
growth, was to raise rates at its March and May meetings by a total of 75 basis
points. Market rates, particularly those in the corporate sector, moved higher
as well. With these market conditions in mind, we extended the portfolio's
maturity.
Since raising rates by 50 basis points in May, the Fed has seen a moderation in
the pace of
--------------------------------------------------------------------------------
... we anticipate that money market rates are likely to remain within a fairly
narrow range in the months ahead.
--------------------------------------------------------------------------------
Performance is historical and does not represent future results. Investment
returns vary. From time to time, the Fund's advisor has waived its
management fee and/or absorbed fund expenses, which has resulted in higher
yields and returns.
/1/ Yields are annualized for the 7-day period ended 8-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate. The Fund's advisor temporarily
absorbed 0.17% in expenses for the Fund. Otherwise, the Fund's current
yield would have been 5.86%, and its effective yield would have been 6.03%.
10
<PAGE>
economic growth and no additional signs of accelerating inflation. It chose,
therefore, not to act at the June and August meetings of the Federal Open Market
Committee. The Fed's stance prompted us to end the period at a neutral maturity
of 45 days.
Bonds have rallied on the perception that the Fed is finished with its
tightening course, at least for the time being. Rates on two-year Treasuries
dropped by about 0.75% off their highs in May, ending August at 6.16%. That
level was very close to the low for the year. Money market rates nudged slightly
downward.
Looking forward, we anticipate that money market rates are likely to remain
within a fairly narrow range in the months ahead. Unless there is a significant
change in the present supportive economic environment, there is little reason
for the Fed to move rates higher or lower. It will probably take convincing
evidence of a meaningful slowdown to spark a rate drop, while bad news on either
productivity or inflation could push rates higher.
Thank you for your investment in the Strong Money Market Fund. We're happy to be
working with you as you pursue your important financial goals.
3-MONTH TREASURY BILL YIELDS
As of 8-31-00
<TABLE>
<S> <C>
Feb 99 4.67
-------------------------------
Apr 99 4.54
-------------------------------
Jun 99 4.78
-------------------------------
Aug 99 4.97
-------------------------------
Oct 99 5.09
-------------------------------
Dec 99 5.33
-------------------------------
Feb 00 5.78
-------------------------------
Apr 00 5.83
-------------------------------
Jun 00 5.85
-------------------------------
Aug 00 6.31
-------------------------------
</TABLE>
Source: Bloomberg
YOUR FUND'S approach
The Strong Money Market Fund seeks current income, a stable share price, and
daily liquidity. The Fund is managed to provide attractive yields and a stable
share price of $1.00./2/ The Fund invests in a portfolio of high-quality,
short-term debt securities issued by corporations, banks, and other financial
institutions. The Fund is designed as a traditional, transaction-based money
fund.
MARKET highlights
. Interest rates rose from March through May. Yields on commercial paper
climbed by approximately 0.75%.
. First in March and again in May, the Federal Reserve responded to
inflationary pressure and continuing strong economic growth by
tightening rates. These hikes totaled 75 basis points.
. The summer saw little change in short-term interest rates. The Fed
stayed on hold throughout the summer, as data on growth and inflation
did not indicate a need to raise rates further.
________________________________________________________________________________
/2/ An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other Government agency. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Fund.
11
<PAGE>
THE STRONG MUNICIPAL MONEY MARKET FUND
--------------------------------------
Fund highlights
. As of August 31, 2000, the Fund's 7-day current yield was 4.18%. Its 7-day
effective yield, which reflects compounding, was 4.26%. For investors in the
36% tax bracket, the effective yield translates into a taxable equivalent
yield of 6.66%.
. The Fund's average maturity as of August 31 was 34 days.
. With the economy showing signs of slower growth, we will look to lengthen the
Fund's average maturity as opportunities arise.
------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 8-31-00
1-year 3.98%
3-year 3.61%
5-year 3.63%
10-year 3.69%
Since Inception 4.16%
(10-23-86)
------------------------------------
YIELD
SUMMARY/1/
As of 8-31-00
7-day current yield 4.18%
7-day effective yield 4.26%
Average maturity 34 days
Perspectives
from the Manager
/s/ John C. Bonnell
John C. Bonnell
Portfolio Manager
--------------------------------------------------------------------------------
We began the six-month period with a very strong economy and rising interest
rates. The Federal Reserve, still concerned about possible inflation, raised
interest rates 25 basis points in March and an additional 50 basis points in
May. However, during the latter half of the period, signs of an economic
slowdown did appear, and some economists predict the next rate move by the Fed
will be downward. Our strategy of managing the Fund does not involve trying to
predict the future direction of interest rates. Instead, we focus on buying the
best relative value in the market at any given time.
For the six months ended August 31, 2000, we saw municipal money market rates go
on a roller-coaster ride. Municipal money market rates typically spike higher
during the April tax season, as tax-exempt money funds must sell securities in
order to meet redemptions from shareholders raising cash to pay their tax bills.
This year, the strong domestic economy and strong financial markets produced
large tax payments to the government. Rates on municipal variable-rate
securities spiked to levels (5.84% on weekly variable-rate demand notes) not
seen since the end of 1990. We positioned the Fund in order to take advantage of
the spike and maintained enough liquidity to meet shareholder redemptions. This
is one reason that the Fund's average maturity is somewhat short and that
variable-rate securities represent almost 80% of fund assets. In an environment
of rising interest rates, variable-rate securities recently offered the best
relative value.
--------------------------------------------------------------------------------
In an environment of rising interest rates, variable-rate securities recently
offered the best relative value.
--------------------------------------------------------------------------------
Performance is historical and does not represent future results. Investment
returns vary. From time to time, the Fund's advisor has waived its
management fee and/or absorbed fund expenses, which has resulted in higher
yields and returns.
/1/ Yields are annualized for the seven days ended 8-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate.
12
<PAGE>
The large tax payments mentioned earlier not only went to the federal
government. Many municipalities experienced large cash surpluses. That resulted
in a significantly lower amount of new issuance in the municipal money market
during this summer's note season. With supply down and demand still strong,
prices on fixed-rate securities eligible for muni money funds were bid higher.
This is another reason why variable-rate securities appeared to offer superior
value and why we heavily weighted these securities in the portfolio.
Going forward, we expect the Federal Reserve to continue to be vigilant against
inflation. If labor markets remain tight and consumer demand picks up again, the
Fed will raise rates further, but we don't expect that to happen. It appears we
will remain in a "steady as you go" environment for the remainder of the year.
Thank you for your confidence in the Strong Municipal Money Market Fund. We look
forward to helping you pursue your important financial goals.
EQUIVALENT TAXABLE YIELDS
As of 8-31-00
Your tax-exempt
effective yield of
Marginal 4.26% is equivalent
Joint return Single return tax rate to a taxable yield of:
-------------------------------------------------------------------------------
$43,851-105,950 $26,251-63,550 28.0% 5.92%
-------------------------------------------------------------------------------
$105,951-161,450 $63,551-132,600 31.0% 6.17%
-------------------------------------------------------------------------------
$161,451-288,350 $132,601-288,350 36.0% 6.66%
-------------------------------------------------------------------------------
Over $288,350 Over $288,350 39.6% 7.05%
-------------------------------------------------------------------------------
The chart reflects 2000 marginal federal tax rates before limitations and
phaseouts. Individuals with adjusted gross income in excess of $128,950 should
consult their tax advisor to determine their actual 2000 marginal tax rate. The
Fund's income may be subject to state and local taxes and, depending on your tax
status, the Alternative Minimum Tax.
YOUR FUND'S approach
The Strong Municipal Money Market Fund seeks federally tax-exempt current
income, a stable share price, and daily liquidity. The Fund is managed to
provide attractive yields and a stable share price of $1.00./2/ The Fund invests
in a portfolio of high-quality, short-term debt securities primarily issued by
states and their political subdivisions.
MARKET highlights
. During the last six months, the Federal Reserve increased the federal funds
rate twice for a total of 75 basis points. One-year municipal rates rose from
4.05% at the end of February to 4.20% at the end of August.
. During the April tax season, yields on variable-rate demand notes rose
dramatically relative to taxable money market equivalents. This year, we
experienced yield levels not seen since the end of 1990.
. The strong domestic economy also created large cash surpluses for many
municipalities. This resulted in a significantly lower amount of new issuance
in the short-term municipal market during this summer's note season.
________________________________________________________________________________
/2/ An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in the Fund.
13
<PAGE>
BOND glossary
Bond Quality Ratings--There are services that analyze the financial condition of
a bond's issuer and then assign it a rating. The best-known rating agencies are
Standard and Poors and Moody's. The highest-quality bonds are rated AAA (S&P) or
Aaa (Moody's). The scale descends to AA, A, then BBB, and so on, down to D.
Bonds with a rating of BBB or higher are considered investment grade. Bonds
rated BB and below are considered "junk bonds." Typically, the lower a bond's
rating, the higher yield it must pay in order to compensate the bondholder for
the added risk.
Maturity--Like a loan, a bond must be paid off on a certain date. A bond's
maturity is the time remaining until it is paid off. Bonds typically mature in a
range from overnight to 30 years from now. Typically, bonds with longer
maturities will have higher yields and larger price changes in reaction to
interest rate changes. In rare situations, shorter-term bonds will have higher
yields; this is known as an inverted yield curve (see definition on this page).
Duration--Duration is similar to maturity, but also accounts for the semi-annual
interest payments made by most bonds. Duration is a useful tool for determining
a bond's or a bond fund's sensitivity to interest rate changes. The higher the
duration, the more a bond's price will fluctuate when interest rates change.
Treasury Spread--The Treasury spread is the difference in yield between a
Treasury bond (issued by the federal government) and a bond with an equal
maturity, but from another category, such as a corporate bond. This calculation
is used to measure the prices of corporate bonds, mortgage-backed securities,
and other non-government issues relative to Treasuries. Higher spreads occur in
uncertain times, when investors buy Treasuries for their safety and sell other
types of bonds.
Yield--Yield is the income your investment is generating. It is calculated by
taking the income paid by a bond in a given period of time (often 30 days),
annualizing it, and stating it as a percentage of the money invested.
Yield Curve--The yield curve is a graph that plots the yields of Treasury bonds
against their maturities. Under normal circumstances, this line will slope
upward, reflecting longer-maturity bonds having higher yields. In rare
circumstances, such as in a time of deflation, the yield curve may slope
downward, or "invert." The steepness of the yield curve shifts depending on
economic trends and outlooks. Properly positioned, a bond investor can profit
from these shifts.
14
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Corporate Bonds 48.3%
Adelphia Communications Corporation
Senior Notes, 9.75%, Due 2/15/02 $ 12,650,000 $ 12,729,063
Advance Bank Australia Floating Rate
Subordinated Notes, 7.54%, Due 3/14/06 (c) 15,000,000 15,007,500
Allfirst Preferred Capital Trust Subordinated
Floating Rate Capital Trust Enhanced
Securities, 8.2338%, Due 7/15/29 (c) 15,000,000 14,625,930
Bear Stearns Company, Inc. Floating Rate Notes,
7.29%, Due 7/15/05 20,000,000 19,989,740
Blackstone Hotel Acquisitions Company Debt
Unit (Medium-Term Structured Enhanced
Return Trusts 1998), Series R-38, 7.59%,
Due 6/30/03 (Acquired 7/30/98;
Cost $25,448,312) (b) 25,448,312 25,289,260
British Telecommunications PLC Senior Yankee
Notes, Series B, 11.875%, Due 12/01/08 2,000,000 2,370,000
CMS Energy Corporation Notes, 8.125%,
Due 5/15/02 15,000,000 14,899,665
CMS Energy Corporation Senior Notes, 8.00%,
Due 7/01/11 (Remarketing Date 7/01/01) 20,000,000 19,780,560
CSC Holdings, Inc. Senior Subordinated Notes,
9.875%, Due 5/15/06 12,840,000 13,096,800
Central Fidelity Capital Trust I Floating Rate
Notes, Series A, 7.7338%, Due 4/15/27 7,500,000 7,316,962
Citicorp Floating Rate Notes:
Series W, 6.725%, Due 11/27/35 10,000,000 8,550,000
Series X, 6.725%, Due 11/27/35 10,000,000 8,500,000
Commonwealth Bank of Australia Subordinated
Yankee Floating Rate Notes, Series B,
7.465%, Due 6/01/10 7,000,000 7,004,494
DLJ Leveraged Loan Fund LLC/DLJ Leveraged
Loan Corporation Senior Secured Floating
Rate Notes, Series 1A, Class A2, 7.64%,
Due 3/15/05 (b) (c) 7,000,000 7,048,160
ESAT Telecom Group PLC Senior Yankee
Notes, Zero %, Due 2/01/07 (Rate Reset Effective
2/01/02) 74,800,000 71,808,000
Enron Corporation Floating Rate Notes, 7.25%,
Due 9/10/01 (b) 40,000,000 40,003,120
Entergy Gulf States, Inc. First Mortgage Floating
Rate Bonds, 8.04%, Due 6/02/03 (b) 20,000,000 20,004,680
First Maryland Capital I Variable Rate
Subordinated Capital Income Securities,
7.7338%, Due 1/15/27 19,500,000 19,131,723
GS Escrow Corporation Floating Rate Senior
Notes, 7.7113%, Due 8/01/03 117,300,000 113,057,611
HCA-The Healthcare Company Medium-Term
Notes, Tranche 00012, 6.63%, Due 7/15/45 14,755,000 14,266,713
HSB Capital I Floating Rate Securities, Series A,
7.6438%, Due 7/15/27 9,000,000 8,313,786
Halyard CBO I, Ltd./Halyard CBO Corporation
Senior Secured Floating Rate Notes, Series 1A,
Class A, 6.9175%, Due 3/24/10 (b) (c) 38,700,000 38,305,260
Huntington Capital I Variable Rate Capital
Income Securities, 7.4125%, Due 2/01/27 11,500,000 10,658,568
International Paper Company Floating Rate
Notes, 7.67%, Due 7/08/02 (b) (c) 20,000,000 20,077,880
Lilly Del Mar, Inc. Floating Rate Capital
Securities, 7.9138%, Due 8/05/29 (b) (c) 55,000,000 54,567,480
Lyondell Chemical Company Guaranteed Term
Loan, Tranche E, 10.495%, Due 6/30/06 14,812,500 15,367,969
Mashantucket Western Pequot Tribe Special
Revenue Bonds/Interest Rate Swap, 6.91%,
Due 9/01/12 (Acquired 9/16/97;
Cost $30,000,000) (b) (c) 30,000,000 29,037,000
Mercantile Capital Trust I Floating Rate
Pass-Thru Securities, 7.5613%, Due 2/01/27 $ 10,000,000 $ 9,537,420
Meridian Funding Company Medium-Term
Floating Rate Notes, 7.27%, Due 7/26/10 (b) 10,000,000 10,010,860
MetroNet Communications Corporation
Senior Yankee Notes:
10.625%, Due 11/01/08 920,000 1,019,476
12.00%, Due 8/15/07 107,390,000 120,751,571
NBD Bancorp, Inc. Subordinated Floating Rate
Notes, 7.0625%, Due 12/18/05 (c) 24,530,000 24,416,622
NTC Capital Trust II Floating Rate Capital
Securities, 7.3238%, Due 4/15/27 (c) 13,805,000 13,059,751
NWA Trust Structured Enhanced Return
Trusts 1998, 9.67%, Due 4/15/11 (b) 2,500,000 2,318,750
National Commerce Capital Trust Floating Rate
Pass-Thru Securities, 7.7588%, Due 4/01/27 (c) 10,000,000 9,573,300
Nordbanken AB Subordinated Floating Rate
Medium-Term Yankee Bonds, 7.29%,
Due 3/29/49 18,000,000 17,829,000
Qwest Communications International, Inc.
Senior Notes, Series B, 10.875%,
Due 4/01/07 (c) 39,520,000 43,032,380
Raytheon Company Floating Rate Notes, 7.47%,
Due 3/01/02 (b) 10,000,000 10,019,640
Salomon Brothers, Inc. Medium-Term Floating
Rate Notes/Interest Rate Swap, 4.45%,
Due 9/30/03 4,400,000 4,401,320
Skandinaviska Enskilda Banken Subordinated
Floating Rate Medium-Term Yankee Bonds,
7.775%, Due 3/29/49 4,000,000 3,980,000
Spintab AB Floating Rate Subordinated Yankee
Notes, 7.4625%, Due 12/29/49 (b) (c) 50,000,000 49,644,450
Star Capital Trust I Floating Rate Securities,
7.575%, Due 6/15/27 5,000,000 4,800,905
Stop & Shop Companies, Inc. Senior
Subordinated Notes, 9.75%, Due 2/01/02 5,000,000 5,103,955
SunTrust Capital III Floating Rate Notes,
7.46%, Due 3/15/28 (c) 22,000,000 20,712,120
Swedbank Floating Rate Debt Unit
(Medium-Term Structured Enhanced
Return Trusts 1996):
Series R-34, 7.7406%, Due 11/10/02 (b) 25,000,000 24,125,000
Series R-35, 7.54%, Due 11/10/02 (b) 20,000,000 19,300,000
Tele-Communications, Inc. Senior Notes,
9.65%, Due 10/01/03 (c) 10,872,000 11,126,774
Time Warner, Inc. Pass-Thru Asset Trust
Securities, Series 1997-1, 6.10%, Due
12/30/01 (b) (c) 28,185,000 27,756,813
Triton Energy, Ltd./Triton Energy Corporation
Senior Notes, 8.75%, Due 4/15/02 38,771,000 38,964,855
Triumph Funding, Ltd. Medium-Term
Floating Rate Notes, Class A, 7.33%, Due
12/30/03 (b) 6,500,000 6,498,447
Union Bank of Norway Floating Rate
Subordinated Medium-Term Yankee Notes:
7.09%, Due 4/24/08 20,000,000 19,800,000
7.35%, Due 12/29/49 (Rate Reset Effective
7/09/03) (b) 29,000,000 28,518,310
Union Pacific Corporation Floating Rate Notes,
7.3275%, Due 7/01/02 10,000,000 10,010,310
--------------------------------------------------------------------------------------------------------------
Total Corporate Bonds (Cost $1,157,637,540) 1,167,119,953
--------------------------------------------------------------------------------------------------------------
Non-Agency Mortgage &
Asset-Backed Securities 35.0%
AFC Mortgage Loan Trust Variable Rate
Asset-Backed Certificates, Series 1994-1,
Class 2A-1, 8.2304%, Due 6/25/25 146,558 146,405
</TABLE>
15
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust Pass-Thru Certificates,
Series 1996-4, Class A4, 7.25%, Due 10/25/23 $ 4,142,335 $ 4,120,153
Airplanes Trust 1998 Floating Rate Refinancing
Pass-Thru Certificates, Series 1R, Class B,
7.3688%, Due 3/15/19 34,324,611 33,848,014
Asset Backed Securities Corporation Bank One
Variable Rate Mortgage-Backed Pass-Thru
Certificates, Series 2000-2, Class 2A, 7.2774%,
Due 3/15/30 8,735,432 8,938,915
BCF LLC Mortgage Pass-Thru Certificates,
Series 1997-R2, Class 3-A1, 7.00%,
Due 12/25/35 (b) 895,477 891,354
Bay View Auto Trust Receivable-Backed
Certificates, Series 2000-LJ1, Class A2, 7.54%,
Due 4/25/03 10,000,000 10,045,950
Bear Stearns Commercial Mortgage Securities, Inc.
Floating Rate Commercial Mortgage Pass-Thru
Certificates (b):
Series 1999-WYN1, Class B, 7.8713%,
Due 7/03/09 17,760,000 17,937,600
Series 2000-LCON, Class C, 7.6713%,
Due 7/03/05 13,440,000 13,440,000
Series 2000-LCON, Class D, 8.4713%,
Due 7/03/05 7,620,000 7,620,000
Bear Stearns Mortgage Securities, Inc. Mortgage
Pass-Thru Certificates, Series 1998-1,
Class 2-A-2, 6.35%, Due 3/25/28 10,395,824 10,309,902
Brant II Floating Rate Bonds, Series 2000-1,
Class A3L, 7.375%, Due 11/30/12 (f) 5,000,000 5,000,000
CDC Securitization Corporation Floating Rate
Pass-Thru Certificates, Series 1999-FL1,
Class B, 7.2988%, Due 12/14/02 (b) 15,972,000 16,028,680
COMM Floating Rate Commercial Mortgage
Pass-Thru Certificates, Series 2000-FL1A,
Class B, 7.09%, Due 10/16/02 (b) 9,165,000 9,179,297
CORE, Ltd. Interest Rate Swap, Series
1998-1X, Class B2, 4.558%, Due 1/16/06
(Acquired 7/27/98; Cost $14,044,000) (b) 14,044,000 13,908,571
CWMBS, Inc. Mortgage Pass-Thru Certificates:
Series 1998-A5, Class A-1, 6.75%, Due 6/25/28 7,873,531 7,719,250
Series 1998-A6, Class A-7, 6.75%, Due 7/25/28 11,369,870 11,209,384
California Infrastructure & Economic
Development Bank Special Purpose Trust
Certificates - San Diego Gas & Electric
Company, Series 1997-1, Class A3, 6.07%,
Due 3/25/03 5,815,035 5,796,863
Centex Home Mortgage LLC Variable Rate
Certificates, Series 1999-1, 8.53%,
Due 9/20/04 (b) 12,000,000 12,000,000
Chase Mortgage Finance Corporation Mortgage
Pass-Thru Certificates, Series 1990-G,
Class A-Z1, 9.50%, Due 12/25/21 294,511 294,511
Chase Mortgage Finance Corporation Variable
Rate Mortgage Pass-Thru Certificates:
Series 1992-3, Class B7, 7.7707%, Due 10/28/23 1,477,286 1,458,820
Series 1992-3, Class B8, 7.7707%, Due 10/28/23 737,667 728,446
Series 1993-3, Class B6, 7.3912%, Due 10/30/24
(Acquired 5/20/99; Cost $605,572) (b) 604,062 596,698
Series 1993-3, Class B7, 7.3912%, Due 10/30/24
(Acquired 5/20/99; Cost $2,598,083) (b) 2,591,604 2,560,427
Citicorp Mortgage Securities, Inc. Adjustable Rate
Real Estate Mortgage Investment Conduit
Pass-Thru Certificates, Series 1992-7, Class A-1,
7.889%, Due 3/25/22 2,460,363 2,518,025
Clydesdale CBO I, Ltd./Clydesdale CBO I, Inc.
Senior Secured Floating Rate Bonds, Series 1A,
Class A1, 7.5225%, Due 3/25/11 (b) $ 5,000,000 $ 5,002,500
Coast-Plymouth Tax Lien Capital LLC Collateral
Variable Rate Bonds, Series 1999-A, Class A,
6.76%, Due 11/15/04 (b) 9,053,797 8,997,210
Commercial Mortgage Acceptance Corporation
Variable Rate Mortgage Pass-Thru Certificates,
Series 1996-C2, Class A2, 6.8671%,
Due 9/15/23 (b) 2,163,631 2,136,704
ContiMortgage Home Equity Loan Trust
Pass-Thru Certificates, Series 1997-4, Class A4,
6.30%, Due 7/15/12 10,665,161 10,623,514
ContiSecurities Residual Corporation
ContiMortgage Net Interest Margin Notes,
Series 1997-A, 7.23%, Due 7/16/28
(Acquired 9/18/97; Cost $4,097,446) (b) 4,097,445 1,946,286
CoreStates Home Equity Trust Home Equity
Loan Certificates, Series 1993-1, Class B,
7.50%, Due 8/15/07 2,537,604 2,532,491
Credit Suisse First Boston Mortgage Securities
Corporation IndyMac Manufactured Housing
Pass-Thru Certificates, Series 1998-1, Class A-3,
6.37%, Due 9/25/28 10,006,310 9,915,203
DLJ Commercial Mortgage Corporation Floating
Rate Commercial Mortgage Pass-Thru
Certificates, Series 2000-STF1, Class A-3,
7.38%, Due 5/05/03 (b) 16,000,000 16,000,000
DLJ Mortgage Acceptance Corporation Variable
Rate Mortgage Pass-Thru Certificates:
Series 1990-2, Class A, 7.5367%, Due 1/25/22 3,523,320 3,508,716
Series 1991-3, Class A1, 7.2329%, Due 2/20/21 450,396 448,226
Delta Funding Home Equity Loan Trust Interest
Only Asset-Backed Certificates:
Series 1999-2, Class F, 6.00%, Due 6/15/02 14,900,250 1,124,969
Series 2000-1, Class F, 6.40%, Due 3/15/03 58,000,000 5,854,520
EQCC Home Equity Loan Trust Variable Rate
Asset-Backed Notes, Series 1993-4, Class A,
5.725%, Due 12/15/08 6,205,477 6,073,641
Empire Funding Home Loan Owner Trust
Asset-Backed Notes, Series 1997-4, Class A-3,
7.11%, Due 7/25/14 959,182 954,823
Equipment Pass-Thru Investment Certificates
Trust Floating Rate Senior Certificates,
Series 1996-1:
Class A, 7.3625%, Due 9/25/09 (Acquired
6/14/96; Cost $4,600,000) (b) 4,600,000 4,642,550
Class B, 8.57%, Due 9/25/09 (Acquired
7/01/96; Cost $5,063,438) (b) 5,063,438 5,110,933
Class C, 10.0638%, Due 9/25/09 (Acquired
6/28/96; Cost $3,222,489) (b) 3,174,866 3,167,722
The Equitable Life Assurance Society of the
United States Collateralized Floating Rate
Notes, Series 174, Class D-2, 7.6763%,
Due 5/15/03 (b) 11,837,838 11,815,200
Financial Asset Securitization, Inc. Mortgage
Participation Securities, Series 1997-NAMC 2,
Class FXA-8, 10.00%, Due 7/25/27 1,194,959 1,207,105
Franchise Finance Corporation of America
Floating Rate Notes, Series 1997-1:
Class D2, 7.72%, Due 6/18/13 (b) 5,726,000 4,907,497
Class E2, 7.97%, Due 1/18/14 (b) 2,290,000 1,860,625
GGP/Homart Floating Rate Commercial
Mortgage-Backed Securities, Series 1999-C1,
Class C, 7.43%, Due 6/10/03 (b) 10,000,000 10,087,500
</TABLE>
16
<PAGE>
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
GMAC Commercial Mortgage Security, Inc.
Variable Rate Mortgage Pass-Thru Certificates,
Series 2000-FL1, Class C, 7.39%, Due 7/15/04 $ 12,045,000 $ 11,994,170
GS Mortgage Securities Corporation II Variable
Rate Commercial Mortgage Pass-Thru
Certificates, Series 2000-CCT, Class C,
7.25%, Due 12/15/04 5,360,000 5,356,677
Glendale Federal Bank Variable Rate Mortgage
Pass-Thru Certificates, Series 1990-3,
Class A-1, 8.0906%, Due 3/25/30 1,268,746 1,251,078
Glendale Federal Bank Variable Rate Senior
Pass-Thru Mortgage Securities, Series 1990-1,
Class A, 7.8361%, Due 10/25/29 1,633,957 1,639,121
Green Tree Financial Corporation
Manufactured Senior Subordinated Pass-Thru
Certificates, Series 1996-5, Class A-4, 7.15%,
Due 7/15/27 2,105,977 2,106,114
Greenwich Capital Acceptance, Inc. Variable
Rate Mortgage Pass-Thru Certificates, Series
1991-1, Class A, 7.3746%, Due 2/25/21 (b) 7,896,239 7,851,862
Greenwich Capital Trust I Pass-Thru Certificates,
Class A, 7.3246%, Due 2/15/21 (b) 8,235,830 8,426,325
Home Savings of America Adjustable Rate
Mortgage Pass-Thru Certificates, Series 14,
Class A, 5.9892%, Due 5/25/27 1,438,410 1,406,045
ICIFC Secured Assets Corporation Mortgage
Pass-Thru Certificates, Series 1997-1,
Class A-7, 7.75%, Due 3/25/28 10,540,233 10,506,136
Kmart CMBS Financing, Inc. Floating Rate
Commercial Mortgage Pass-Thru Certificates,
Series 1997-1, Class D, 7.72%,
Due 3/01/07 (b) (c) 33,000,000 32,887,635
Malan Mortgage Securities Trust Floating Rate
Commercial Mortgage Pass-Thru Certificates,
Series 1995-1, Class A2A, 7.435%, Due 8/15/05
(Acquired 2/21/97; Cost $4,010,000) (b) 4,000,000 3,985,140
Mall of America Capital Company LLC
Mortgage Pass-Thru Certificates, Series 2000-1,
Class C, 7.4188%, Due 3/12/05 (b) 6,000,000 6,000,000
Mellon Residential Funding Corporation Variable
Rate Mortgage Pass-Thru Certificates,
Series 1999-TBC3:
Class B-1, 7.3347%, Due 10/20/29 1,543,000 1,542,043
Class B-2, 7.3347%, Due 10/20/29 823,000 819,914
Class B-3, 7.3347%, Due 10/20/29 1,029,000 1,018,072
Merrill Lynch Credit Corporation Mortgage Loan
Asset-Backed Pass-Thru Floating Rate Certificates:
Series 1996-C, Class B, 7.8763%, Due 9/15/21 (b) 4,084,992 3,571,836
Series 1996-D, Class B, 7.8763%,
Due 5/15/25 (b) 6,624,593 5,661,973
Merrill Lynch Credit Corporation Senior
Subordinated Variable Rate Mortgage Pass-Thru
Certificates, Series 1995-A, Class A-5, 7.9288%,
Due 6/15/20 6,163,183 6,228,311
Merrill Lynch Credit Corporation Subordinated
Variable Rate Mortgage-Backed Certificates,
Series 1995-S1, Class A-1, 6.6875%,
Due 2/17/24 (b) 5,000,000 4,910,950
Merrill Lynch Home Equity Acceptance, Inc.
Subordinated Variable Rate Mortgage-Backed
Certificates, Series 1994-A, Class A-1, 7.625%,
Due 8/17/23 889,062 886,698
Merrill Lynch Mortgage Investors, Inc. Senior
Subordinated Variable Rate Pass-Thru
Certificates, Series 1994-A, Class M, 7.6188%,
Due 2/15/19 11,000,000 11,206,551
Merrill Lynch Mortgage Investors, Inc. Variable
Rate Commercial Mortgage Pass-Thru Certificates:
Series 1997-SD1, Class D, 7.325%,
Due 4/01/04 (b) $ 15,500,000 $ 15,485,430
Series 1998-H1A, Class C, 7.12%, Due 4/01/11 (b) 2,000,000 1,976,560
The Money Store Home Equity Trust,
Series 1998-A, Class AF3, 6.13%, Due 9/15/16 4,146,874 4,133,293
Morgan Guaranty Trust Company Floating Rate
Notes, 9.1457%, Due 7/27/05 18,500,000 18,500,000
Morgan Stanley Capital I, Inc. Variable Rate
Commercial Mortgage Pass-Thru Certificates,
Series 1995-HF1, Class D, 8.2188%,
Due 2/15/05 3,500,000 3,490,813
Morgan Stanley Mortgage Trust Variable Rate
Interest Only Collateralized Mortgage
Obligation, Series 35, Class 35-2, 5636.00%,
Due 4/20/21 1,299 1
Mortgage Index Amortizing Trust Asset-Backed
Notes, Series 1997-1, Class A1, 6.682%,
Due 8/25/04 5,415,669 5,318,349
NPF XII, Inc. Health Care Receivables Floating
Rate Bonds, Series 2000-1, Class A, 7.10%,
Due 3/01/03 (b) 15,000,000 14,962,500
Nomura Depositor Trust Floating Rate
Commercial Mortgage Pass-Thru Certificates,
Series 1998-ST1:
Class A4, 7.5188%, Due 1/15/03 (b) 32,000,000 31,234,880
Class A5, 7.8688%, Due 1/15/03 (b) 6,300,000 6,129,711
OUC Commercial Mortgage Securities, Inc.
Subordinated Adjustable Rate Mortgage
Securities, Series 1998-1, Class C, 7.3593%,
Due 1/27/28 (b) 8,387,015 8,221,875
Option One Mortgage Loan Trust Variable Rate
Asset-Backed Certificates, Series 2000-1, Class S,
3.50%, Due 4/25/30 17,170,000 927,523
Option One Mortgage Securities Corporation
Net Interest Margin Trust, Series 1999-2,
9.66%, Due 6/26/29 (b) 8,712,750 8,582,058
Pennant CBO, Ltd./Pennant CBO Corporation
Floating Rate Yankee Bonds, Series 1A, Class A,
6.9363%, Due 3/14/11 (b) 16,000,000 16,040,000
People's Bank Credit Card Master Floating Rate
Trust, Series 1998-1, Class A, 6.7588%,
Due 11/15/05 (c) 20,000,000 20,045,700
Perpetual Savings Bank Variable Rate Mortgage
Pass-Thru Certificates, Series 1991-1, Class B1,
8.095%, Due 6/25/19 (Acquired 9/17/96;
Cost $301,326) (b) 298,204 299,323
Principal Residential Mortgage Capital Resources
Floating Rate Bonds, Series 2000-1, Class B,
8.27%, Due 6/20/05 4,000,000 4,000,000
Provident CBO I, Ltd./Provident CBO I, Inc.
Senior Secured Floating Rate Bonds, Series 1A,
Class A1, 7.5975%, Due 12/09/10 (b) 6,765,714 6,803,805
Prudential Home Mortgage Securities Company
Mortgage Pass-Thru Certificates:
Series 1992-46, Class A-6, 7.00%, Due 1/25/08 6,169,112 6,140,888
Series 1993-63, Class A-14, 6.75%, Due 1/25/24 4,926,681 4,842,314
Prudential Home Mortgage Securities Company
Variable Rate Mortgage Pass-Thru Certificates,
Series 1988-1, Class A, 7.9585%, Due 4/25/18 489,063 486,967
Repeat Offering Securitisation Entity Funding
Number 2, Ltd. Floating Rate Asset-Backed
Certificates, Series 2A:
Class A5A, 7.3125%, Due 10/28/04 (b) 10,000,000 9,800,000
Class A6, 8.6625%, Due 10/28/04 (b) 15,000,000 14,681,250
</TABLE>
17
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (Continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Strong Advantage Fund (Continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Resecuritization Mortgage Trust Variable Rate
Certificates, Series 1998-B, Class A, 6.87%,
Due 4/26/21 (b) $ 5,326,705 $ 5,295,064
Residential Accredit Loans, Inc. Mortgage
Pass-Thru Certificates, Series 1997-QS2,
Class A-7, 7.75%, Due 3/25/27 10,400,783 10,406,451
Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Thru Certificates, Series
1993-MZ1, Class A-2, 7.47%, Due 3/02/23 5,315,002 5,269,373
Residential Funding Mortgage Securities II, Inc.
Variable Rate Interest Only Home Equity Loan
Pass-Thru Certificates, Series 1996-HS2, Class A,
1.70%, Due 9/25/12 6,354,322 61,573
Resolution Trust Corporation Mortgage Pass-Thru
Securities, Inc. Commercial Certificates:
Series 1994-C2, Class E, 8.00%, Due 4/25/25 11,483,790 11,340,760
Series 1995-C1, Class C, 6.90%, Due 2/25/27 16,350,000 16,124,779
Series 1995-C2, Class C, 7.00%, Due 5/25/27 1,943,470 1,927,232
Resolution Trust Corporation Mortgage Pass-Thru
Securities, Inc. Variable Rate Certificates:
Series 1993-1P, Class A2, 6.86%, Due 8/25/19 (b) 2,905,043 2,884,156
Series 1995-1, Class B-5, 7.9392%,
Due 10/25/28 10,103,212 10,149,904
Series 1995-1, Class B-11, 8.2875%,
Due 10/25/28 424,894 427,119
Series 1995-1, Class M-11, 7.4875%,
Due 10/25/28 2,446,341 2,457,239
Ryland Mortgage Securities Corporation IV
Variable Rate Collateralized Mortgage Bonds,
Series 2, Class 3-A, 12.0276%, Due 6/25/23 285,430 285,430
Ryland Mortgage Securities Corporation Variable
Rate Mortgage Participation Securities, Series
1990-C1, Class A, 6.5879%, Due 10/25/20 (c) 26,746,550 26,629,667
SASCO Floating Rate Commercial Mortgage Trust
Floating Rate Pass-Thru Certificates:
Series 1998-C3A, Class G, 7.17%,
Due 3/25/02 (b) 18,626,359 18,457,822
Series 2000-C2, Class E, 7.19%, Due 1/21/03 (b) 19,999,212 19,999,212
Salomon Brothers Mortgage Securities VII, Inc.
Floating Rate Asset-Backed Certificates, Series
1997-NC4, Class M-2, 7.325%, Due 9/25/27 3,000,000 2,985,135
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Thru Certificates:
Series 1996-LB2, Class A-5, 7.25%, Due 10/25/26 309,379 308,109
Series 1997-HUD1, Class A-2, 7.37%,
Due 12/25/30 4,579,703 4,560,354
Salomon Brothers Mortgage Securities VII, Inc.
Variable Rate Mortgage Pass-Thru Certificates,
Series 1992-4, Class A2, 8.5706%, Due 9/25/22 631,734 637,827
Sears Mortgage Securities Corporation Variable
Rate Mortgage Pass-Thru Certificates:
Series 1991-1, Class A-1, 6.07%, Due 7/25/21 11,151,045 10,818,598
Series 1992-21, Class A-2, 8.2059%, Due 12/26/22 438,047 436,188
South Street CBO, Ltd./South Street CBO
Corporation Floating Rate Bonds, Series 2000-1,
Class A-3L, 7.3313%, Due 5/30/12 (b) 6,000,000 5,986,860
Southern Pacific Secured Assets Corporation
Floating Rate Mortgage Pass-Thru Certificates,
Series 1997-2, Class M-1A, 6.98%, Due 5/25/27 8,948,000 8,935,696
Structured Asset Securities Corporation Floating
Rate Mortgage Pass-Thru Certificates,
Series 1998-2, Class A, 7.14%, Due 2/25/28 7,213,767 7,218,506
Structured Asset Securities Corporation Variable
Rate Multiclass Pass-Thru Certificates:
Series 1994-C1, Class A-3, 7.30%, Due 8/25/26 955,109 955,744
Series 1995-C4, Class A-2, 7.17%, Due 6/25/26 1,181,303 1,182,254
Structured Mortgage Trust Commercial Mortgage-
Backed Securities, Series 1997-2, Class A,
9.9407%, Due 1/30/06 (Acquired 5/12/98;
Cost $7,455,266) (b) $ 7,539,409 $ 7,082,370
Summit CBO I, Ltd./Summit CBO I Funding
Corporation Second Priority Senior Secured
Floating Rate Bonds, Series 1A, Class B, 8.06%,
Due 5/23/11 (b) 9,580,000 9,243,167
Textron Financial Corporation Receivables Trust
Asset-Backed Notes, Series 1998-A, Class A1,
5.82%, Due 1/15/02 (b) 1,975,021 1,973,234
USAA Auto Loan Guarantor Trust Pass-Thru
Certificates, Series 1999-1, Class A, 6.10%,
Due 2/15/06 3,415,024 3,387,277
Western Federal Savings & Loan Association
Variable Rate Mortgage Pass-Thru Certificates,
Series 1991-4, Class A, 8.026%, Due 7/25/21 2,535,156 2,459,101
--------------------------------------------------------------------------------------------------------------------
Total Non-Agency Mortgage &
Asset-Backed Securities (Cost $910,645,608) 845,461,292
--------------------------------------------------------------------------------------------------------------------
United States Government &
Agency Issues 8.2%
FHLMC Participation Certificates:
5.00%, Due 5/01/06 22,812,721 21,354,685
7.00%, Due 7/15/06 1,615,858 1,612,958
8.50%, Due 7/01/21 10,220,965 10,419,451
9.00%, Due 1/01/05 thru 9/15/20 12,519,971 12,909,640
10.00%, Due 3/15/20 9,975,927 10,469,827
10.50%, Due 5/01/20 thru 11/01/20 6,943,932 7,686,262
11.00%, Due 11/01/15 thru 9/01/20 1,450,379 1,564,225
11.75%, Due 5/01/11 thru 6/01/11 655,999 718,095
12.00%, Due 9/01/11 thru 2/01/15 279,127 309,226
12.25%, Due 7/01/15 347,290 384,301
12.50%, Due 2/01/15 113,762 127,661
FNMA Guaranteed Real Estate Mortgage
Investment Conduit Pass-Thru Certificates:
8.75%, Due 9/25/20 2,120,786 2,184,839
9.00%, Due 10/01/04 thru 6/01/24 57,164,671 59,319,186
9.50%, Due 12/01/09 thru 3/01/21 8,103,120 8,464,432
9.75%, Due 3/25/20 4,080,016 4,340,027
10.00%, Due 12/01/09 thru 1/01/10 5,540,032 5,843,852
10.50%, Due 8/01/19 4,407,534 4,677,849
13.50%, Due 9/01/14 16,379 18,255
FNMA Guaranteed Real Estate Mortgage
Investment Conduit Variable Rate
Pass-Thru Certificates:
7.868%, Due 12/01/17 2,300,197 2,353,062
7.888%, Due 5/01/27 8,454,565 8,618,414
GNMA Guaranteed Pass-Thru Certificates:
9.50%, Due 12/15/17 3,022,156 3,169,506
10.00%, Due 10/20/17 4,303,311 4,543,306
13.50%, Due 8/15/14 thru 11/15/14 66,627 76,188
15.00%, Due 5/15/12 thru 9/15/12 27,295 31,960
Student Loan Marketing Association Student Loan
Trust Loan-Backed Floating Rate Notes:
Series 1997-1, Class A1, 6.783%, Due 10/25/05 10,930,950 10,874,492
Series 1997-2, Class A1, 6.863%, Due 10/25/05 3,536,439 3,517,819
Series 1997-3, Class A1, 6.923%, Due 4/25/06 6,039,740 6,016,940
Series 1998-1, Class A1, 7.033%, Due 1/25/07 7,304,776 7,305,763
------------------------------------------------------------------------------------------------------------------------------------
Total United States Government & Agency
Issues (Cost $169,324,433) 198,912,221
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE>
_______________________________________________________________________________
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Preferred Stocks 1.8%
Parmalat Capital Finance 9.1125% Series B 200,000 $ 4,600,000
TCI Communications Financing I Trust 8.72% 1,580,000 39,500,000
------------------------------------------------------------------------------------------------------------------------
Total Preferred Stocks (Cost $46,662,122) 44,100,000
------------------------------------------------------------------------------------------------------------------------
Short-Term Investments (a) 6.5%
Commercial Paper 0.1%
Interest Bearing, Due Upon Demand
Firstar Bank, N.A., 6.29% $ 519,500 519,500
Sara Lee Corporation, 6.22% 444,300 444,300
Wisconsin Electric Power Company, 6.23% 9,000 9,000
----------------
972,800
Corporate Bonds 3.5%
CMS Energy Corporation Notes, Series B,
7.375%, Due 11/15/00 (c) 20,065,000 19,999,869
ITT Corporation Notes, 6.25%, Due 11/15/00 29,425,000 29,313,568
Niagara Mohawk Power Corporation
Senior Notes:
Series B, 7.00%, Due 10/01/00 4,536,586 4,534,889
Series C, 7.125%, Due 7/01/01 1,814,634 1,810,537
Restructured Asset Securities Enhanced
Returns Floating Rate Notes, Series
1998-C-10-1, 6.6903%, Due 6/18/01
(Acquired 9/25/98; Cost $4,500,000) (b) 4,500,000 4,505,337
WMX Technologies, Inc. Notes, 6.25%,
Due 10/15/00 12,100,000 12,058,654
Waste Management, Inc. Senior Notes,
6.125%, Due 7/15/01 13,305,000 13,007,527
----------------
85,230,381
Non-Agency Mortgage & Asset-Backed Securities 1.6%
DLJ Commercial Mortgage Corporation
Pass-Thru Certificates, Series 1998-ST2A,
Class A3, 7.67%, Due 11/05/00 (b) 20,846,000 20,833,075
IMC Home Equity Loan Trust Interest Only
Pass-Thru Certificates, Series 1998-5,
Class A-7, 8.34%, Due 3/20/01 35,000,000 1,564,150
SASCO Floating Rate Commercial Mortgage
Trust Pass-Thru Certificates,
Series 1998-C3A, Class A2, 7.20%,
Due 2/25/01 (b) 6,555,771 6,565,945
Salomon Brothers Mortgage Securities VII, Inc.
Floating Rate Commercial Mortgage
Pass-Thru Certificates, Series 2000-FL1,
Class B, 7.07%, Due 5/05/01 (b) 10,000,000 10,000,000
----------------
38,963,170
Repurchase Agreements 0.6%
ABN-AMRO Tri-Party (Dated 8/31/00), 6.58%,
Due 9/01/00 (Repurchase proceeds
$15,502,833); Collateralized by: United States
Government & Agency Issues (h) 15,500,000 15,500,000
Taxable Municipal Bonds 0.7%
New York Dormitory Authority Revenue -
Mount Sinai and NYU Hospitals Project,
7.50%, Due 7/01/26 (Putable at $100 and
Rate Reset Effective 9/28/00):
Series C 10,000,000 9,999,200
Series D 6,000,000 6,000,000
----------------
15,999,200
United States Government & Agency Issues 0.0%
FHLMC Participation Certificates,
11.00%, Due 11/01/00 69 69
United States Treasury Bills, Due 9/14/00
thru 10/19/00 (c) 795,000 789,484
----------------
789,553
------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (Cost $151,118,863) 157,455,104
------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities
(Cost $2,435,388,566) 99.8% $ 2,413,048,570
Other Assets and Liabilities, Net 0.2% 5,471,377
------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 2,418,519,947
========================================================================================================================
</TABLE>
FUTURES
--------------------------------------------------------------------------------
Underlying Unrealized
Expiration Face Amount Appreciation
Date at Value (Depreciation)
Sold:
1,415 Two-Year U.S. Treasury Notes 12/00 $ 282,270,391 ($663,488)
50 Five-Year U.S. Treasury Notes 12/00 4,953,125 44,709
SWAPS
--------------------------------------------------------------------------------
Open Interest Rate Swap contracts at August 31, 2000 consisted of the following:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Notional Interest Interest Unrealized
Issuer Amount Sold Bought Depreciation
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORE, Ltd. $14,044,000 3 Month Euro 3 Month USD $ --
(Expires 1/16/06) LIBOR + 80 bp LIBOR + 78 bp
Mashantucket Western 30,000,000 6.91% 3 Month USD --
Pequot Tribe LIBOR + 28 bp
(Expires 9/01/12)
Salomon Brothers, Inc. 4,400,000 10 Year Constant 3 Month USD --
(Expires 9/30/03) Maturity Treasury LIBOR + 30 bp
- 140 bp
Tenet Healthcare 20,000,000 1.45% -- 20,000
(Expires 1/30/02)
</TABLE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds 23.4%
Alabama 1.6%
Washington County, Alabama Board of
Education Municipal Project Lease and
Option Agreement COP, 5.10%, Due 1/31/03 $ 926,695 $ 912,794
West Jefferson, Alabama Amusement and
Public Park Authority First Mortgage
Revenue - VisionLand Alabama Project,
6.00%, Due 2/01/20 (Mandatory Put at
$100 on 2/01/02) 32,045,000 24,354,200
---------------
25,266,994
Arkansas 0.2%
Little Rock, Arkansas Collateralized IDR -
Lexicon, Inc. Project, 6.48%, Due 7/01/06 2,655,000 2,678,231
Colorado 0.9%
Arapahoe County, Colorado SFMR -
IDK Partners I Trust Pass-Thru
Certificates, 5.25%, Due 11/01/19 1,458,593 1,460,154
Chimney Rock, Colorado Metropolitan
District GO, 9.00%, Due 4/01/18
(Pre-Refunding at $100 on 10/01/01) 1,218,462 1,275,413
Metropolitan Football Stadium District of
Colorado Sales Tax Revenue, Zero %,
Due 1/01/03 12,500,000 11,234,375
---------------
13,969,942
</TABLE>
19
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Connecticut 0.0%
Connecticut HFA Housing Mortgage
Finance Program, 7.30%, Due 11/15/03 $ 135,000 $ 135,618
Florida 0.2%
Capital Projects Finance Authority Solid
Waste Disposal Revenue Capital Projects
Loan Program - Peerless Dade, Inc.
Project, 7.50%, Due 11/01/18 5,000,000 3,650,000
Georgia 0.7%
Burke County, Georgia Development
Authority PCR - Georgia Power
Company Plant Project, 4.53%,
Due 9/01/30 (Mandatory Put at $100
on 3/01/02) 11,500,000 11,514,375
Idaho 0.2%
Boise, Idaho Housing Authority
Revenue - Hobbler Place Project,
5.25%, Due 2/01/02 3,915,000 3,919,894
Illinois 3.4%
Alton, Illinois Hospital Facilities Revenue
Refunding - St. Anthony's Health Center
Project, 5.00%, Due 9/01/01 850,000 845,002
Buffalo Grove, Illinois Park District
Installment Contract Certificates,
5.40%, Due 12/30/04 6,645,000 6,719,756
Chicago, Illinois O'Hare International
Airport Special Facility Revenue -
United Airlines, Inc. Project,
8.85%, Due 5/01/18:
Series A (c) 17,845,000 18,443,700
Series B 13,825,000 14,288,829
Illinois DFA PCR Refunding -
Commonwealth Edison Company
Project, 7.25%, Due 6/01/11 11,225,000 11,612,263
Kane, McHenry, Cook and DeKalb Counties,
Illinois Community Unit School District
Number 300 GO Lease Secured COP -
School Building Project, 6.90%, Due 12/01/04 2,680,000 2,824,050
---------------
54,733,600
Indiana 0.3%
East Chicago, Indiana School City COP:
5.10%, Due 7/15/03 2,325,000 2,322,094
5.50%, Due 7/15/02 1,410,000 1,417,050
Huntington, Indiana EDR Refunding -
Quanex Corporation Project,
6.50%, Due 8/01/10 1,665,000 1,675,406
---------------
5,414,550
Iowa 0.0%
Cedar Rapids, Iowa First Mortgage
Revenue - Cottage Grove Place Project,
5.30%, Due 7/01/05 540,000 508,275
Kansas 0.3%
Kansas City, Kansas Board of Public
Utilities Master Municipal Lease and
Option Agreement, 4.47%, Due 5/01/03 2,649,807 2,596,811
Kansas City, Kansas Residual Revenue
Capital Appreciation, Zero %, Due 5/01/12 1,805,000 740,050
Leavenworth, Kansas Temporary Notes,
5.375%, Due 3/01/02 1,695,000 1,703,136
---------------
5,039,997
Kentucky 1.2%
Kentucky EDFA Hospital System Refunding
and Improvement Revenue - Appalachian
Regional Healthcare, Inc. Project:
4.85%, Due 10/01/01 $ 2,195,000 $ 2,130,730
5.00%, Due 10/01/02 2,300,000 2,173,500
5.10%, Due 10/01/03 2,165,000 1,989,094
Logan and Todd Counties, Kentucky
Regional Water Commission BAN Revenue,
5.50%, Due 8/01/03 13,800,000 13,851,750
---------------
20,145,074
Louisiana 3.1%
East Baton Rouge, Louisiana Mortgage
Finance Authority SFMR Refunding -
GNMA and FNMA Mortgage-Backed
Securities, 4.60%, Due 10/01/16 1,275,000 1,268,612
Louisiana Local Government Environment
Facilities Community Development
Authority Revenue - Public Construction
Projects, 5.25%, Due 2/15/02 7,000,000 7,061,250
Louisiana Public Facilities Authority Hospital
Revenue Refunding - Pendleton Memorial
Methodist Hospital Project:
6.75%, Due 6/01/10 (Pre-Refunding at
$102 on 6/01/02) 795,000 790,031
6.75%, Due 6/01/22 2,615,000 2,448,294
New Orleans, Louisiana Regional Transit
Authority Lease-Purchase Agreements,
5.50%, Due 5/01/08:
Lease M98147 29,132,954 28,513,879
Lease M98159 2,740,359 2,682,126
Ouachita Parish, Louisiana IDB, Inc.
Revenue Refunding - Physicians and
Surgeons Medical Complex Project,
4.80%, Due 8/01/02 3,750,000 3,750,000
West Feliciana Parish, Louisiana PCR -
Gulf States Utilities Company Project,
9.00%, Due 5/01/15 3,250,000 3,364,238
---------------
49,878,430
Maine 0.3%
Maine Finance Authority Solid Waste
Disposal Revenue - Boise Cascade
Corporation Project, 7.90%, Due 6/01/15 5,000,000 5,106,250
Massachusetts 2.4%
Clipper Caravel Tax-Exempt Certificates
Trust Revenue, 3.75%, Due 10/08/01 (c) 13,900,350 13,796,097
Commonwealth of Massachusetts Department
of Revenue Tax-Exempt Master Equipment
Lease, 5.62%, Due 10/01/01 795,814 797,740
Massachusetts Health and EFA Competitive
Lease Program - Whitehead Institute for
Biomedical Research Project:
4.595%, Due 10/15/03 22,233,347 22,316,722
4.698%, Due 5/07/03 1,671,343 1,677,611
---------------
38,588,170
Michigan 0.2%
Koch Financial Corporation Special Purpose
Lease Tax-Exempt Private Municipal Trust
Certificates, 4.70%, Due 10/06/03 3,107,000 3,110,884
Minnesota 0.2%
Plymouth, Minnesota Revenue Refunding -
Carlson Center Project, 7.00%, Due 4/01/12 3,330,000 3,336,327
</TABLE>
20
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (Continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Mississippi 0.2%
Jones County, Mississippi Hospital Revenue
Refunding - South Central Regional Medical
Center Project, 5.00%, Due 12/01/03 $ 3,380,000 $ 3,295,500
Missouri 0.0%
Springfield, Missouri Land Clearance
Redevelopment Authority Industrial
Revenue - University Plaza Project,
5.90%, Due 10/01/01 580,000 581,583
Nebraska 1.4%
Energy America Gas Supply Revenue:
Metropolitan Utilities District Project,
5.30%, Due 4/01/05 14,342,240 14,288,457
Nebraska Public Gas Agency Project,
5.10%, Due 10/15/05 5,124,749 5,086,313
Omaha Tribe of Nebraska Public
Improvements Authority GO, 7.50%,
Due 6/01/09 2,500,000 2,531,250
-------------
21,906,020
Nevada 0.1%
Reno-Sparks, Nevada Convention and Visitors
Authority Limited Obligation Refunding,
6.25%, Due 11/01/01 1,540,000 1,557,325
New York 0.4%
New York Mortgage Agency Homeowner
Mortgage Revenue, 4.75%, Due 10/01/21 7,150,000 7,105,313
Ohio 0.4%
Ohio Department of Transportation COP -
Rickenbacker Port Project, 6.125%,
Due 4/15/15 355,000 362,597
Ohio HFA Residential Mortgage Revenue -
Mortgage-Backed Securities Program,
4.65%, Due 9/01/20 1,890,000 1,890,000
Youngstown, Ohio City School District
Energy Conservation Measures, 6.80%,
Due 3/15/05 3,255,000 3,397,406
-------------
5,650,003
Oklahoma 0.1%
Tulsa County, Oklahoma GO, 3.60%,
Due 11/01/01 1,925,000 1,898,531
Oregon 0.3%
Medford, Oregon Municipal Lease-Purchase
Agreement, 5.00%, Due 5/01/03 1,153,978 1,156,863
Washington County, Oregon Operations
Yard Facilities Deferred Interest Obligations,
Zero %, Due 6/01/03 4,000,000 3,545,000
-------------
4,701,863
Pennsylvania 2.0%
Dauphin County, Pennsylvania General
Authority Revenue - School District Pooled
Financing Program II, 4.45%, Due 9/01/32
(Mandatory Put at $100 on 9/01/01) 3,250,000 3,255,265
Lehigh County, Pennsylvania General Purpose
Authority Revenue - KidsPeace Obligated
Group Project:
5.50%, Due 11/01/01 2,125,000 2,114,375
5.50%, Due 11/01/02 2,240,000 2,217,600
5.50%, Due 11/01/03 2,360,000 2,324,600
5.50%, Due 11/01/04 2,500,000 2,453,125
Montgomery County, Pennsylvania IDA
First Mortgage Revenue Refunding - The
Meadowood Corporation Project, 5.15%,
Due 12/01/03 $ 1,259,000 $ 1,219,656
Philadelphia, Pennsylvania Municipal
Authority Equipment Revenue, 5.297%,
Due 10/01/04 12,381,333 12,520,623
Pittsburgh, Pennsylvania Urban
Redevelopment Authority Mortgage
Revenue, 5.15%, Due 4/01/21 3,400,000 3,400,000
Scranton, Lackawanna County, Pennsylvania
Health and Welfare Authority Hospital
Revenue - Moses Taylor Hospital Project:
5.25%, Due 7/01/02 2,495,000 2,432,625
5.45%, Due 7/01/03 1,350,000 1,302,750
--------------
33,240,619
Puerto Rico 0.2%
Commonwealth of Puerto Rico Tax-Exempt
Lease Certificates, 5.35%, Due 7/15/04 3,694,357 3,795,952
South Carolina 0.1%
Charleston County, South Carolina Industrial
Revenue Refunding - Coburg Dairy, Inc.
Project, 6.875%, Due 10/01/06 1,400,000 1,402,520
Tennessee 0.3%
Tennessee Housing Development Agency -
Homeownership Program Project, Zero %,
Due 7/01/12 8,730,000 4,725,113
Texas 1.1%
Alliance Airport Authority, Inc. Special
Facilities Revenue - American Airlines, Inc.
Project, 7.50%, Due 12/01/29 (c) 9,500,000 9,741,015
Falcons Lair, Texas Utility and Reclamation
District COP, 6.25%, Due 10/15/02 3,000,000 2,970,000
Houston, Texas Airport System Subordinated
Lien Revenue, 6.75%, Due 7/01/08 2,500,000 2,590,075
Jefferson County, Texas Health Facilities
Development Corporation Hospital
Revenue - Baptist Health Care System
Project, 8.875%, Due 6/01/21 2,905,000 2,911,536
-------------
18,212,626
Utah 0.7%
Eagle Mountain, Utah Gas and Electric
Revenue BAN, 4.875%, Due 9/01/01 2,830,000 2,844,744
Eagle Mountain, Utah Special Improvement
District Number 98-3 Special Assessment,
5.50%, Due 12/15/08 4,700,000 4,617,750
Salt Lake City, Utah Redevelopment Agency
Central Business District Neighborhood
Redevelopment Tax Increment Revenue
Refunding, 4.75%, Due 10/01/02 4,200,000 4,210,500
-------------
11,672,994
Virginia 0.2%
Tazewell County, Virginia IDA Revenue -
Public Projects Interim Financing Program,
5.00%, Due 12/15/01 3,500,000 3,521,875
Washington 0.6%
Grant County, Washington Public Utility
District Number 2 Priest Rapids
Hydroelectric Development Second Series
Revenue Refunding, 5.00%, Due 1/01/04:
Series A 2,500,000 2,543,750
Series B 1,385,000 1,402,312
</TABLE>
21
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Grant County, Washington Public Utility
District Number 2 Wanapum Hydroelectric
Development Second Series Revenue
Refunding, 5.00%, Due 1/01/04:
Series A $ 1,270,000 $ 1,292,225
Series B 1,105,000 1,124,337
Skagit and Whatcom Counties, Washington
Public Hospital District Number 304
Revenue Refunding - Affiliated Health
Services Project, 4.90%, Due 12/01/02 2,050,000 2,014,125
Skagit County, Washington Public Hospital
District Number 1 Revenue Refunding -
Affiliated Health Services Project, 4.90%,
Due 12/01/02 1,545,000 1,517,963
-------------
9,894,712
West Virginia 0.1%
Kanawha County, West Virginia County
Commission IDR - Union Carbide
Chemicals and Plastics Company, Inc.
Project, 8.00%, Due 8/01/20 1,930,000 1,973,425
---------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost $392,214,160) 382,132,585
---------------------------------------------------------------------------------------------------------
Variable Rate Put Bonds 15.5%
California 0.2%
Santa Rosa, California Housing Authority
MFHR - Dutton Partners Project, 4.85%,
Due 9/01/07 (Mandatory Put at $100
on 9/01/02) 3,000,000 3,006,660
Colorado 0.2%
Colorado Health Facilities Authority Revenue
EXTRAS - Baptist Home Association of the
Rocky Mountains, Inc. Project, 5.75%,
Due 8/15/27 (Putable at $100 and Rate
Reset Effective 8/15/02) 3,000,000 3,015,660
Florida 4.1%
Florida Housing Finance Agency MFHR -
Cypress Lake Apartments Project, 5.75%,
Due 12/01/07 (Mandatory Put at $100
on 12/01/02) 200,000 202,500
Municipal Mortgage & Equity LLC MFHR
Certificates, 4.95%, Due 8/15/23
(Mandatory Put at $100 on 8/15/05) 67,000,000 66,995,980
-------------
67,198,480
Georgia 0.2%
Decatur County, Georgia Bainbridge IDA
IDR - John B. Sanfilippo & Son, Inc. Project,
5.375%, Due 6/01/17 (Mandatory Put at
$100 on 6/01/02) 2,800,000 2,802,772
Illinois 4.7%
Chicago, Illinois MFHR - Chicago Beach
Apartments Project, 5.50%, Due 2/01/17
(Mandatory Put at $100 on 2/01/02) (c) 2,810,000 2,817,053
Illinois Health Facilities Authority Revenue
EXTRAS - Covenant Retirement
Communities, Inc. Project, 5.25%,
Due 12/01/22 (Putable at $100 and Rate
Reset Effective 12/01/02) 3,500,000 3,495,625
Lakemoor, Illinois MFHR - Lakemoor
Apartments Project, 4.75%, Due 12/01/20
(Mandatory Put at $100 on 9/04/01) 50,000,000 50,000,000
Robbins, Illinois Resource Recovery Revenue
Refunding - Robbins Resource Recovery
Partners, 4.90%, Due 10/15/17 (Mandatory
Put at $100 on 10/15/02) $ 20,350,000 $ 19,764,938
-------------
76,077,616
Maine 0.2%
Jay, Maine Solid Waste Disposal Revenue -
International Paper Company Project,
5.35%, Due 9/01/10 (Mandatory Put at
$100 on 9/01/01) 3,575,000 3,574,964
Maryland 0.1%
Maryland Energy Financing Administration
Solid Waste Disposal Revenue - International
Paper Company Project, 5.35%, Due 9/01/10
(Mandatory Put at $100 on 9/01/01) 1,950,000 1,949,981
Massachusetts 0.2%
Northborough, Massachusetts Industrial
Finance Authority Industrial Revenue -
Newcorr Packaging, Ltd. Project, 4.80%,
Due 9/01/02 2,630,000 2,630,000
Michigan 1.2%
Michigan Strategic Fund Limited Obligation
Revenue Refunding - Detroit Edison
Company Project, 4.70%, Due 9/01/29
(Mandatory Put at $100 on 9/01/01) 20,000,000 20,032,400
Mississippi 0.2%
Jones County, Mississippi Solid Waste
Disposal Revenue - International Paper
Company Project, 5.35%, Due 9/01/10
(Mandatory Put at $100 on 9/01/01) 2,900,000 2,899,971
New Hampshire 1.0%
New Hampshire Business Finance Authority
PCR Refunding - United Illuminating
Company Project:
4.35%, Due 7/01/27 (Mandatory Put at
$100 on 2/01/02) 10,000,000 9,850,000
4.55%, Due 7/01/27 (Mandatory Put at
$100 on 2/01/04) 7,000,000 6,860,000
-------------
16,710,000
New Jersey 0.7%
New Jersey EDA Senior Mortgage Revenue
Refunding EXTRAS - Arbor Glen of
Bridgewater Project, 5.375%, Due 5/15/32
(Putable at $100 and Rate Reset
Effective 5/15/04) 12,500,000 12,078,125
New York 0.3%
Amherst, New York Industrial Development Agency
Revenue - Asbury Pointe, Inc. Project, 5.25%,
Due 2/01/35 (Mandatory Put at $100 on 2/01/04) 5,000,000 4,806,250
Pennsylvania 0.5%
Chester County, Pennsylvania Health and
Education Facilities Authority Revenue -
Barclay Friends Project, 4.60%, Due 8/01/25
(Mandatory Put at $100 on 8/01/02) 2,385,000 2,382,019
Montgomery County, Pennsylvania IDA First
Mortgage Revenue Refunding EXTRAS -
The Meadowood Corporation Project,
5.50%, Due 12/01/19 (Putable at $100 and
Rate Reset Effective 12/01/02) 4,000,000 3,920,000
</TABLE>
22
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Philadelphia, Pennsylvania IDA Health Care
Facilities Revenue EXTRAS - Pauls Run
Project, 5.125%, Due 5/15/28 (Putable at
$100 and Rate Reset Effective 5/15/03) $ 2,000,000 $ 1,945,000
--------------
8,247,019
South Carolina 0.2%
Charleston County, South Carolina First
Mortgage Health Facilities Revenue - The
Episcopal Church Home Project, 5.30%,
Due 4/01/27 (Putable at $100 and Rate
Reset Effective 10/01/02) 3,000,000 2,951,250
Tennessee 0.1%
Shelby County, Tennessee Health, Educational
and Housing Facility Board Health Care
Facilities Revenue - Kirby Pines Retirement
Community Project, 5.50%, Due 11/15/27
(Putable at $100 and Rate Reset
Effective 11/15/02) 2,450,000 2,391,813
Texas 1.2%
Abilene, Texas Health Facilities Development
Corporation Retirement Facilities Revenue
EXTRAS - Sears Methodist Retirement
System Obligated Group Project, 5.25%,
Due 11/15/28 (Putable at $100 and Rate
Reset Effective 11/15/03) 6,070,000 5,857,550
Dallas-Fort Worth, Texas International Airport
Facility Improvement Corporation Revenue
Refunding - American Airlines, Inc. Project,
5.95%, Due 5/01/29 (Mandatory Put at
$100 on 11/01/03) 12,000,000 12,075,000
North Central Texas Health Facilities
Development Corporation Health Facility
Development Revenue EXTRAS - C.C.
Young Memorial Home Project, 5.00%,
Due 2/15/28 (Putable at $100 and Rate
Reset Effective 2/15/03) 1,575,000 1,541,531
--------------
19,474,081
Virginia 0.2%
Rockingham County, Virginia IDA Residential
Care Facility First Mortgage Revenue -
Virginia Mennonite Retirement Community
Project, 5.10%, Due 4/01/32 (Putable at
$100 and Rate Reset Effective 4/01/03) 3,250,000 3,168,750
-----------------------------------------------------------------------------------------------------------------
Total Variable Rate Put Bonds (Cost $254,278,286) 253,015,792
-----------------------------------------------------------------------------------------------------------------
Short-Term Investments (a) 61.1%
Municipal Bonds 14.1%
California 0.3%
Gardena, California TRAN, 5.30%,
Due 8/21/01 4,150,000 4,166,725
Kern County, California IDA IDR - Hancor,
Inc. Project, 7.80%, Due 9/01/00 500,000 500,000
--------------
4,666,725
Colorado 1.0%
Central City, Gilpin County, Colorado Excise
Tax Refunding, 5.40%, Due 12/01/00 1,100,000 1,101,551
Denver, Colorado City and County Airport
Revenue:
6.90%, Due 11/15/00 $ 3,415,000 $ 3,427,636
7.30%, Due 11/15/00 2,900,000 2,912,905
8.00%, Due 11/15/25 (Pre-Refunding at
$102 on 11/15/00) 2,095,000 2,149,952
8.25%, Due 11/15/12 (Pre-Refunding at
$102 on 11/15/00) 3,500,000 3,593,450
8.50%, Due 11/15/23 (Pre-Refunding at
$102 on 11/15/00) 3,325,000 3,415,340
--------------
16,600,834
Connecticut 0.0%
Norwich, Connecticut Tax-Exempt Equipment
Lease, 6.35%, Due 8/01/01 496,978 500,277
Florida 0.4%
Escambia County, Florida Housing
Corporation Housing Revenue - Royal
Arms Project, 7.00%, Due 7/01/17
(Mandatory Put at $100 on 11/01/00) 9,015,000 6,310,500
Guam 0.1%
Guam Airport Authority General Revenue,
6.00%, Due 10/01/00 1,900,000 1,901,216
Illinois 0.4%
Alton, Illinois Hospital Facilities Revenue
Refunding - St. Anthony's Health Center
Project, 5.15%, Due 9/01/00 1,355,000 1,355,000
Eureka, Illinois Educational Facilities
Revenue - Eureka College Project:
5.25%, Due 1/01/01 660,000 658,350
5.25%, Due 1/01/19 (Putable at $100
on 1/01/01) 3,330,000 3,321,675
Romeoville, Will County, Illinois COP, 7.30%,
Due 12/01/00 2,000,000 2,013,540
--------------
7,348,565
Kentucky 0.1%
Kentucky EDFA Hospital System Refunding
and Improvement Revenue - Appalachian
Regional Healthcare, Inc. Project, 4.70%,
Due 10/01/00 2,085,000 2,081,852
Louisiana 3.4%
Louisiana Public Facilities Authority MFHR -
Whitten Foundation Project:
6.75%, Due 4/01/01 26,700,000 25,899,000
7.00%, Due 12/01/00 11,665,000 11,198,400
7.00%, Due 6/01/01 18,150,000 17,787,000
--------------
54,884,400
Massachusetts 0.4%
Commonwealth of Massachusetts Department
of Revenue Tax-Exempt Master Equipment
Lease, 5.085%, Due 10/01/00 105,038 105,030
New Bedford, Massachusetts BAN, 5.15%,
Due 12/01/00 7,000,000 7,000,835
--------------
7,105,865
Michigan 0.1%
Detroit, Michigan EDC Resource Recovery
Revenue, 7.00%, Due 5/01/01 1,240,000 1,252,809
New Jersey 0.6%
East Orange, New Jersey TAN, 5.95%,
Due 8/14/01 4,250,000 4,269,040
Jersey City, New Jersey Municipal Utilities
Authority Project Notes, 5.65%, Due 7/27/01 4,000,000 4,016,680
</TABLE>
23
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
South Amboy, New Jersey Housing Authority
Housing Revenue - Shore Gate Village
Grand Project, 6.00%, Due 11/01/00
(Defaulted Effective 12/21/99) $ 2,699,145 $ 1,484,530
--------------
9,770,250
New York 1.4%
Niagara Falls, New York City School District
RAN, 4.75%, Due 12/08/00 9,500,000 9,508,170
Schenectady, New York City School District
BAN, 5.50%, Due 6/29/01 13,250,000 13,300,747
--------------
22,808,917
Ohio 2.1%
American Municipal Power-Ohio, Inc. BAN,
5.25%, Due 1/19/01 30,000,000 30,078,600
East Muskingum, Ohio Water Authority
Revenue BAN, 5.53%, Due 6/21/01 4,990,000 5,010,659
--------------
35,089,259
Oregon 0.1%
Multnomah County, Oregon Educational
Facilities Revenue Refunding - University
of Portland Project, 4.75%, Due 4/01/01 1,025,000 1,025,308
Pennsylvania 0.4%
McKean County, Pennsylvania Hospital
Authority Revenue - Bradford Hospital
Project, 8.875%, Due 10/01/20
(Pre-Refunding at $102 on 10/01/00) 5,000,000 5,112,700
Philadelphia, Pennsylvania Airport Revenue
Refunding - Philadelphia Airport System
Project, 5.50%, Due 6/15/01 (c) 2,000,000 2,015,280
--------------
7,127,980
South Carolina 0.2%
South Carolina Jobs EDA EDR - Charleston
Advanced Polymer Project, 5.25%, Due
8/01/14 (Mandatory Put at $100 on 3/01/01) 2,700,000 2,701,593
Tennessee 0.4%
Knox County, Tennessee IDB IDR - Spartan
Fund Systems, Inc. Project, 7.50%,
Due 12/01/12 (Mandatory Put at $100
on 12/01/00) 1,500,000 1,504,695
Maryville, Tennessee IDB IDR - Spartan Food
Systems, Inc. Project, 7.50%, Due 12/01/12
(Mandatory Put at $100 on 12/01/00) 1,500,000 1,504,695
Municipal Energy Acquisition Corporation
Gas Revenue, 5.00%, Due 3/01/01 3,385,000 3,385,880
--------------
6,395,270
Texas 1.3%
Dallas-Fort Worth, Texas International
Airport Facilities Improvement Corporation
Revenue - American Airlines, Inc. Project,
7.50%, Due 11/01/25 (Pre-Refunding at
$102 on 11/01/00) 20,440,000 20,934,852
Utah 0.1%
Salt Lake City, Utah IDR Refunding - JTM
Foothill Village Project, 7.125%,
Due 12/01/00 830,000 833,577
Virginia 0.1%
Arlington County, Virginia COP, 4.458%,
Due 6/30/01 1,293,887 1,289,087
Wisconsin 0.7%
Dodgeland, Wisconsin School District BAN,
5.20%, Due 4/01/01 $ 4,470,000 $ 4,474,962
Elmbrook School District Tax and RAN,
5.25%, Due 8/21/01 7,000,000 7,048,370
--------------
11,523,332
Wyoming 0.5%
Wyoming Community HDA Revenue, 3.80%,
Due 6/01/01 8,200,000 8,143,994
--------------
Total Municipal Bonds 230,296,462
Variable Rate Put Bonds 5.9%
Arizona 1.3%
Pima County, Arizona IDA MFHR - Casa
Loma Apartments Project, 5.50%,
Due 1/01/34 (Mandatory Put at $100
on 1/01/01) 20,845,000 20,805,811
Florida 0.4%
Escambia County, Florida Housing
Corporation Housing Revenue - Wellington
Arms Project, 7.375%, Due 9/01/16 (Putable
at $100 and Rate Reset Effective 11/01/00) 10,580,000 6,877,000
Indiana 1.1%
Anderson, Indiana MFHR - Cross Lakes
Apartments Project, 5.625%, Due 7/01/33
(Mandatory Put at $100 on 7/01/01) 8,350,000 8,352,338
Indianapolis, Indiana MFHR - Covered
Bridge Project, 5.50%, Due 4/01/30
(Mandatory Put at $100 on 4/01/01) 9,780,000 9,780,000
--------------
18,132,338
Massachusetts 0.0%
Massachusetts IFA Industrial Revenue - John
T. Spinelli Project, 7.60%, Due 11/01/00 786,405 786,405
Ohio 1.1%
Ohio Water Development Authority Facilities
PCR Refunding - Ohio Edison Company
Project, 4.25%, Due 6/01/33 (Mandatory
Put at $100 on 6/01/01) 18,000,000 17,871,660
Pennsylvania 0.3%
Union County, Pennsylvania Hospital
Authority Revenue - Evangelical Community
Hospital Project, 3.95%, Due 10/01/23
(Mandatory Put at $100 on 10/01/00) 4,075,000 4,075,000
Texas 1.7%
Brazos River Authority Collateralized PCR
Refunding - Texas Utilities Electric Company
Project, 5.50%, Due 6/01/30 (Mandatory
Put at $100 on 6/19/01) 12,245,000 12,307,939
Ivy Walk Apartments Trust Variable Rate
Pass-Thru Certificates, 5.50%, Due 3/01/07
(Mandatory Put at $100 on 3/01/01) 6,650,000 6,650,000
Tarrant County, Texas HFC MFHR -
Windrush Project, 6.00%, Due 10/01/34
(Mandatory Put at $100 on 10/01/00) 3,780,000 3,784,158
Texarkana, Texas HFC MFHR - Tanglewood
Terrace Apartments Project, 5.50%, Due
6/01/29 (Mandatory Put at $100 on 6/01/01) 4,215,000 4,227,561
--------------
26,969,658
--------------
Total Variable Rate Put Bonds 95,517,872
</TABLE>
24
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
---------------------------------------------------------------------------------------
<S> <C> <C>
Annual Variable Rate Put Bonds 1.4% (d)
Alabama 0.2%
Selma, Alabama IDB Solid Waste Disposal
Revenue - International Paper Company
Project, 4.35%, Due 9/01/00 $ 2,900,000 $ 2,899,971
Florida 0.6%
Miami Beach, Florida Health Facilities
Authority Hospital Revenue - Mount Sinai
Medical Center Project, 6.98%, Due 8/15/01 9,500,000 9,500,000
Massachusetts 0.5%
Massachusetts IFA Industrial Revenue -
Spray Cranberries, Inc. Project, 4.10%,
Due 10/15/00 8,415,000 8,408,689
North Carolina 0.0%
New Hanover County, North Carolina
Industrial Facilities Revenue - Wilmington
Machinery, Inc. Project, 4.61%, Due 9/01/00 765,000 765,000
Ohio 0.1%
Sharonville, Ohio IDR - Ralston Purina
Company Project, 4.10%, Due 10/15/00 1,000,000 1,000,000
--------------
Total Annual Variable Rate Put Bonds 22,573,660
Semi-Annual Variable Rate Put Bonds 1.2% (d)
Alabama 0.3%
Mobile, Alabama IDB PCR Refunding -
International Paper Company Project,
3.95%, Due 12/01/00 5,100,000 5,092,248
California 0.1%
Huntington Park, California Redevelopment
Agency IDR - Huntington Park Project,
5.40%, Due 2/01/01 1,100,000 1,100,000
Kentucky 0.6%
Morgantown, Kentucky IDR - Flex Sumitomo
Electric Wiring System, 4.75%, Due 10/01/00 10,000,000 10,000,000
South Dakota 0.2%
Aberdeen, South Dakota EDR, 5.00%,
Due 11/01/00 2,725,000 2,725,000
--------------
Total Semi-Annual Variable Rate Put Bonds 18,917,248
Quarterly Variable Rate Put Bonds 0.1% (d)
Washington 0.1%
Washington Housing Finance Commission
SFMR Refunding, Series S-1A, 5.00%,
Due 2/27/01 1,325,000 1,325,000
Monthly Variable Rate Put Bonds 4.2% (d)
Arizona 0.2%
USBI Trust Pass-Thru Certificates, Series
1998-B, Class A, 5.00%, Due 10/01/00 3,052,392 3,052,392
Louisiana 0.7%
Calcasieu Parish, Louisiana Memorial
Hospital Service District Hospital Revenue -
Lake Charles Memorial Hospital Project,
5.00%, Due 10/01/00 10,905,000 10,905,000
Massachusetts 0.6%
Massachusetts Industrial Finance Agency
Industrial Revenue - New England Milling
Company Project, 5.28%, Due 10/01/00 $ 10,000,000 $ 10,000,000
Missouri 0.2%
Desloge, Missouri IDA IDR Refunding -
National Healthcorp Project, 5.00%,
Due 10/01/00 1,850,000 1,850,000
Dunklin County, Missouri IDA IDR
Refunding - National Healthcorp Project,
5.00%, Due 10/01/00 2,355,000 2,355,000
--------------
4,205,000
New Mexico 0.7%
New Mexico State Hospital Equipment Loan
Council Hospital Revenue - Presbyterian
Health Care Services Project, 5.73%,
Due 9/07/00 12,000,000 12,000,000
New York 1.1%
New York Dormitory Authority Revenue -
Mount Sinai and NYU Hospitals Project,
5.05%, Due 9/28/00 18,000,000 18,000,000
Pennsylvania 0.2%
Elk County, Pennsylvania IDA Flexible
Mode IDR Refunding - Stackpole
Corporation Project, 4.80%, Due 10/01/00 2,750,000 2,750,000
South Dakota 0.5%
Sioux Falls, South Dakota EDR Refunding -
City Centre Hotel Corporation Project,
7.60%, Due 10/01/00 7,662,098 7,662,098
--------------
Total Monthly Variable Rate Put Bonds 68,574,490
Weekly Variable Rate Put Bonds 14.9% (d)
Alabama 0.4%
Florence, Alabama IDB IDR - Nichols Wire,
Inc. Project, 4.83%, Due 9/08/00 2,570,000 2,570,000
Grove Hill, Alabama IDB IDR - Hamilton
Woods Veneer Project, 4.95%, Due 9/08/00 4,550,000 4,550,000
--------------
7,120,000
Arkansas 0.1%
Searcy, Arkansas IDR - Yarnell Ice Cream
Company Project, 4.83%, Due 9/08/00 2,600,000 2,600,000
California 1.1%
California Statewide Communities
Development Authority MFHR Refunding -
Poinsettia Apartments Project, 5.40%,
Due 9/08/00 5,000,000 5,000,000
Orange County, California Apartment
Development Revenue - Park Place
Apartments Project, 5.80%, Due 9/08/00 7,700,000 7,700,000
Pasadena, California Community
Development Commission COP:
Kings Plaza Project, 5.70%, Due 9/08/00 1,170,000 1,170,000
Lake/Washington Neighborhood Shopping
Center Project, 5.70%, Due 9/08/00 3,415,000 3,415,000
--------------
17,285,000
</TABLE>
25
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------
<S> <C> <C>
Colorado 1.8%
Arapahoe County, Colorado IDR - Denver
JetCenter, Inc. Project, 5.40%, Due 9/08/00 $ 1,600,000 $ 1,600,000
Denver, Colorado City and County MFHR
Refunding - The Seasons Apartment Project,
5.89%, Due 9/08/00 28,400,000 28,400,000
--------------
30,000,000
Georgia 0.7%
Jefferson, Georgia Development Authority
IDR - Sumitomo Plastics America, Inc.
Project, 4.95%, Due 9/08/00 5,000,000 5,000,000
Rockdale County, Georgia Development
Authority IDR - Takabashi Works UAA, Inc.
Project, 5.70%, Due 9/08/00 6,200,000 6,200,000
--------------
11,200,000
Illinois 2.8%
Illinois DFA IDR - Miyano Machy USA, Inc.
Project, 6.20%, Due 9/08/00 7,250,000 7,250,000
Illinois DFA MFHR Refunding:
Cobbler Square Project, 5.80%, Due 9/08/00 7,400,000 7,400,000
Orleans-Illinois Project, 5.00%, Due 9/08/00 29,020,000 29,020,000
Salem, Illinois IDR - Americana Building
Products Project, 5.50%, Due 9/08/00 2,250,000 2,250,000
--------------
45,920,000
Kansas 0.9%
Hays, Kansas Manufacturing Facilities
Development Revenue - Yuasa Exide Battery
Corporation Project, 6.30%, Due 9/08/00 9,500,000 9,500,000
Kansas City, Kansas Private Activity Revenue
Refunding - Inland Container Corporation
Project, 4.85%, Due 9/08/00 5,200,000 5,200,000
--------------
14,700,000
Kentucky 0.4%
Hopkinsville, Kentucky IDR - Douglas
Autotech Corporation Project, 5.80%,
Due 9/08/00 6,900,000 6,900,000
Louisiana 0.1%
Louisiana Local Government Environmental
Facilities & Community Development
Authority Revenue - Cospolich, Inc. Project,
4.95%, Due 9/08/00 2,100,000 2,100,000
Minnesota 1.1%
Delano, Minnesota IDR - Solar Plastics, Inc.
Project, 4.95%, Due 9/08/00 1,840,000 1,840,000
Edina, Minnesota MFMR Refunding - Vernon
Terrace Project, 5.00%, Due 9/08/00 6,105,000 6,105,000
North Suburban Hospital District CDR
Refunding - Excel Realty Partners Project,
5.15%, Due 9/08/00 5,500,000 5,500,000
Rochester, Minnesota IDR Refunding -
Seneca Foods Corporation Project, 4.65%,
Due 9/08/00 4,675,000 4,675,000
--------------
18,120,000
Missouri 0.5%
Jefferson County, Missouri IDA Industrial
Revenue Refunding - Festus Manor Nursing
Home Project, 5.09%, Due 9/08/00 1,420,000 1,420,000
St. Louis County, Missouri IDA Revenue -
Allied Ring Project, 5.75%, Due 9/08/00 3,775,000 3,775,000
St. Louis, Missouri Port Authority IDR
Refunding - Italgrani USA, Inc. Project,
5.45%, Due 9/08/00 2,600,000 2,600,000
--------------
7,795,000
North Carolina 0.3%
Mecklenburg County, North Carolina
Industrial Facilities and PCFA Industrial
Revenue - Okaya Shinnichi Corporation of
America Project, 5.75%, Due 9/08/00 $ 3,290,000 $ 3,290,000
Wake County, North Carolina Industrial
Facilities and PCFA IDR - Aeroglide
Corporation Project, 4.65%, Due 9/08/00 1,350,000 1,350,000
--------------
4,640,000
Ohio 0.1%
Trumbull County, Ohio IDR - ATD
Corporation Project, 4.45%, Due 9/08/00 1,055,000 1,055,000
Pennsylvania 0.4%
Columbia County, Pennsylvania IDA IDR -
Kleerdex Company Project, 5.85%,
Due 9/08/00 6,500,000 6,500,000
South Carolina 1.0%
South Carolina Jobs EDA EDR:
Advanced Automation, Inc. Project, 4.83%,
Due 9/08/00 3,800,000 3,800,000
F&S Realty LLC Project, 4.93%, Due 9/08/00 8,000,000 8,000,000
Para-Chem Southern, Inc. Project, 4.83%,
Due 9/08/00 5,000,000 5,000,000
--------------
16,800,000
Tennessee 0.9%
Dickson, Tennessee Health Educational &
Housing Facilities Board MFHR - Autumn
Park Apartments Project, 4.95%,
Due 9/08/00 5,000,000 5,000,000
Hamilton County, Tennessee IDB MFHR -
The Waterford Place Apartments Project,
5.18%, Due 9/08/00 9,600,000 9,600,000
--------------
14,600,000
Texas 1.2%
Angelina and Neches River Authority
Refunding - Temple-Inland Forest Products
Corporation Project, 4.85%, Due 9/08/00 7,350,000 7,350,000
Harris County, Texas HFC MFHR - Torrey
Chase Apartments Project, 5.03%,
Due 9/08/00 5,420,000 5,420,000
Waller County, Texas IDC IDR - McKesson
Water Products Projects, 5.35%,
Due 9/08/00 6,000,000 6,000,000
--------------
18,770,000
Virginia 0.2%
Virginia Small Business Financing Authority
IDR - International Parkway Association
Project, 4.93%, Due 9/08/00 2,750,000 2,750,000
Washington 0.3%
Lummi Nation, Washington Revenue - Life
Assisted Living Project, 5.05%, Due 9/08/00 1,655,000 1,655,000
Yakima, Washington Housing Authority
Revenue - Klickitat Valley Hospital Project,
4.95%, Due 9/08/00 3,215,000 3,215,000
--------------
4,870,000
Wisconsin 0.6%
Janesville, Wisconsin IDR Refunding - Seneca
Foods Corporation Project, 4.65%,
Due 9/08/00 7,710,000 7,710,000
Menomonee Falls, Wisconsin IDR - Butler
Paper Company Project, 5.20%, Due 9/08/00 2,000,000 2,000,000
--------------
9,710,000
--------------
Total Weekly Variable Rate Put Bonds 243,435,000
</TABLE>
26
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares
Principal Value
Amount (Note 2)
---------------------------------------------------------------------------------------------
<S> <C> <C>
Daily Variable Rate Put Bonds 8.4% (d)
District of Columbia 4.7%
District of Columbia Revenue, 5.75%, Due 9/01/00:
Tranche 1 $ 30,000,000 $ 30,000,000
Tranche 3 46,500,000 46,500,000
--------------
76,500,000
Illinois 2.3%
Illinois DFA Revenue - Provena Health
Project, 5.75%, Due 9/01/00 38,375,000 38,375,000
Texas 1.4%
Texas Floating Rate Trust Receipt TRAN,
4.45%, Due 9/01/00 23,000,000 23,000,000
--------------
Total Daily Variable Rate Put Bonds 137,875,000
Municipal Money Market Funds 10.9%
Multiple States
Strong Municipal Money Market Fund (g) 178,200,000 178,200,000
---------------------------------------------------------------------------------------------
Total Short-Term Investments (Cost $1,005,711,064) 996,714,732
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Total Investments in Securities (Cost $1,652,203,510) 100.0% 1,631,863,109
Other Assets and Liabilities, Net 0.0% (640,346)
---------------------------------------------------------------------------------------------
Net Assets 100.0% $1,631,222,763
=============================================================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
FUTURES
---------------------------------------------------------------------------------------------
Underlying
Expiration Face Amount Unrealized
Date at Value Depreciation
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Sold:
30 Municipal Bond Futures 9/00 $2,997,187 $171,844
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
SWAPS
---------------------------------------------------------------------------------------------
Open Interest Rate Swap contracts at August 31, 2000 consisted of the following:
---------------------------------------------------------------------------------------------
Notional Interest Interest Unrealized
Issuer Amount Sold Bought Depreciation
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Goldman Sachs $100,000,000 4.64% TBMA Municipal $ 260,500
Capital Markets LP Average Swap
(Expires 7/14/02) Index
</TABLE>
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Commercial Paper 93.3%
AES Hawaii, Inc. $10,000,000 6.48% 10/06/00 $ 9,937,000
10,300,000 6.50 9/22/00 10,260,946
AESOP Funding Corporation (b) 4,200,000 6.54 9/07/00 4,195,422
AT&T Corporation 22,000,000 6.75 11/01/00 21,748,375
Abbey National North America Corporation 22,900,000 6.64 9/05/00 22,883,105
Alliance & Leicester PLC (b) 6,500,000 6.50 11/17/00 6,409,632
15,000,000 6.54 11/01/00 14,833,775
Alpine Securitization Corporation (b) 5,000,000 6.53 9/20/00 4,982,768
American Honda Finance Corporation 10,000,000 6.49 11/13/00 9,868,397
2,950,000 6.49 11/20/00 2,907,454
Asset Backed Capital Finance, Inc. (b) 10,000,000 6.28 10/25/00 9,905,800
8,000,000 6.70 9/07/00 7,991,067
Atlantis One Funding Corporation 1,260,000 6.54 10/16/00 1,249,699
4,650,000 6.54 12/13/00 4,562,991
Banco Bradesco SA 9,000,000 5.99 10/02/00 8,953,569
Banque Nationale de Paris Canada 5,000,000 6.52 9/13/00 4,989,133
12,000,000 6.54 10/17/00 11,899,720
Barton Capital Corporation (b) 12,800,000 6.54 9/08/00 12,783,723
10,000,000 6.68 10/23/00 9,903,511
Bavaria Universal Funding Corporation (b) 14,000,000 6.52 9/15/00 13,964,502
Bell Atlantic Financial Services, Inc. 10,000,000 6.51 10/13/00 9,924,050
1,000,000 6.51 10/18/00 991,501
Beta Finance, Inc. (b) 9,000,000 6.53 10/16/00 8,926,537
Blue Ridge Asset Funding Corporation (b) 5,000,000 6.52 9/07/00 4,994,567
1,000,000 6.52 9/18/00 996,921
5,800,000 6.52 11/01/00 5,735,923
2,700,000 6.53 9/06/00 2,697,551
Brazos River/Brazoria County, Texas Harbor Navigational District Revenue 5,000,000 6.63 11/14/00 5,000,000
British Aerospace North America, Inc. (b) 20,000,000 6.50 9/20/00 19,931,389
British Gas Capital, Inc. 12,000,000 6.49 9/18/00 11,963,223
British Telecommunications PLC 3,845,000 6.17 11/13/00 3,796,894
Budget Funding Corporation 1,000,000 6.51 9/11/00 998,192
CBA Finance, Inc. 12,000,000 6.08 9/05/00 11,991,893
11,900,000 6.55 10/05/00 11,826,385
</TABLE>
27
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Calcasieu Parish, Inc. Louisiana IDB Environmental Revenue $10,000,000 6.69% 12/14/00 $10,000,000
California PCFA Environmental Improvement Revenue (b) 17,000,000 6.64 12/14/00 17,000,000
3,900,000 6.68 12/12/00 3,900,000
Centric Capital Corporation (b) 4,150,000 6.51 9/22/00 4,134,240
12,264,000 6.51 9/27/00 12,206,339
2,340,000 6.52 11/09/00 2,310,758
Certain Funding Corporation (b) 9,000,000 6.52 11/20/00 8,869,600
3,940,000 6.56 10/25/00 3,901,230
2,300,000 6.56 10/26/00 2,276,949
2,500,000 6.57 10/16/00 2,479,469
5,000,000 6.58 9/25/00 4,978,067
Compass Securitization LLC (b) 22,160,000 6.55 10/12/00 21,994,693
Computer Sciences Corporation (b) 16,000,000 6.53 10/18/00 15,863,596
Cooperative Association Tractor Dealers, Inc.:
Series A 2,500,000 6.52 9/08/00 2,496,831
700,000 6.52 11/15/00 690,492
5,000,000 6.53 9/01/00 5,000,000
1,000,000 6.53 11/13/00 986,759
5,740,000 6.65 9/05/00 5,735,759
3,000,000 6.72 10/05/00 2,980,960
Series B 3,000,000 6.52 9/14/00 2,992,937
2,500,000 6.52 10/17/00 2,479,172
2,000,000 6.57 11/03/00 1,977,005
3,000,000 6.57 11/09/00 2,962,223
6,000,000 6.80 11/22/00 5,907,067
Credit Suisse First Boston, Inc. (b) 21,500,000 6.23 10/05/00 21,373,496
2,300,000 6.53 10/16/00 2,281,226
Delaware Funding Corporation (b) 2,000,000 6.51 9/07/00 1,997,830
7,580,000 6.51 9/26/00 7,545,732
Den Norske Bank 20,000,000 6.50 11/14/00 19,732,778
Deutsche Bank Financial, Inc. 5,800,000 6.48 12/29/00 5,675,764
5,500,000 6.52 12/21/00 5,389,432
Edison Asset Securitization LLC (b) 5,000,000 6.52 10/03/00 4,971,022
9,800,000 6.77 10/05/00 9,737,340
Enterprise Funding Corporation (b) 5,000,000 6.54 10/23/00 4,952,767
Equilon Enterprises LLC (c) 23,400,000 6.65 9/26/00 23,291,937
Eureka Securitization, Inc. (b) (c) 17,000,000 6.51 9/13/00 16,963,110
Fidex PLC (b) 10,000,000 6.54 9/01/00 10,000,000
13,900,000 6.58 10/20/00 13,775,510
Firstar Bank, N.A 1,048,000 6.29 Upon Demand 1,048,000
Florens Container, Inc. 9,000,000 6.56 10/13/00 8,931,120
Ford Motor Credit Company, Inc. 15,000,000 6.50 10/06/00 14,905,208
Formosa Plastics Corporation USA:
Series A 9,200,000 6.52 10/10/00 9,135,017
10,000,000 6.52 10/11/00 9,927,556
Series B 9,750,000 6.65 10/12/00 9,676,157
Forrestal Funding Master Trust (b) 3,200,000 6.51 10/27/00 3,167,595
15,650,000 6.58 10/02/00 15,561,325
Fortis Finance NV (b) 3,000,000 6.50 10/23/00 2,971,833
Fortis Funding LLC (b) 3,660,000 6.53 10/10/00 3,634,109
3,500,000 6.54 12/04/00 3,440,232
Fountain Square Commercial Corporation (b) 2,515,000 6.53 9/22/00 2,505,420
1,905,000 6.53 9/29/00 1,895,325
1,739,000 6.53 10/18/00 1,724,175
1,265,000 6.55 9/12/00 1,262,468
2,923,000 6.55 10/10/00 2,902,244
2,325,000 6.55 10/23/00 2,303,003
954,000 6.55 11/13/00 941,329
1,221,000 6.56 10/13/00 1,211,655
1,696,000 6.57 10/12/00 1,683,310
3,645,000 6.58 11/01/00 3,604,360
2,100,000 6.60 12/27/00 2,054,955
1,527,000 6.65 9/08/00 1,525,025
GOVCO, Inc. (b) 20,000,000 6.52 11/07/00 19,757,311
Galaxy Funding, Inc. (b) 3,500,000 6.55 9/29/00 3,482,169
21,200,000 6.56 12/28/00 20,744,153
</TABLE>
28
<PAGE>
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date(d) Cost (Note 2)
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
General Dynamics Corporation (b) $ 7,200,000 6.50% 11/08/00 $ 7,111,600
6,000,000 6.51 12/15/00 5,886,075
9,285,000 6.53 11/01/00 9,182,331
General Electric Capital Corporation 4,700,000 6.51 10/25/00 4,654,104
5,000,000 6.69 9/11/00 4,990,708
Goldman Sachs Group LP 8,500,000 6.55 10/19/00 8,425,767
Great Lakes Funding Capital Corporation (b) 4,100,000 6.53 9/18/00 4,087,357
4,953,000 6.55 9/25/00 4,931,386
2,766,000 6.55 9/26/00 2,753,419
3,807,000 6.55 9/29/00 3,787,605
3,402,000 6.55 11/29/00 3,346,911
Greenwich Funding Corporation (b) 12,700,000 6.51 9/22/00 12,651,772
3,000,000 6.52 9/14/00 2,992,937
1,823,000 6.53 9/20/00 1,816,717
Gulf Coast Waste Disposal Authority PCR 7,020,000 6.67 10/06/00 7,020,000
Halifax PLC 11,700,000 6.54 10/16/00 11,604,352
10,000,000 6.61 1/02/01 9,774,158
Henkel Corporation (b) 4,600,000 6.49 10/18/00 4,561,024
5,000,000 6.52 9/11/00 4,990,944
ING America Insurance Holdings, Inc. 10,000,000 6.49 12/20/00 9,801,694
IPALCO Enterprises (b) 10,000,000 6.55 10/11/00 9,927,222
K2 USA LLC (b) 9,000,000 6.25 10/10/00 8,939,062
4,000,000 6.25 10/12/00 3,971,528
8,100,000 6.52 10/05/00 8,050,122
2,000,000 6.55 11/15/00 1,972,708
KZH-KMS Corporation (b) 24,500,000 6.52 10/16/00 24,300,325
Kitty Hawk Funding Corporation (b) 10,000,000 6.51 9/12/00 9,980,108
5,000,000 6.52 12/12/00 4,907,633
4,300,000 6.54 9/27/00 4,279,690
1,400,000 6.55 10/16/00 1,388,537
Knight-Ridder, Inc. 1,850,000 6.52 9/07/00 1,847,990
6,400,000 6.52 10/17/00 6,346,681
Knight-Ridder, Inc. (b) 4,000,000 6.55 9/01/00 4,000,000
Liberty Street Funding Corporation (b) 3,700,000 6.52 9/15/00 3,690,618
21,000,000 6.57 10/13/00 20,839,035
Links Finance LLC (b) 5,175,000 6.54 10/20/00 5,128,934
10,175,000 6.58 10/02/00 10,117,347
Long Island College Hospital 8,000,000 6.58 10/13/00 7,938,587
Market Street Funding Corporation (b) 23,300,000 6.52 9/25/00 23,198,723
Marmon Holdings, Inc. (b) 1,500,000 6.52 10/11/00 1,489,133
Marshall & Ilsley Corporation 2,500,000 6.55 9/29/00 2,487,264
18,100,000 6.55 12/19/00 17,741,042
JP Morgan & Company, Inc. 10,000,000 6.50 9/08/00 9,987,361
4,964,000 6.52 10/03/00 4,935,231
Morgan Stanley, Dean Witter & Company 12,600,000 6.52 10/16/00 12,497,310
Moriarty, Ltd./Moriarty LLC (b) 15,000,000 6.20 9/20/00 14,950,917
3,300,000 6.55 10/20/00 3,270,580
5,600,000 6.78 11/22/00 5,513,517
National Cooperative Services Corporation (b) 9,985,000 6.55 1/16/01 9,736,110
Nationwide Building Society 15,500,000 6.22 10/03/00 15,414,371
New York Times Company 4,800,000 6.50 9/25/00 4,779,200
Nordbanken North America, Inc. 3,100,000 6.50 9/08/00 3,096,082
8,200,000 6.50 9/15/00 8,179,272
Ohio Solid Waste Revenue 7,800,000 6.65 12/18/00 7,800,000
Oklahoma Industrial Finance Authority 5,440,000 6.72 11/01/00 5,440,000
Old Line Funding Corporation (b) 10,000,000 6.53 9/11/00 9,981,861
PACCAR Financial Corporation 4,200,000 6.50 9/11/00 4,192,417
Parthenon Receivables Funding LLC (b) 2,375,000 6.52 9/05/00 2,373,279
11,352,000 6.52 9/25/00 11,302,657
4,650,000 6.54 10/05/00 4,621,278
5,000,000 6.56 9/13/00 4,989,067
Peacock Funding Corporation (b) 4,000,000 6.50 10/30/00 3,957,389
6,000,000 6.50 11/08/00 5,926,333
9,459,000 6.51 9/21/00 9,424,790
1,570,000 6.53 9/20/00 1,564,589
</TABLE>
29
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date(d) Cost (Note 2)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pemex Capital, Inc. $ 8,450,000 6.23% 10/10/00 $ 8,392,970
9,500,000 6.59 11/06/00 9,385,224
4,540,000 6.65 10/24/00 4,495,552
Pharmacia Corporation 2,300,000 6.50 10/05/00 2,285,881
7,000,000 6.50 10/16/00 6,943,125
2,500,000 6.52 10/06/00 2,484,153
Scaldis Capital, Ltd./Scaldis Capital LLC (b) 3,214,000 6.52 9/15/00 3,205,851
3,351,000 6.55 10/16/00 3,323,564
7,543,000 6.55 11/01/00 7,459,283
9,392,000 6.57 10/10/00 9,325,152
E. W. Scripps Company (b) 8,000,000 6.49 11/14/00 7,893,276
Sigma Finance, Inc. (b) 2,700,000 6.25 10/04/00 2,684,531
6,300,000 6.40 10/20/00 6,245,120
9,000,000 6.51 11/27/00 8,858,408
Society Of New York Hospital Fund, Inc. 10,000,000 6.53 12/12/00 9,814,983
Spintab-Swedmortgage AB 22,000,000 6.61 1/02/01 21,503,148
Stellar Funding Group, Inc. (b) 6,000,000 6.54 12/29/00 5,870,290
1,000,000 6.55 9/28/00 995,088
2,921,000 6.60 9/05/00 2,918,858
2,800,000 6.60 9/15/00 2,792,813
8,359,000 6.63 9/29/00 8,315,865
Sunflowers Funding Corporation (b) 6,900,000 6.58 10/10/00 6,850,815
Sunshine State Governmental Financing Commission 6,590,000 6.52 9/06/00 6,584,032
Swiss RE Financial Products Corporation (b) 8,000,000 6.54 10/10/00 7,943,320
1,800,000 6.55 9/01/00 1,800,000
Total Fina SA (b) 580,000 6.49 10/16/00 575,295
9,420,000 6.50 9/07/00 9,409,795
Triple-A One Funding Corporation (b) 4,955,000 6.52 10/06/00 4,923,591
4,375,000 6.55 10/26/00 4,331,220
Tulip Funding Corporation (b) 7,100,000 6.65 9/13/00 7,084,262
4,100,000 6.65 9/28/00 4,079,551
6,335,000 6.80 11/27/00 6,230,895
UBN, Inc. 16,633,000 6.50 10/26/00 16,467,825
5,000,000 6.56 10/10/00 4,964,467
Unifunding, Inc. 4,000,000 6.54 10/17/00 3,966,573
Variable Funding Capital Corporation (b) 12,000,000 6.55 10/11/00 11,912,667
Victory Receivables Corporation (b) 6,300,000 6.55 9/11/00 6,288,538
17,700,000 6.58 9/18/00 17,645,026
West Baton Rouge Parish, Louisiana Industrial District Number 3 Revenue (b) 7,000,000 6.63 11/14/00 7,000,000
Whiting, Indiana Industrial Sewage and Solid Waste Disposal Revenue 8,500,000 6.64 12/11/00 8,500,000
Windmill Funding Corporation (b) 1,000,000 6.50 9/11/00 998,194
10,000,000 6.56 10/13/00 9,923,467
Wisconsin Electric Power Company 100 6.23 Upon Demand 100
Yamaha Motor Finance Corporation USA 4,400,000 6.58 10/04/00 4,373,461
Yorkshire Building Society 2,575,000 6.51 10/16/00 2,554,046
ZCM Matched Funding Corporation (b) 18,100,000 6.51 9/25/00 18,021,446
ZEN-NOH UNICO America Corporation 11,000,000 6.56 9/19/00 10,963,920
----------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 1,525,245,161
----------------------------------------------------------------------------------------------------------------------------------
Corporate Obligations 1.3%
LaSalle Bank North America, Chicago, Illinois Short-Term Bank Notes:
Tranche 00023, 6.50% 8,000,000 6.50 10/30/00 8,000,000
Tranche 00024, 6.50% 13,000,000 6.50 11/03/00 13,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Corporate Obligations 21,000,000
----------------------------------------------------------------------------------------------------------------------------------
Taxable Variable Rate Put Bonds 4.4%
Alabama IDA IDR 1,125,000 6.70 9/07/00 1,125,000
Alabama Incentives Financing Authority Special Obligation 5,000,000 6.70 9/07/00 5,000,000
Aurora, Kane & DuPage Counties, Illinois IDR 2,900,000 6.68 9/07/00 2,900,000
Botsford General Hospital Revenue 4,400,000 6.65 9/01/00 4,400,000
Galliano Marine Services, Inc. 4,200,000 6.70 9/07/00 4,200,000
Kings Glen Apartments LLC 3,264,000 6.70 9/07/00 3,264,000
Mississippi Business Finance Corporation IDR - GE Plastics Project 2,500,000 6.60 9/01/00 2,500,000
New Jersey EDA EDR - MSNBC/CNBC 7,700,000 6.60 9/01/00 7,700,000
</TABLE>
30
<PAGE>
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pointe Chase Apartments LLC $ 5,500,000 6.70% 9/07/00 $ 5,500,000
Radiation Oncology Partners LLP 2,535,000 6.70 9/07/00 2,535,000
Sempra Energy Employee Stock Ownership Plan & Trust (b) 9,000,000 6.72 9/06/00 9,000,000
T3 Holdings, Inc. (b) 7,000,000 6.62 9/06/00 7,000,000
Thayer Properties LLC 2,960,000 6.70 9/07/00 2,960,000
Tifton Mall, Inc. 4,505,000 6.70 9/07/00 4,505,000
WLB LLC 10,000,000 6.70 9/07/00 10,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Taxable Variable Rate Put Bonds 72,589,000
-----------------------------------------------------------------------------------------------------------------------------------
United States Government and Agency Issues 3.2%
Federal Home Loan Bank Bonds:
6.75%, Due 3/15/01 8,000,000 6.75 3/15/01 8,000,000
6.76%, Due 3/13/01 14,000,000 6.76 3/13/01 14,000,000
Federal Home Loan Mortgage Corporation Medium-Term Notes,
6.90%, Due 9/11/01 (f) 30,000,000 6.90 9/11/01 30,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Total United States Government and Agency Issues 52,000,000
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 102.2% 1,670,834,161
Other Assets and Liabilities, Net (2.2%) (36,566,460)
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,634,267,701
===================================================================================================================================
</TABLE>
--------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Commercial Paper 95.2%
AES Hawaii, Inc. $ 3,000,000 6.48% 10/06/00 $2,981,100
4,000,000 6.50 9/22/00 3,984,833
AT&T Corporation 6,000,000 6.75 11/01/00 5,931,375
Abbey National North America Corporation 5,000,000 6.24 9/28/00 4,976,600
3,000,000 6.64 9/05/00 2,997,787
Alliance & Leicester PLC (b) 8,000,000 6.54 11/01/00 7,911,347
Alpine Securitization Corporation (b) 1,875,000 6.50 9/08/00 1,872,630
3,325,000 6.53 9/07/00 3,321,381
4,100,000 6.53 9/20/00 4,085,870
American Honda Finance Corporation 2,650,000 6.48 11/06/00 2,618,518
3,000,000 6.49 11/13/00 2,960,519
3,000,000 6.49 11/20/00 2,956,733
Asset Backed Capital Finance, Inc. (b) 2,300,000 6.28 10/25/00 2,278,334
5,000,000 6.52 11/22/00 4,925,745
1,500,000 6.70 9/07/00 1,498,325
Atlantis One Funding Corporation 800,000 6.54 12/13/00 785,031
Banco Bradesco SA 3,000,000 5.58 10/02/00 2,985,585
Banque Nationale de Paris Canada 1,775,000 6.52 9/13/00 1,771,142
2,600,000 6.53 11/02/00 2,570,760
3,000,000 6.54 10/17/00 2,974,930
Barton Capital Corporation (b) 3,550,000 6.52 9/07/00 3,546,142
1,130,000 6.54 9/08/00 1,128,563
3,000,000 6.68 10/23/00 2,971,053
Bavaria Universal Funding Corporation (b) 6,000,000 6.52 9/15/00 5,984,787
Bell Atlantic Financial Services, Inc. 5,000,000 6.51 10/13/00 4,962,025
765,000 6.51 10/18/00 758,498
2,500,000 6.53 10/05/00 2,484,582
Blue Ridge Asset Funding Corporation (b) 3,054,000 6.52 9/07/00 3,050,681
4,500,000 6.52 9/18/00 4,486,145
Brazos River/Brazoria County, Texas Harbor Navigational District Revenue 4,300,000 6.63 11/14/00 4,300,000
British Aerospace North America, Inc. (b) 7,000,000 6.50 9/20/00 6,975,986
2,000,000 6.55 12/11/00 1,963,247
British Gas Capital, Inc. 8,000,000 6.49 9/18/00 7,975,482
British Telecommunications PLC 3,700,000 6.17 11/13/00 3,653,708
Budget Funding Corporation 3,600,000 6.51 9/11/00 3,593,490
CBA Finance, Inc. 4,000,000 6.08 9/05/00 3,997,298
Calcasieu Parish, Inc. Louisiana IDB Environmental Revenue 3,000,000 6.69 12/14/00 3,000,000
</TABLE>
31
<PAGE>
SCHEDULE OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California PCFA Environmental Improvement Revenue (b) $ 5,500,000 6.64% 12/14/00 $5,500,000
3,750,000 6.68 12/12/00 3,750,000
Centric Capital Corporation (b) 6,100,000 6.51 9/22/00 6,076,835
2,000,000 6.52 11/09/00 1,975,007
Certain Funding Corporation (b) 1,155,000 6.53 10/25/00 1,143,687
5,500,000 6.54 9/28/00 5,473,023
2,500,000 6.56 10/26/00 2,474,945
Compass Securitization LLC (b) 2,000,000 6.52 9/06/00 1,998,189
1,100,000 6.55 10/12/00 1,091,794
2,000,000 6.55 10/16/00 1,983,625
Computer Sciences Corporation (b) 3,000,000 6.53 10/18/00 2,974,424
Cooperative Association Tractor Dealers, Inc.:
Series A 750,000 6.52 11/15/00 739,812
2,100,000 6.53 9/01/00 2,100,000
3,880,000 6.55 10/11/00 3,851,762
Series B 1,000,000 6.52 9/20/00 996,559
4,000,000 6.55 9/19/00 3,986,900
Credit Suisse First Boston, Inc. (b) 4,000,000 6.23 10/05/00 3,976,464
2,000,000 6.53 10/16/00 1,983,675
DaimlerChrysler North America Holding Corporation 3,900,000 6.50 11/29/00 3,837,329
Den Norske Bank 9,000,000 6.50 11/14/00 8,879,750
Edison Asset Securitization LLC (b) 2,500,000 6.52 10/03/00 2,485,511
4,300,000 6.77 10/05/00 4,272,506
Enterprise Funding Corporation (b) 3,302,000 6.54 10/23/00 3,270,807
Equilon Enterprises LLC 3,100,000 6.65 9/26/00 3,085,684
Eureka Securitization, Inc. (b) 2,500,000 6.51 9/13/00 2,494,575
Fidex PLC (b) 5,000,000 6.54 9/01/00 5,000,000
3,000,000 6.58 10/20/00 2,973,132
Firstar Bank, N.A 232,800 6.29 Upon Demand 232,800
Florens Container, Inc. 5,000,000 6.56 10/13/00 4,961,733
Ford Motor Credit Company, Inc. 5,000,000 6.50 10/06/00 4,968,403
Formosa Plastics Corporation USA Series A 4,400,000 6.52 10/10/00 4,368,921
5,000,000 6.52 10/11/00 4,963,778
Forrestal Funding Master Trust (b) 3,200,000 6.51 11/07/00 3,161,229
4,000,000 6.58 10/02/00 3,977,336
Fortis Funding LLC (b) 2,540,000 6.54 12/04/00 2,496,625
Fountain Square Commercial Corporation (b) 1,373,000 6.54 9/15/00 1,369,508
1,110,000 6.54 10/10/00 1,102,136
1,012,000 6.55 10/24/00 1,002,241
1,009,000 6.60 12/27/00 987,357
2,289,000 6.65 9/26/00 2,278,429
2,222,000 6.65 9/27/00 2,211,328
GOVCO, Inc. (b) 8,000,000 6.52 11/07/00 7,902,924
Galaxy Funding, Inc. (b) 500,000 6.53 11/08/00 493,833
1,850,000 6.55 9/29/00 1,840,575
6,950,000 6.56 12/28/00 6,800,560
General Dynamics Corporation (b) 6,000,000 6.49 12/22/00 5,878,853
2,800,000 6.50 11/08/00 2,765,622
General Electric Capital Corporation 1,500,000 6.57 9/20/00 1,494,799
6,350,000 6.69 9/11/00 6,338,200
Goldman Sachs Group LP 5,000,000 6.55 10/19/00 4,956,333
Great Lakes Funding Capital Corporation (b) 2,000,000 6.54 9/25/00 1,991,280
2,772,000 6.55 9/27/00 2,758,887
2,000,000 6.55 11/29/00 1,967,614
Greenwich Funding Corporation (b) 1,525,000 6.52 9/14/00 1,521,410
Gulf Coast IDA Environmental Facilities Revenue 2,000,000 6.66 12/18/00 2,000,000
Gulf Coast Waste Disposal Authority PCR 3,000,000 6.67 10/06/00 3,000,000
Halifax PLC 5,350,000 6.20 10/10/00 5,314,066
1,300,000 6.54 10/16/00 1,289,373
2,000,000 6.61 1/02/01 1,954,832
Henkel Corporation (b) 5,000,000 6.52 9/11/00 4,990,944
ING America Insurance Holdings, Inc. 3,100,000 6.49 12/20/00 3,038,525
IPALCO Enterprises (b) 4,000,000 6.55 10/11/00 3,970,889
K2 USA LLC (b) 3,000,000 6.25 10/10/00 2,979,688
2,000,000 6.25 10/12/00 1,985,764
3,725,000 6.52 10/05/00 3,702,062
</TABLE>
32
<PAGE>
--------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
KZH-KMS Corporation (b) $ 9,400,000 6.52% 10/16/00 $9,323,390
Knight-Ridder, Inc. 2,200,000 6.52 9/06/00 2,198,008
Leland Stanford Junior University 1,800,000 6.54 10/18/00 1,784,631
Lexington Parker Capital Corporation (b) 2,500,000 6.50 9/14/00 2,494,132
5,000,000 6.51 9/11/00 4,990,958
Liberty Street Funding Corporation (b) 1,300,000 6.52 9/15/00 1,296,704
8,000,000 6.57 10/13/00 7,938,680
Links Finance LLC (b) 4,150,000 6.58 10/02/00 4,126,486
Long Island College Hospital 1,800,000 6.58 10/13/00 1,786,182
Market Street Funding Corporation (b) 6,000,000 6.52 9/25/00 5,973,920
Marmon Holdings, Inc. (b) 5,700,000 6.52 10/11/00 5,658,707
Marshall & Ilsley Corporation 5,500,000 6.55 9/29/00 5,471,981
3,900,000 6.55 12/19/00 3,822,655
JP Morgan & Company, Inc. 5,000,000 6.50 9/08/00 4,993,681
Moriarty, Ltd./Moriarty LLC (b) 1,300,000 6.17 9/06/00 1,298,886
National Cooperative Services Corporation (b) 4,200,000 6.55 1/16/01 4,095,309
Nationwide Building Society 6,000,000 6.22 10/03/00 5,966,853
New York Times Company 1,200,000 6.50 9/14/00 1,197,183
1,020,000 6.50 9/19/00 1,016,685
Nordbanken North America, Inc. 8,000,000 6.50 9/15/00 7,979,778
Ohio Solid Waste Revenue 3,200,000 6.65 12/18/00 3,200,000
Oklahoma Industrial Finance Authority 5,335,000 6.72 11/01/00 5,335,000
Old Line Funding Corporation (b) 2,230,000 6.52 9/20/00 2,222,326
7,000,000 6.53 9/11/00 6,987,303
PACCAR Financial Corporation 8,000,000 6.50 9/12/00 7,984,111
Parthenon Receivables Funding LLC (b) 5,000,000 6.52 9/25/00 4,978,267
4,150,000 6.54 10/05/00 4,124,385
Peacock Funding Corporation (b) 4,980,000 6.50 11/08/00 4,918,857
2,000,000 6.55 9/05/00 1,998,544
Pemex Capital, Inc. 1,500,000 6.59 11/06/00 1,481,877
4,000,000 6.65 10/24/00 3,960,839
Pharmacia Corporation 2,000,000 6.50 10/05/00 1,987,722
3,000,000 6.50 10/16/00 2,975,625
Sara Lee Corporation 350,900 6.22 Upon Demand 350,900
Scaldis Capital, Ltd./Scaldis Capital LLC (b) 4,000,000 6.55 11/01/00 3,955,606
5,000,000 6.57 10/10/00 4,964,413
E. W. Scripps Company (b) 3,250,000 6.49 11/14/00 3,206,643
3,500,000 6.52 10/27/00 3,464,502
Sigma Finance, Inc. (b) 1,100,000 6.25 10/04/00 1,093,698
3,000,000 6.40 10/20/00 2,973,867
5,000,000 6.51 11/27/00 4,921,338
Society Of New York Hospital Fund, Inc. 5,000,000 6.53 12/12/00 4,907,492
Spintab-Swedmortgage AB (c) 9,000,000 6.61 1/02/01 8,796,742
Stellar Funding Group, Inc. (b) 7,400,000 6.54 12/29/00 7,240,024
Sunflowers Funding Corporation (b) 4,400,000 6.58 10/10/00 4,368,635
Sunshine State Governmental Financing Commission 4,000,000 6.52 9/06/00 3,996,378
Swiss RE Financial Products Corporation (b) 2,545,000 6.54 10/10/00 2,526,969
Total Fina SA (b) 5,500,000 6.49 10/16/00 5,455,381
3,800,000 6.50 9/07/00 3,795,883
Triple-A One Funding Corporation (b) 3,000,000 6.52 10/06/00 2,980,983
2,750,000 6.55 10/26/00 2,722,481
Tulip Funding Corporation (b) 1,000,000 6.65 9/28/00 995,013
5,000,000 6.80 11/27/00 4,917,833
UBN, Inc. 1,367,000 6.50 9/07/00 1,365,519
2,000,000 6.50 10/26/00 1,980,139
2,000,000 6.56 10/10/00 1,985,787
Unifunding, Inc. 2,000,000 6.54 10/17/00 1,983,287
Variable Funding Capital Corporation (b) 3,000,000 6.55 10/11/00 2,978,167
Victory Receivables Corporation (b) 1,835,000 6.55 9/11/00 1,831,661
2,300,000 6.57 9/18/00 2,292,864
4,000,000 6.57 10/17/00 3,966,420
West Baton Rouge Parish, Louisiana Industrial District Number 3 Revenue (b 4,000,000 6.63 11/14/00 4,000,000
Whiting, Indiana Industrial Sewage and Solid Waste Disposal Revenue 8,000,000 6.64 12/11/00 8,000,000
Windmill Funding Corporation (b) 3,359,000 6.50 9/11/00 3,352,935
5,000,000 6.56 10/13/00 4,961,733
Wisconsin Electric Power Company 100 6.23 Upon Demand 100
</TABLE>
33
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Yamaha Motor Finance Corporation USA $ 2,600,000 6.58% 10/04/00 $ 2,584,318
Yorkshire Building Society 1,000,000 6.51 10/16/00 991,862
ZCM Matched Funding Corporation (b) 7,500,000 6.51 9/25/00 7,467,450
2,000,000 6.55 9/12/00 1,995,997
----------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 603,557,769
----------------------------------------------------------------------------------------------------------------------------------
Corporate Obligations 1.1%
LaSalle Bank North America, Chicago, Illinois Short-Term Bank Notes:
Tranche 00023, 6.50% 4,000,000 6.50 10/30/00 4,000,000
Tranche 00024, 6.50% 3,000,000 6.50 11/03/00 3,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Corporate Obligations 7,000,000
----------------------------------------------------------------------------------------------------------------------------------
Taxable Variable Rate Put Bonds 3.0%
Alabama Incentives Financing Authority Special Obligation 5,000,000 6.70 9/07/00 5,000,000
Botsford General Hospital Revenue 2,000,000 6.65 9/01/00 2,000,000
Concrete Company 1,280,000 6.70 9/07/00 1,280,000
Kings Glen Apartments LLC 1,230,000 6.70 9/07/00 1,230,000
Pointe Chase Apartments LLC 2,500,000 6.70 9/07/00 2,500,000
Radiation Oncology Partners LLP 830,000 6.70 9/07/00 830,000
Sempra Energy Employee Stock Ownership Plan & Trust (b) 2,000,000 6.72 9/06/00 2,000,000
T3 Holdings, Inc. (b) 3,000,000 6.62 9/06/00 3,000,000
Thayer Properties LLC 990,000 6.70 9/07/00 990,000
----------------------------------------------------------------------------------------------------------------------------------
Total Taxable Variable Rate Put Bonds 18,830,000
----------------------------------------------------------------------------------------------------------------------------------
United States Government and Agency Issues 3.4%
Federal Home Loan Bank Bonds, 6.75%, Due 3/15/01 (c) 7,000,000 6.75 3/15/01 7,000,000
Federal Home Loan Mortgage Corporation Medium-Term Notes,
6.90%, Due 9/11/01 (f) 14,500,000 6.90 9/11/01 14,500,000
----------------------------------------------------------------------------------------------------------------------------------
Total United States Government and Agency Issues 21,500,000
----------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 102.7% 650,887,769
Other Assets and Liabilities, Net (2.7%) (17,257,792)
----------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $633,629,977
==================================================================================================================================
</TABLE>
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Commercial Paper 93.5%
AES Hawaii, Inc. $12,000,000 6.48% 10/06/00 $11,924,400
10,700,000 6.50 9/22/00 10,659,429
AESOP Funding Corporation (b) 8,200,000 6.53 10/20/00 8,127,118
5,000,000 6.54 9/07/00 4,994,550
AT&T Corporation 22,000,000 6.75 11/01/00 21,748,375
Abbey National North America Corporation 15,500,000 6.24 9/28/00 15,427,460
3,600,000 6.64 9/05/00 3,597,344
Alliance & Leicester PLC (b) 11,900,000 6.50 11/17/00 11,734,557
4,400,000 6.54 11/01/00 4,351,241
Alpine Securitization Corporation (b) 2,125,000 6.50 9/08/00 2,122,314
23,800,000 6.53 9/07/00 23,774,098
American Honda Finance Corporation 12,000,000 6.48 11/06/00 11,857,440
16,400,000 6.49 11/13/00 16,184,171
Asset Backed Capital Finance, Inc. (b) 3,700,000 6.28 10/25/00 3,665,146
19,500,000 6.52 11/22/00 19,210,540
Atlantis One Funding Corporation 2,398,000 6.53 11/01/00 2,371,467
250,000 6.54 12/13/00 245,322
Banque Nationale de Paris Canada 13,247,000 6.54 10/17/00 13,136,299
Barton Capital Corporation (b) 15,567,000 6.54 9/08/00 15,547,204
3,953,000 6.68 10/23/00 3,914,858
Bavaria TRR Corporation (b) 16,200,000 6.52 9/11/00 16,170,660
Bavaria Universal Funding Corporation (b) 30,000,000 6.52 9/15/00 29,923,933
</TABLE>
34
<PAGE>
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bell Atlantic Financial Services, Inc. $ 3,235,000 6.51% 10/18/00 $ 3,207,505
15,100,000 6.53 10/02/00 15,015,092
9,702,000 6.53 10/05/00 9,642,166
2,500,000 6.55 10/03/00 2,485,444
Beta Finance, Inc. (b) 10,000,000 6.53 10/16/00 9,918,375
Blue Ridge Asset Funding Corporation (b) 15,128,000 6.52 9/18/00 15,081,423
Brazos River/Brazoria County, Texas Harbor Navigational District Revenue 5,700,000 6.63 11/14/00 5,700,000
British Aerospace North America, Inc. (b) 21,000,000 6.50 9/20/00 20,927,958
British Gas Capital, Inc. 15,000,000 6.50 9/26/00 14,932,292
15,000,000 6.50 9/27/00 14,929,583
British Telecommunications PLC 18,800,000 6.17 11/13/00 18,564,786
Budget Funding Corporation 4,700,000 6.51 9/11/00 4,691,501
CBA Finance, Inc. 13,000,000 6.08 9/05/00 12,991,218
9,100,000 6.55 10/05/00 9,043,706
CXC, Inc. (b) 13,500,000 6.51 9/07/00 13,485,352
Calcasieu Parish, Inc. Louisiana IDB Environmental Revenue 8,000,000 6.69 12/14/00 8,000,000
California PCFA Environmental Improvement Revenue (b) 18,750,000 6.64 12/14/00 18,750,000
1,100,000 6.68 12/12/00 1,100,000
Centric Capital Corporation (b) 3,500,000 6.51 10/10/00 3,475,316
Certain Funding Corporation (b) 4,320,000 6.52 11/20/00 4,257,408
11,680,000 6.55 10/26/00 11,563,104
2,000,000 6.58 9/25/00 1,991,227
Compass Securitization LLC (b) 9,700,000 6.53 9/06/00 9,691,203
7,900,000 6.55 10/12/00 7,841,068
3,345,000 6.55 10/16/00 3,317,613
Computer Sciences Corporation (b) 17,100,000 6.52 10/10/00 16,979,217
13,000,000 6.53 10/18/00 12,889,171
Cooperative Association Tractor Dealers, Inc.:
Series A 3,550,000 6.52 11/15/00 3,501,779
3,500,000 6.53 9/01/00 3,500,000
4,000,000 6.53 9/05/00 3,997,098
3,000,000 6.53 10/03/00 2,982,587
3,000,000 6.54 9/12/00 2,994,005
1,620,000 6.55 10/11/00 1,608,210
Series B 2,600,000 6.52 10/17/00 2,578,339
4,000,000 6.53 10/03/00 3,976,782
1,500,000 6.54 9/18/00 1,495,367
3,150,000 6.55 9/19/00 3,139,684
6,200,000 6.76 11/22/00 6,104,493
Credit Suisse First Boston, Inc. (b) 6,500,000 6.23 10/05/00 6,461,755
13,700,000 6.53 10/16/00 13,588,174
DaimlerChrysler North America Holding Corporation 1,850,000 6.50 11/15/00 1,824,948
1,250,000 6.50 11/29/00 1,229,913
2,900,000 6.54 9/21/00 2,889,463
Delaware Funding Corporation (b) 3,158,000 6.51 9/07/00 3,154,574
Den Norske Bank (c) 21,000,000 6.50 11/14/00 20,719,417
Deutsche Bank Financial, Inc. 3,200,000 6.48 12/29/00 3,131,456
5,000,000 6.52 12/21/00 4,899,483
17,000,000 6.53 9/07/00 16,981,498
Edison Asset Securitization LLC (b) 6,000,000 6.52 10/03/00 5,965,227
22,400,000 6.77 10/05/00 22,256,777
Enterprise Funding Corporation (b) 3,000,000 6.54 10/23/00 2,971,660
Equilon Enterprises LLC 8,500,000 6.65 9/26/00 8,460,746
Eureka Securitization, Inc. (b) (c) 22,000,000 6.51 9/13/00 21,952,260
8,500,000 6.52 9/06/00 8,492,303
Fidex PLC (b) 12,500,000 6.54 9/01/00 12,500,000
5,600,000 6.55 10/10/00 5,560,263
Firstar Bank, N.A 118,300 6.29 Upon Demand 118,300
Florens Container, Inc. 7,500,000 6.56 10/13/00 7,442,600
Ford Motor Credit Company, Inc. 30,000,000 6.50 10/06/00 29,810,417
Formosa Plastics Corporation USA:
Series A 5,000,000 6.50 10/12/00 4,962,986
6,400,000 6.52 10/10/00 6,354,795
5,000,000 6.52 10/11/00 4,963,778
Series B 2,650,000 6.65 10/12/00 2,629,930
</TABLE>
35
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Forrestal Funding Master Trust (b) $ 3,950,000 6.52% 10/30/00 $ 3,907,792
20,000,000 6.58 10/02/00 19,886,678
Fortis Funding LLC (b) 8,800,000 6.53 10/10/00 8,737,747
6,500,000 6.54 12/04/00 6,389,002
Fountain Square Commercial Corporation (b) 4,113,000 6.53 9/18/00 4,100,317
1,945,000 6.53 9/28/00 1,935,474
1,479,000 6.53 11/07/00 1,461,026
1,015,000 6.53 11/24/00 999,535
2,200,000 6.55 10/31/00 2,175,983
3,485,000 6.57 10/16/00 3,456,379
2,933,000 6.60 10/10/00 2,912,029
GOVCO, Inc. (b) 22,000,000 6.52 11/07/00 21,733,042
Galaxy Funding, Inc. (b) 3,600,000 6.53 11/08/00 3,555,596
4,650,000 6.55 9/29/00 4,626,311
7,750,000 6.56 12/28/00 7,583,358
General Dynamics Corporation (b) 3,000,000 6.49 12/22/00 2,939,427
5,000,000 6.51 11/01/00 4,944,846
8,000,000 6.51 12/15/00 7,848,100
General Electric Capital Corporation 2,800,000 6.50 9/27/00 2,786,856
1,250,000 6.52 11/07/00 1,234,832
4,398,000 6.56 9/08/00 4,392,390
1,800,000 6.57 9/20/00 1,793,758
2,700,000 6.57 9/26/00 2,687,681
2,500,000 6.69 9/11/00 2,495,354
14,700,000 6.74 10/11/00 14,589,913
Goldman Sachs Group LP 10,000,000 6.55 10/19/00 9,912,667
Great Lakes Funding Capital Corporation (b) 5,000,000 6.53 9/18/00 4,984,582
12,200,000 6.54 9/25/00 12,146,808
7,000,000 6.55 9/29/00 6,964,339
Greenwich Funding Corporation (b) 10,714,000 6.51 9/22/00 10,673,314
2,468,000 6.52 9/01/00 2,468,000
3,403,000 6.52 9/14/00 3,394,988
Greyhawk Funding LLC (b) 19,500,000 6.50 9/18/00 19,440,146
Gulf Coast IDA Environmental Facilities Revenue 3,000,000 6.66 12/18/00 3,000,000
Gulf Coast Waste Disposal Authority PCR 10,000,000 6.67 10/06/00 10,000,000
Halifax PLC 11,950,000 6.20 10/10/00 11,869,736
7,700,000 6.61 1/02/01 7,526,102
Henkel Corporation (b) 7,400,000 6.49 10/18/00 7,337,299
8,000,000 6.49 11/27/00 7,874,527
2,000,000 6.52 9/14/00 1,995,291
ING America Insurance Holdings, Inc. 3,000,000 6.48 10/11/00 2,978,400
10,000,000 6.49 12/20/00 9,801,694
IPALCO Enterprises (b) 12,900,000 6.55 10/11/00 12,806,117
K2 USA LLC (b) 5,620,000 6.25 10/10/00 5,581,948
3,000,000 6.25 10/12/00 2,978,646
8,175,000 6.52 10/05/00 8,124,660
1,380,000 6.62 9/18/00 1,375,686
KZH-KMS Corporation (b) 16,100,000 6.52 10/16/00 15,968,785
Kitty Hawk Funding Corporation (b) 5,096,000 6.51 9/12/00 5,085,863
3,669,000 6.54 9/27/00 3,651,670
10,600,000 6.55 10/16/00 10,513,212
3,304,000 6.68 9/01/00 3,304,000
Knight-Ridder, Inc. (b) 3,000,000 6.52 9/06/00 2,997,283
3,898,000 6.55 9/01/00 3,898,000
Leland Stanford Junior University 8,200,000 6.54 10/18/00 8,129,986
Lexington Parker Capital Corporation (b) 12,800,000 6.50 9/14/00 12,769,955
17,712,000 6.50 9/15/00 17,667,228
Liberty Street Funding Corporation (b) 9,600,000 6.52 9/15/00 9,575,659
6,400,000 6.57 10/13/00 6,350,944
Links Finance LLC (b) 19,825,000 6.55 10/13/00 19,673,504
10,675,000 6.58 10/02/00 10,614,514
Long Island College Hospital 5,200,000 6.58 10/13/00 5,160,081
Market Street Funding Corporation (b) 10,700,000 6.52 9/25/00 10,653,491
10,000,000 6.54 9/22/00 9,961,850
Marmon Holdings, Inc. (b) 4,000,000 6.50 10/06/00 3,974,722
12,800,000 6.52 10/11/00 12,707,271
</TABLE>
36
<PAGE>
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Marshall & Ilsley Corporation $ 17,000,000 6.55% 9/29/00 $16,913,394
3,000,000 6.55 12/19/00 2,940,504
Merrill Lynch & Company, Inc. 3,500,000 6.48 10/02/00 3,480,470
JP Morgan & Company, Inc. 5,000,000 6.50 9/05/00 4,996,389
15,000,000 6.50 9/08/00 14,981,042
Morgan Stanley, Dean Witter & Company 12,400,000 6.52 10/16/00 12,298,940
Moriarty, Ltd./Moriarty LLC (b) 13,360,000 6.17 9/06/00 13,348,551
9,040,000 6.20 9/20/00 9,010,419
National Cooperative Services Corporation (b) 3,000,000 6.55 1/16/01 2,925,221
National Rural Utilities Cooperative Finance Corporation 5,000,000 6.49 11/20/00 4,927,889
Nationwide Building Society 11,550,000 6.22 10/03/00 11,486,193
New York Times Company 1,300,000 6.50 9/18/00 1,296,010
7,700,000 6.50 9/19/00 7,674,975
12,550,000 6.50 9/20/00 12,506,946
5,000,000 6.52 9/12/00 4,990,039
Nordbanken North America, Inc. 7,300,000 6.50 9/08/00 7,290,774
3,400,000 6.50 9/15/00 3,391,406
20,000,000 6.52 10/24/00 19,807,944
Ohio Solid Waste Revenue 9,000,000 6.65 12/18/00 9,000,000
Oklahoma Industrial Finance Authority 10,000,000 6.72 11/01/00 10,000,000
Old Line Funding Corporation (b) 4,000,000 6.51 9/14/00 3,990,597
12,400,000 6.52 9/20/00 12,357,330
13,806,000 6.53 9/11/00 13,780,957
PACCAR Financial Corporation 7,000,000 6.50 9/19/00 6,977,250
8,000,000 6.52 11/02/00 7,910,169
Parthenon Receivables Funding LLC (b) 6,200,000 6.52 9/25/00 6,173,051
5,752,000 6.53 10/05/00 5,716,509
3,726,000 6.56 9/13/00 3,717,852
1,172,000 6.57 12/27/00 1,146,975
Peacock Funding Corporation (b) 5,127,000 6.50 10/30/00 5,072,383
9,764,000 6.50 11/08/00 9,644,120
7,100,000 6.51 9/21/00 7,074,322
Pemex Capital, Inc. 12,000,000 6.23 10/10/00 11,919,010
10,000,000 6.59 11/06/00 9,879,183
Pharmacia Corporation 10,000,000 6.50 10/16/00 9,918,750
5,000,000 6.52 10/06/00 4,968,306
Sara Lee Corporation 128,100 6.22 Upon Demand 128,100
Scaldis Capital, Ltd./Scaldis Capital LLC (b) 7,500,000 6.55 11/01/00 7,416,760
10,000,000 6.57 10/10/00 9,928,825
E. W. Scripps Company (b) 8,750,000 6.49 11/14/00 8,633,270
11,000,000 6.52 10/27/00 10,888,435
Sigma Finance, Inc. (b) 11,050,000 6.25 10/04/00 10,986,693
3,950,000 6.40 10/20/00 3,915,591
7,900,000 6.51 11/27/00 7,775,713
Society Of New York Hospital Fund, Inc. 5,000,000 6.53 12/12/00 4,907,492
Spintab-Swedmortgage AB 5,000,000 6.53 10/17/00 4,958,281
14,000,000 6.61 1/02/01 13,683,822
Stellar Funding Group, Inc. (b) 3,310,000 6.52 9/29/00 3,293,215
6,560,000 6.54 12/29/00 6,418,184
11,650,000 6.63 9/05/00 11,641,418
Sunflowers Funding Corporation (b) 8,096,000 6.58 10/10/00 8,038,289
Sunshine State Governmental Financing Commission 16,000,000 6.52 9/06/00 15,985,511
Total Fina SA (b) 20,700,000 6.49 10/16/00 20,532,071
10,000,000 6.50 9/07/00 9,989,167
Triple-A One Funding Corporation (b) 2,382,000 6.51 9/11/00 2,377,692
15,091,000 6.52 9/05/00 15,080,067
1,761,000 6.55 10/26/00 1,743,378
Tulip Funding Corporation (b) 2,225,000 6.65 9/28/00 2,213,903
16,440,000 6.67 9/13/00 16,403,471
7,800,000 6.80 11/27/00 7,671,820
UBN, Inc. 7,000,000 6.50 9/07/00 6,992,417
16,000,000 6.56 10/10/00 15,886,293
Unifunding, Inc. 6,650,000 6.54 10/17/00 6,594,428
Variable Funding Capital Corporation (b) 10,000,000 6.55 10/11/00 9,927,222
</TABLE>
37
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Victory Receivables Corporation (b) $ 3,000,000 6.55% 9/11/00 $ 2,994,542
10,000,000 6.57 9/18/00 9,968,975
4,865,000 6.57 10/17/00 4,824,158
West Baton Rouge Parish, Louisiana Industrial District Number 3 Revenue (b) 8,450,000 6.63 11/14/00 8,450,000
Whiting, Indiana Industrial Sewage and Solid Waste Disposal Revenue 9,400,000 6.64 12/11/00 9,400,000
Windmill Funding Corporation (b) 8,290,000 6.50 9/11/00 8,275,032
14,300,000 6.52 10/03/00 14,217,124
6,000,000 6.56 10/13/00 5,954,080
Wisconsin Electric Power Company 100 6.23 Upon Demand 100
Wood Street Funding Corporation (b) 9,330,000 6.50 11/14/00 9,205,341
11,900,000 6.55 10/13/00 11,809,064
Yorkshire Building Society 9,825,000 6.51 10/16/00 9,745,049
ZCM Matched Funding Corporation (b) 19,000,000 6.51 9/25/00 18,917,540
3,000,000 6.55 9/12/00 2,993,996
ZEN-NOH UNICO America Corporation 4,100,000 6.56 9/19/00 4,086,552
----------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 1,909,794,066
----------------------------------------------------------------------------------------------------------------------------------
Corporate Obligations 1.1%
LaSalle Bank North America, Chicago, Illinois Short-Term Bank Notes:
Tranche 00023, 6.50% 8,000,000 6.50 10/30/00 8,000,000
Tranche 00024, 6.50% 14,000,000 6.50 11/03/00 14,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Corporate Obligations 22,000,000
----------------------------------------------------------------------------------------------------------------------------------
Taxable Variable Rate Put Bonds 4.1%
Alabama IDA IDR - Southern Tool, Inc. Project 5,600,000 6.70 9/07/00 5,600,000
Alabama Incentives Financing Authority Special Obligation 10,000,000 6.70 9/07/00 10,000,000
Aurora, Kane & DuPage Counties, Illinois IDR 1,300,000 6.68 9/07/00 1,300,000
Botsford General Hospital Revenue 4,400,000 6.65 9/01/00 4,400,000
Community Health Systems, Inc. 2,700,000 6.65 9/06/00 2,700,000
Concrete Company 2,120,000 6.70 9/07/00 2,120,000
Health Midwest Ventures Group, Inc. 7,700,000 6.60 9/06/00 7,700,000
Kings Glen Apartments LLC 3,263,000 6.70 9/07/00 3,263,000
Mississippi Business Finance Corporation IDR - GE Plastics Project 2,500,000 6.60 9/01/00 2,500,000
New Jersey EDA EDR - MSNBC/CNBC 7,600,000 6.60 9/01/00 7,600,000
Pointe Chase Apartments LLC 7,000,000 6.70 9/07/00 7,000,000
Radiation Oncology Partners LLP 2,635,000 6.70 9/07/00 2,635,000
Sempra Energy Employee Stock Ownership Plan & Trust (b) 9,000,000 6.72 9/06/00 9,000,000
T3 Holdings, Inc. (b) 10,000,000 6.62 9/06/00 10,000,000
Thayer Properties LLC 2,970,000 6.70 9/07/00 2,970,000
Tifton Mall, Inc. 3,560,000 6.70 9/07/00 3,560,000
WLB LLC 2,000,000 6.70 9/07/00 2,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Taxable Variable Rate Put Bonds 84,348,000
----------------------------------------------------------------------------------------------------------------------------------
United States Government and Agency Issues 3.7%
Federal Home Loan Bank Bonds, 6.75%, Due 3/15/01 35,000,000 6.75 3/15/01 35,000,000
Federal Home Loan Mortgage Corporation Medium-Term Notes,
6.90%, Due 9/11/01 (f) 40,000,000 6.90 9/11/01 40,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total United States Government and Agency Issues 75,000,000
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 102.4% 2,091,142,066
Other Assets and Liabilities, Net (2.4%) (48,178,095)
----------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,042,963,971
==================================================================================================================================
</TABLE>
38
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Municipal Bonds 15.9%
Alaska 0.3%
North Slope Boro, Alaska Zero % Capital Appreciation GO $ 10,000,000 4.28% 1/01/01 $ 9,859,544
Arkansas 0.3%
Bentonville, Arkansas 4.75% Housing Authority MFHR - Bentonville Commons
Apartments Project 3,500,000 4.75 4/01/01 3,500,000
Rogers, Arkansas 5.00% Residential Facilities Board MFHR - Stoney Brook Common
Apartments 4,870,000 5.00 5/01/01 4,870,000
-----------
8,370,000
Colorado 0.2%
Fort Collins, Colorado MFHR - Dry Creek Apartments Project (e) 4,490,000 5.05 11/01/00 4,490,000
District of Columbia 1.1%
District of Columbia 4.35% SFHR 33,000,000 4.35 3/21/01 33,000,000
Florida 0.7%
Florida HFC MFHR (e) 17,145,000 4.70 6/22/01 17,145,000
Orange County, Florida IDA IDR - General Accident Insurance Company Project (e) 3,500,000 5.10 12/01/00 3,494,838
20,639,838
Georgia 0.3%
Atlanta, Georgia 6.00% Airport Revenue Refunding (f) 9,190,000 4.97 1/01/01 9,221,062
Indiana 0.4%
Penn-Harris-Madison, Indiana 4.50% School Corporation Tax Anticipation Warrants 10,000,000 4.37 12/29/00 10,004,075
Kansas 0.2%
Shawnee, Kansas MFHR - Shawnee Station Apartments Project (e) 6,000,000 5.00 5/01/01 6,000,000
Louisiana 0.9%
East Baton Rouge, Louisiana Finance Authority SFMR (e)
Series C 10,000,000 4.80 11/09/00 10,000,000
Series D-1 2,090,000 4.80 11/09/00 2,090,000
Series D-2 4,205,000 4.80 11/09/00 4,205,000
Jefferson Parish, Louisiana 4.65% Home Mortgage Authority SFMR 5,360,000 4.65 6/29/01 5,360,000
Louisiana Housing Finance Agency SFMR (e) 4,100,000 5.25 6/01/01 4,100,000
-----------
25,755,000
Maryland 0.2%
Maryland 4.70% Department of Housing and Community Development Revenue 6,600,000 4.70 6/14/01 6,600,000
Massachusetts 1.3%
Massachusetts 7.50% Health and EFA Revenue - Simmons College Project
(Pre-Refunding at $103 on 10/01/00) 6,190,000 5.14 10/01/00 6,387,098
Massachusetts Industrial Finance Agency Revenue - Northeast Center for
Autism Project:
9.00% 1,910,000 4.51 11/01/00 1,924,255
9.50% 8,910,000 4.52 11/01/00 8,983,714
Massachusetts 9.00% Industrial Finance Agency Tunnel Revenue (Pre-Refunding at
$102 on 10/01/00) 13,320,000 5.05 10/01/00 13,629,142
Merrimack Valley, Massachusettes 5.00% Regional Transit Authority RAN 6,500,000 4.75 6/15/01 6,512,197
-----------
37,436,406
Minnesota 0.4%
Hopkins, Minnesota 4.50% Independent School District Number 270 Tax
Anticipation Certificates 4,500,000 4.31 3/22/01 4,504,776
Rochester, Minnesota 5.75% MFHR - Weatherstone Townhomes Apartments Project 6,000,000 5.75 11/01/00 6,000,000
-----------
10,504,776
New Mexico 0.2%
Bernalillo County, New Mexico MFHR - Valencia Retirement Apartments Project (e) 6,000,000 4.20 12/01/00 6,000,000
New York 0.9%
Amherst, New York Industrial Development Agency IDR - General Accident Insurance
Company Project (e) 3,100,000 4.85 11/01/00 3,100,000
Poughkeepsie, New York Industrial Development Agency Senior Living Facilities
Revenue -
The Manor at Woodside Project (e) 17,250,000 5.75 9/28/00 17,250,000
Troy, New York 5.00% City School District RAN 5,000,000 5.00 10/31/00 5,000,000
-----------
25,350,000
</TABLE>
39
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
-------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Ohio 1.5%
Franklin, Ohio MFHR - 260 East Naghten Street Project (e) $ 6,250,000 5.05% 8/01/01 $ 6,250,000
Licking County, Ohio MFHR - Sharon Glyn II Apartments Project (e) 3,500,000 4.05 10/01/00 3,500,000
Minster, Ohio 5.35% Local School District BAN 14,025,000 4.91 1/09/01 14,046,522
Ohio 4.25% Housing Finance Agency Mortgage Revenue 20,000,000 4.25 3/01/01 20,000,000
-------------
43,796,522
South Dakota 0.2%
South Dakota 4.60% HDA Revenue - Homeownership Project 6,000,000 4.60 6/28/01 6,000,000
Tennessee 0.7%
Marion County, Tennessee Environmental IDB EDR - Variform, Inc. Project (e) 7,000,000 4.75 2/01/01 7,000,000
Nashville and Davidson County, Tennessee Metropolitan Government IDB
Revenue - General Accident Insurance Company of America Project (e) 5,700,000 4.95 11/01/00 5,700,000
Sumner County, Tennessee 4.72% Capital Outlay 8,765,000 4.60 6/27/01 8,773,214
-------------
21,473,214
Texas 1.2%
Greater East Texas Higher Education Authority, Inc. Student Loan Revenue (e) 7,000,000 4.22 2/01/01 7,000,000
Greater Texas Student Loan Corporation Student Loan Revenue (e) 3,300,000 4.22 2/01/01 3,300,000
10,000,000 4.25 2/01/01 10,000,000
Greater Texas Student Loan Corporation Student Loan Revenue Refunding (e) 8,000,000 4.28 3/01/01 8,000,000
Lower Colorado River Authority Revenue (e) 7,240,000 4.00 11/09/00 7,240,000
-------------
35,540,000
Virginia 0.1%
Newport News, Virginia 4.60% Redevelopment and Housing Authority Revenue -
Walker Village Project 2,450,000 4.60 4/01/01 2,450,000
West Virginia 1.5%
West Virginia State Hospital Financing Authority Hospital Revenue -
Charleston Area Medical Project (e) 41,900,000 4.71 9/26/00 41,921,406
Wisconsin 0.1%
West Salem, Wisconsin 4.85% School District TRAN 4,100,000 4.80 8/24/01 4,101,884
Multiple States 3.2%
USBI Trust Pass-Thru Certificates, Class A (e):
Series 1998-C 28,315,000 4.90 9/01/00 28,315,000
Series 1998-D 34,750,000 4.75 12/01/00 34,750,000
Series 1999-E 25,819,079 5.30 9/01/00 25,819,079
Series 1999-G 4,000,000 5.25 11/01/00 4,000,000
-------------
92,884,079
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds 461,397,806
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Commercial Paper 3.9%
Arizona 0.9%
Arizona Industrial Commission Special Fund Tax-Exempt COP Refunding 9,300,000 5.35 9/13/00 9,300,000
500,000 5.50 9/01/00 500,000
Maricopa County, Arizona IDA IDR - Citizens Utilities Company Project 4,000,000 4.70 9/07/00 4,000,000
Mohave County, Arizona IDA IDR - Citizens Utilities Company Project 3,500,000 4.70 9/07/00 3,500,000
Santa Cruz County, Arizona IDA IDR 7,680,000 4.70 9/07/00 7,680,000
-------------
24,980,000
Georgia 0.5%
Georgia Municipal Gas Authority Gas Revenue - Southern Portfolio I Project 15,890,000 5.70 9/13/00 15,890,000
Hawaii 0.9%
Hawaii Department of Budget and Finance Special Purpose Mortgage Revenue -
Citizens Utilities Company Project:
Series A 7,000,000 4.70 9/07/00 7,000,000
Series C 10,000,000 4.70 9/07/00 10,000,000
Hawaii Department of Budget and Finance Special Purpose Revenue - The Gas
Company Project 8,000,000 4.55 9/07/00 8,000,000
-------------
25,000,000
Kentucky 0.1%
Jefferson County, Kentucky PCR - Louisville Gas and Electric Company Project 2,000,000 4.60 9/13/00 2,000,000
</TABLE>
40
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Michigan 0.3%
Michigan Building Authority Revenue Facilities Program $ 10,000,000 4.80% 9/12/00 $ 10,000,000
Texas 1.2%
Houston Texas Airport System 10,000,000 4.50 12/14/00 10,000,000
Houston Texas Water and Sewer System 10,000,000 4.40 12/14/00 10,000,000
Texas Port Development Corporation Adjustable Tender Marine Terminal Refunding
Revenue - Mitsui & Company USA, Inc. Project 15,100,000 5.35 9/13/00 15,100,000
------------
35,100,000
----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Commercial Paper 112,970,000
----------------------------------------------------------------------------------------------------------------------------------
Annual Variable Rate Put Bonds 3.3%
Alabama 0.1%
Selma, Alabama IDB Solid Waste Disposal Revenue - International Paper Company
Project 2,900,000 4.35 9/01/00 2,900,000
Louisiana 0.8%
Plaquemines, Louisiana Port Harbor and Terminal District Port Facilities
Revenue - Chevron Pipe Line Company Project 11,250,000 3.50 9/01/01 11,250,000
13,000,000 4.45 9/01/01 12,980,890
------------
24,230,890
Maine 0.1%
Jay, Maine Solid Waste Disposal Revenue - International Paper Company
Project 3,575,000 4.35 9/01/00 3,575,000
Mississippi 0.9%
Jones County, Mississippi Solid Waste Disposal Revenue - International Paper
Company Project 2,900,000 4.35 9/01/00 2,900,000
Mississippi Regional Housing Authority Number II MFHR:
Laurel Park Apartments Project 7,800,000 4.80 6/01/01 7,800,000
Terrace Park Apartments Project 10,500,000 4.95 5/01/01 10,500,000
Mississippi Regional Housing Authority Number 8 MFHR - Magnolia Park
Apartments Project 6,200,000 4.50 3/01/01 6,200,000
------------
27,400,000
Puerto Rico 0.5%
Puerto Rico Industrial, Medical and Environmental PCFA Revenue - Union Carbide
Corporation Project 13,340,000 5.10 3/15/01 13,340,000
Tennessee 0.2%
Brownsville, Tennessee IDB IDR - Dynametal Technologies, Inc. Project 6,555,000 5.50 6/01/01 6,555,000
Texas 0.5%
Brazos River Authority PCR Refunding - Texas Utilities Electric Company Project 13,545,000 5.00 4/01/01 13,545,000
Multiple States 0.2%
Eastern States Tax-Exempt Mortgage Bond Trust 4,280,000 5.19 3/01/01 4,280,000
----------------------------------------------------------------------------------------------------------------------------------
Total Annual Variable Rate Put Bonds 95,825,890
----------------------------------------------------------------------------------------------------------------------------------
Semi-Annual Variable Rate Put Bonds 0.5%
Illinois 0.2%
Illinois DFA IDR - General Accident Insurance Company Project 6,900,000 4.80 9/01/00 6,900,000
Kentucky 0.3%
Scottsville, Kentucky IDR - Sumitomo Electric Wiring Systems, Inc. Project 8,000,000 5.50 11/01/00 8,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Semi-Annual Variable Rate Put Bonds 14,900,000
----------------------------------------------------------------------------------------------------------------------------------
Quarterly Variable Rate Put Bonds 0.1%
Minnesota
Minneapolis, Minnesota Revenue - Minneapolis Institute of the Arts Project 1,375,000 4.70 9/30/00 1,375,000
----------------------------------------------------------------------------------------------------------------------------------
Total Quarterly Variable Rate Put Bonds 1,375,000
----------------------------------------------------------------------------------------------------------------------------------
Monthly Variable Rate Put Bonds 0.6%
Illinois 0.1%
Green Leaf Ventures, Inc. Tax-Exempt Bond Grantor Trust 2,000,000 4.80 10/01/00 2,000,000
</TABLE>
41
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Maryland 0.2%
Prince George's County, Maryland EDR Refunding - Capital View II LP Facility $ 6,380,000 4.85% 10/01/00 $ 6,380,000
Ohio 0.1%
Blue Bell Tax-Exempt Bond Grantor Trust 1,621,272 4.85 10/01/00 1,621,272
Multiple States 0.2%
GAF Corporation Tax-Exempt Bond Grantor Trust 4,300,000 4.65 10/01/00 4,300,000
Johnson Controls, Inc. Tax-Exempt Bond Grantor Trust 2,345,000 4.50 10/01/00 2,345,000
------------
6,645,000
----------------------------------------------------------------------------------------------------------------------------------
Total Monthly Variable Rate Put Bonds 16,646,272
-----------------------------------------------------------------------------------------------------------------------------------
Weekly Variable Rate Put Bonds 63.8%
Alabama 3.0%
Alabama IDA IDR:
Research Genetics, Inc. Project 2,625,000 4.75 9/08/00 2,625,000
Whitesell Project 3,950,000 4.65 9/08/00 3,950,000
Alabama Special Care Facilities Financing Authority Mobile Revenue -
Ascension Health Credit Project 30,100,000 4.60 9/08/00 30,100,000
Athens, Alabama IDB Revenue - Coilplus-Alabama, Inc. Project 8,000,000 4.65 9/08/00 8,000,000
Bridgeport, Alabama IDB IDR - Beaulieu Nylon, Inc. Project 10,000,000 4.50 9/08/00 10,000,000
Montgomery, Alabama Downtown Redevelopment Authority Revenue - Southern Poverty
Law Project 15,000,000 4.45 9/08/00 15,000,000
Montgomery, Alabama IDB IDR:
Asphalt Contractors, Inc. Project 1,000,000 4.65 9/08/00 1,000,000
Piknik Properties, Inc. Project 6,000,000 4.50 9/08/00 6,000,000
Pell, Alabama IDB IDR - Kinder/Gorbel Project 1,585,000 4.60 9/08/00 1,585,000
Prattville, Alabama IDB IDR - Merchant Realty Company Project 2,400,000 4.50 9/08/00 2,400,000
Selma, Alabama IDB IDR - Specialty Minerals Project 4,000,000 4.45 9/08/00 4,000,000
Sulligent, Alabama IDB IDR - Alan White Company, Inc. Project 2,000,000 4.55 9/08/00 2,000,000
------------
86,660,000
Arizona 0.2%
Chandler, Arizona IDA MFHR - Greentree Place Apartments Project 6,134,000 6.65 9/08/00 6,134,000
Arkansas 0.2%
Arkansas DFA EDR - Conestoga Wood Project 4,170,000 4.45 9/08/00 4,170,000
Hope, Arkansas IDR - Champion Parts, Inc. Project 800,000 4.65 9/08/00 800,000
Trumann, Arkansas IDR - Roach Manufacturing Corporation Project 2,000,000 4.55 9/08/00 2,000,000
------------
6,970,000
California 0.9%
Glenn, California IDA IDR - Land O' Lakes, Inc. Project 2,900,000 4.50 9/08/00 2,900,000
Los Angeles, California Community Redevelopment Agency MFHR - Skyline at
Southpark Project 4,400,000 5.60 9/08/00 4,400,000
Los Angeles, California IDA IDR:
Kairak, Inc. Project 1,505,000 4.95 9/08/00 1,505,000
Keystone Engineering Company Project 1,210,000 4.95 9/08/00 1,210,000
Los Angeles County, California IDA IDR - Goldberg & Solovy Foods, Inc. Project 2,725,000 5.70 9/08/00 2,725,000
Milpitas, California MFHR - Crossing at Montague Project 4,500,000 6.75 9/08/00 4,500,000
Ontario, California IDA IDR - P & S Development Project 2,650,000 4.50 9/08/00 2,650,000
Oxnard, California IDA IDR - O.G. Dehydrated, Inc. Project 3,050,000 4.59 9/08/00 3,050,000
San Bernardino County, California COP - 1992 Justice Center/Airport Improvements
Refunding Project 1,960,000 4.85 9/08/00 1,960,000
------------
24,900,000
Colorado 0.5%
Aurora, Colorado IDR - Optima Batteries, Inc. Project 3,430,000 4.50 9/08/00 3,430,000
Colorado HFA EDR - NTA Leasing Company Project 1,975,000 4.60 9/08/00 1,975,000
Jefferson County, Colorado IDR - Accutronics, Inc. Project 1,775,000 4.70 9/08/00 1,775,000
Lakewood, Colorado Jefferson County IDR - Verden Associates-Holiday Inn Project 2,700,000 5.00 9/08/00 2,700,000
Westminster, Colorado IDR - Lifecare International Project 4,160,000 4.70 9/08/00 4,160,000
------------
14,040,000
Florida 4.1%
Bay County, Florida Revenue - Methodist Homes Project 3,635,000 4.51 9/08/00 3,635,000
Brevard County, Florida IDR - US Space Camp Foundation Project 3,540,000 4.51 9/08/00 3,540,000
Broward County, Florida HFA MFHR - Sawgrass Pines Apartments Project 12,000,000 4.90 9/08/00 12,000,000
Capital Trust Agency MFHR 35,000,000 4.38 9/08/00 35,000,000
</TABLE>
42
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dade County, Florida IDA IDR - Engelhard/ICC Project $ 8,500,000 5.20% 9/08/00 $ 8,500,000
Ithaka Partners II Trust Certificates 4,035,364 4.70 9/08/00 4,035,364
Jacksonville, Florida Hospital Revenue - University Medical Center, Inc. Project:
Series 1988 7,500,000 5.70 9/08/00 7,500,000
Series 1989 5,700,000 5.70 9/08/00 5,700,000
Miami Beach, Florida Health Facilities Authority Hospital Revenue (c) 37,910,000 4.48 9/08/00 37,910,000
------------
117,820,364
Georgia 8.4%
Athens-Clarke County, Georgia IDA IDR - Nakanishi Manufacturing Corporation Project 8,000,000 5.70 9/08/00 8,000,000
Bremen, Georgia Development Authority IDR - HL-A Company, Inc. Project 9,000,000 4.95 9/08/00 9,000,000
Bulloch County, Georgia Development Authority Solid Waste Disposal Revenue - Apogee
Enterprises, Inc. Project 5,400,000 4.40 9/08/00 5,400,000
Cherokee County, Georgia IDA Revenue - Piolax Corporation Project 7,000,000 5.20 9/08/00 7,000,000
Columbus, Georgia Development Authority Revenue Refunding - Jordan Company Project 1,195,000 4.60 9/08/00 1,195,000
Georgia Municipal Gas Authority Gas Revenue - Agency Project:
Series A 51,800,000 5.60 9/08/00 51,800,000
Series B 13,500,000 5.60 9/08/00 13,500,000
Series C 24,990,000 5.60 9/08/00 24,990,000
Georgia Municipal Gas Authority Gas Revenue - Gas Portfolio II Project:
Series A 42,130,000 5.60 9/08/00 42,130,000
Series B 58,500,000 5.60 9/08/00 58,500,000
Newton County, Georgia IDA IDR - Komatsu Forklift USA, Inc. Project 7,500,000 5.70 9/08/00 7,500,000
Rockdale County, Georgia Development Authority IDR - Liochem, Inc. Project 8,000,000 5.70 9/08/00 8,000,000
Savannah, Georgia EDA IDR - Savannah Steel & Metal Company Project 1,290,000 4.75 9/08/00 1,290,000
Talbot County, Georgia Development Authority IDR - Douglas Asphalt Company Project 1,715,000 4.45 9/08/00 1,715,000
Whitfield County, Georgia Development Authority Solid Waste Disposal Revenue -
Aladdin Manufacturing Corporation Project 3,100,000 4.40 9/08/00 3,100,000
------------
243,120,000
Hawaii 1.0%
Hawaii HFA HDC Rental Housing System Revenue 19,800,000 4.55 9/08/00 19,800,000
Hawaii HFA HDC SFMR Trust Receipts 600,000 4.40 9/08/00 600,000
Honolulu, Hawaii City and County MFHR - Lolani Regent Project 8,825,000 4.80 9/08/00 8,825,000
------------
29,225,000
Idaho 0.2%
Bonneville County, Idaho IDC IDR - Yellowstone Plastics Project 5,680,000 4.60 9/08/00 5,680,000
Illinois 4.4%
Arlington Heights, Illinois MFHR Refunding - Dunton Tower Apartments Project 7,050,000 5.15 9/08/00 7,050,000
Carol Stream, Illinois IDR - MI Enterprises Project 2,250,000 4.50 9/08/00 2,250,000
Chicago, Illinois IDR - Bullen Midwest, Inc. Project 1,910,000 4.63 9/08/00 1,910,000
Clinton, Illinois IDR - McElroy Metal Mill, Inc. Project 1,385,000 4.54 9/08/00 1,385,000
Cook County, Illinois Certificates 3,795,000 4.48 9/08/00 3,795,000
Hazel Crest, Illinois Retirement Center Revenue - Waterford Estates Project 3,530,000 5.20 9/08/00 3,530,000
Illinois DFA IDR:
Homak Manufacturing Company, Inc. Project 5,125,000 4.50 9/08/00 5,125,000
Icon Metalcraft, Inc. Project 2,200,000 4.50 9/08/00 2,200,000
Knead Dough Baking Company Project 5,720,000 4.50 9/08/00 5,720,000
MTI Project 4,000,000 5.70 9/08/00 4,000,000
MZG Associates LLC Project 5,320,000 4.50 9/08/00 5,320,000
THK America, Inc. Project 3,700,000 5.80 9/08/00 3,700,000
Illinois DFA Revenue - Provena Health Project 66,600,000 4.65 9/08/00 66,600,000
Phoenix Realty Special Account MFHR - Brightons Mark Project 8,075,000 4.68 9/08/00 8,075,000
Springfield, Illinois Airport Authority Revenue - Allied-Signal, Inc. Project 4,375,000 5.05 9/08/00 4,375,000
Woodridge, Illinois Industrial Revenue - McDavid Knee Guard Project 1,955,000 4.60 9/08/00 1,955,000
------------
126,990,000
Indiana 0.6%
Ashley, Indiana EDR - Trin, Inc. Project 4,000,000 4.95 9/08/00 4,000,000
Brownsburg, Indiana EDR - Zanetis Enterprises Project 2,500,000 4.55 9/08/00 2,500,000
Connersville, Indiana EDR - Ohio Valley Aluminum Company Project 9,000,000 4.50 9/08/00 9,000,000
Indianapolis, Indiana Industrial EDR - Roth Companies, Inc. Project 2,900,000 4.50 9/08/00 2,900,000
------------
18,400,000
Iowa 0.4%
Indianola, Iowa Health Care Facility Revenue Refunding - The Village Project 5,385,000 4.55 9/08/00 5,385,000
Iowa Finance Authority IDR:
Dixie Bedding Company Project 3,000,000 4.60 9/08/00 3,000,000
First Cooperative Association Project 3,325,000 4.50 9/08/00 3,325,000
------------
11,710,000
</TABLE>
43
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Kansas 0.4%
Kansas DFA MFHR - Trails of Garden City and Cottonwood of Liberal Projects $ 4,740,000 4.60% 9/08/00 $ 4,740,000
Lawrence, Kansas IDR - ProSoCo Project 5,540,000 4.60 9/08/00 5,540,000
------------
10,280,000
Kentucky 1.8%
Bardstown, Kentucky IBR - Linpac Materials Handling Project 6,200,000 4.50 9/08/00 6,200,000
Campbellsville-Taylor County, Kentucky IDA IBR - Cox Interior LLC Project 3,000,000 4.45 9/08/00 3,000,000
Daviess County, Kentucky MFHR Refunding - Park Regency Apartments Project 4,155,000 4.50 9/08/00 4,155,000
Hancock County, Kentucky Solid Waste Disposal Revenue - NSA, Ltd. Project 7,815,000 4.50 9/08/00 7,815,000
Kentucky EDFA Revenue - Pooled Hospital Loan Program 13,865,000 4.65 9/08/00 13,865,000
Madisonville, Kentucky IBR - Period, Inc. Project 3,875,000 4.60 9/08/00 3,875,000
Russellville, Kentucky IBR - JS Technos Corporation Project 3,000,000 5.80 9/08/00 3,000,000
Somerset, Kentucky IBR - Tibbals Flooring Company Project 10,000,000 4.65 9/08/00 10,000,000
------------
51,910,000
Louisiana 0.0%
Caddo-Bossier Parishes, Louisiana Port Commission Revenue - Shreveport Fabricators
Project 1,500,000 5.15 9/08/00 1,500,000
Maine 0.4%
Maine Finance Authority Revenue - William Arthur, Inc. Project:
Series 1997 1,500,000 4.45 9/08/00 1,500,000
Series 1998 3,500,000 4.45 9/08/00 3,500,000
South Berwick, Maine Education Revenue - Berwick Academy Issue 6,000,000 4.35 9/08/00 6,000,000
------------
11,000,000
Maryland 0.7%
Howard County, Maryland MFHR 10,683,000 4.58 9/08/00 10,683,000
Maryland EDC IDR - Lenmar, Inc. Project 5,900,000 4.44 9/08/00 5,900,000
Washington County, Maryland EDR - Tandy Project 5,100,000 5.23 9/08/00 5,100,000
------------
21,683,000
Massachusetts 0.3%
Massachusetts Industrial Finance Agency IDR - Portland Causeway Realty Trust 2,600,000 4.80 9/08/00 2,600,000
Salem, Massachusetts IDFA IDR - Applied Extrusion Technologies, Inc. Project 6,500,000 4.80 9/08/00 6,500,000
------------
9,100,000
Michigan 1.0%
Lansing, Michigan Limited Obligation EDC IDR - Ashland Oil, Inc. Project 1,400,000 6.08 9/08/00 1,400,000
Michigan Job Development Authority PCR - Mazda Motor Manufacturing USA
Corporation Project 11,200,000 5.70 9/08/00 11,200,000
Michigan Strategic Fund, Ltd. Obligation Revenue Refunding:
Alpha Technology Corporation Project 5,000,000 4.95 9/08/00 5,000,000
Drake Enterprises Project 4,300,000 4.50 9/08/00 4,300,000
Midwest Kellering Company Project 3,000,000 4.50 9/08/00 3,000,000
Sligh Furniture Company Project 3,600,000 4.50 9/08/00 3,600,000
------------
28,500,000
Minnesota 1.2%
Burnsville, Minnesota Housing Revenue - Provence LLC Project 12,650,000 4.70 9/08/00 12,650,000
East Grand Forks, Minnesota Solid Waste Disposal Revenue - American Crystal Sugar
Company Project 5,750,000 4.55 9/08/00 5,750,000
New Brighton, Minnesota IDR - Donatelle Holdings Project 2,875,000 4.70 9/08/00 2,875,000
Osseo, Minnesota Independent School District Number 279 Trust Certificates 6,390,000 4.60 9/08/00 6,390,000
Princeton, Minnesota IDR - Plastic Products Company, Inc. Project 1,000,000 4.70 9/08/00 1,000,000
St. Louis Park, Minnesota Health Care Facilities Revenue Trust Certificates 7,000,000 4.50 9/08/00 7,000,000
------------
35,665,000
Mississippi 0.3%
Mississippi Business Finance Corporation IDR:
American Metal Sales, Inc. Project 3,300,000 4.95 9/08/00 3,300,000
Barclay Furniture Company Project 1,300,000 4.60 9/08/00 1,300,000
Polks Meat Products, Inc. Project 4,100,000 4.95 9/08/00 4,100,000
------------
8,700,000
Missouri 0.9%
Hannibal, Missouri IDA Industrial Revenue - Buckhorn Rubber Products Project 3,300,000 4.50 9/08/00 3,300,000
Missouri Development Finance Board IDR - MFA, Inc. Project:
Series A 1,990,000 4.50 9/08/00 1,990,000
Series B 765,000 4.50 9/08/00 765,000
Missouri Economic Development Export and Infrastructure Board IDR:
Series A 1,735,000 4.65 9/08/00 1,735,000
Series D 2,395,000 4.65 9/08/00 2,395,000
</TABLE>
44
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
St. Charles County, Missouri IDA IDR - Craftsmen Industries Project $ 6,195,000 5.58% 9/08/00 $ 6,195,000
St. Joseph, Missouri IDA IDR - Albaugh, Inc. Project 2,000,000 4.63 9/08/00 2,000,000
Washington, Missouri IDA IDR - Clemco Industries Project 5,000,000 4.58 9/08/00 5,000,000
West Plains, Missouri IDA IDR - West Plains Manor Project 2,200,000 4.70 9/08/00 2,200,000
------------
25,580,000
Nebraska 0.3%
Buffalo County, Nebraska IDR - Agrex, Inc. Project 2,510,000 4.40 9/08/00 2,510,000
Nuckolls County, Nebraska IDR - Agrex, Inc. Project 5,100,000 4.40 9/08/00 5,100,000
------------
7,610,000
Nevada 0.2%
Nevada Department of Commerce IDR - Master-Halco, Inc. Project 4,900,000 4.45 9/08/00 4,900,000
New Hampshire 0.2%
New Hampshire Business Finance Authority Industrial Facility Revenue - Nickerson
Assembly Company Project 1,540,000 4.65 9/08/00 1,540,000
New Hampshire IDA Industrial Facility Revenue - Ferrofluidics Corporation-1984 Nashua
Series Project 5,000,000 4.95 9/08/00 5,000,000
------------
6,540,000
New Jersey 0.3%
Hudson County, New Jersey COP Trusts 4,525,000 4.55 9/08/00 4,525,000
New Jersey EDA EDR - Epitaxx, Inc. Project 5,000,000 5.70 9/08/00 5,000,000
------------
9,525,000
New Mexico 0.5%
Bernalillo County, New Mexico MFHR - Westwood Villas Project 13,360,000 5.19 9/08/00 13,360,000
New York 0.6%
Islip, New York IDA IDR - Radiation Dynamics Project 6,000,000 5.70 9/08/00 6,000,000
Ontario County, New York IDA IDR Refunding - Seneca Foods Corporation Project 5,185,000 4.65 9/08/00 5,185,000
Wayne County, New York IDA IDR - Seneca Foods Corporation Project 5,060,000 4.65 9/08/00 5,060,000
------------
16,245,000
North Carolina 1.0%
Alleghany County, North Carolina Industrial Facilities and PCFA IDR - Spring-Ford
Knitting Company, Inc. Project 1,500,000 4.55 9/08/00 1,500,000
Buncombe County, North Carolina Industrial Facilities and PCFA Revenue - Rich Mount,
Inc. Project 3,665,000 5.70 9/08/00 3,665,000
Craven County, North Carolina Industrial Facilities and PCFA IDR - Wheatstone
Corporation Project 3,440,000 4.75 9/08/00 3,440,000
Gaston County, North Carolina Industrial Facilities and PCFA IDR - Spring-Ford Knitting
Company, Inc. Project 3,330,000 4.55 9/08/00 3,330,000
Hoke County, North Carolina Industrial Facilities and PCFA IDR - Triangle Building Supply,
Inc. Project 2,125,000 4.75 9/08/00 2,125,000
Mecklenburg County, North Carolina Industrial Facilities and PCFA Industrial Revenue -
Murata Wiedemann, Inc. Project 5,300,000 5.70 9/08/00 5,300,000
North Carolina Agricultural Finance Authority Agricultural Development Revenue -
J.E. Jones Lumber Company Project 1,400,000 4.45 9/08/00 1,400,000
North Carolina Ports Authority Exempt Facility Revenue - Jordan Lumber & Supply,
Inc. Project 4,285,000 4.75 9/08/00 4,285,000
Rutherford County, North Carolina Industrial Facilities and PCFA IDR - Spring-Ford
Industries, Inc. Project 5,320,000 4.55 9/08/00 5,320,000
------------
30,365,000
North Dakota 0.1%
Traill County, North Dakota Solid Waste Disposal Revenue - American Crystal Sugar
Company Project 3,580,000 4.55 9/08/00 3,580,000
Ohio 1.3%
Clipper Tax-Exempt Trust COP 20,903,000 4.53 9/08/00 20,903,000
Cuyahoga County, Ohio IDR - Edge Seal Technologies, Inc. and One Industry Drive,
Inc. Project 2,000,000 4.55 9/08/00 2,000,000
Gallia County, Ohio IDR - Harsco Corporation Project 3,500,000 5.33 9/08/00 3,500,000
Ohio Housing Finance Agency MFHR - Hunters Glen Apartments Project 5,370,000 4.60 9/08/00 5,370,000
Ohio Housing Finance Agency Mortgage Revenue 6,000,000 4.42 9/08/00 6,000,000
Summit County, Ohio IDR - LKL Properties, Inc. Project 725,000 6.50 9/08/00 725,000
------------
38,498,000
Oklahoma 0.5%
Broken Arrow, Oklahoma EDA IDR - Paragon Films, Inc. Project 7,030,000 4.58 9/08/00 7,030,000
Oklahoma City, Oklahoma Industrial and Cultural Facilities Trust Revenue - Oklahoma City
University Project 8,500,000 5.70 9/08/00 8,500,000
------------
15,530,000
</TABLE>
45
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Oregon 0.3%
Portland, Oregon Housing Authority MFHR $ 7,340,000 4.68% 9/08/00 $ 7,340,000
Pennsylvania 1.5%
Bradford County, Pennsylvania IDA Revenue - State Aggregates, Inc. Project 4,000,000 4.45 9/08/00 4,000,000
NorthEastern Pennsylvania Hospital and Education Authority Health Care Revenue -
Wyoming Valley Health Care Project 25,000,000 4.45 9/08/00 25,000,000
Northumberland County, Pennsylvania IDA Revenue - Drug Plastics and
Glass Company Project 4,165,000 4.45 9/08/00 4,165,000
Pennsylvania EDFA EDR - Glade Run Lutheran Services Project 4,000,000 4.40 9/08/00 4,000,000
Pennsylvania EDFA Revenue:
Series C-3 4,290,000 4.45 9/08/00 4,290,000
Series C-4 3,305,000 4.45 9/08/00 3,305,000
------------
44,760,000
South Carolina 2.6%
Charleston County, South Carolina Industrial Revenue - Tandy Corporation Project 1,000,000 5.75 9/08/00 1,000,000
Fairfield County, South Carolina Industrial Revenue - Fuji Copian Corporation Project 9,000,000 5.70 9/08/00 9,000,000
Richland County, South Carolina IDR - Ashland Oil Project 1,400,000 6.08 9/08/00 1,400,000
South Carolina Jobs EDA EDR:
Carolina Cotton Works, Inc. Project 2,700,000 4.40 9/08/00 2,700,000
Glo-Tex Chemicals, Inc. Project 2,550,000 4.75 9/08/00 2,550,000
South Carolina Jobs EDA IDR:
Quoizel, Inc. Project 6,925,000 4.45 9/08/00 6,925,000
Roller Bearing Company of America, Inc. Project 5,000,000 5.13 9/08/00 5,000,000
South Carolina Jobs EDA Revenue 36,995,000 4.48 9/08/00 36,995,000
South Carolina Transportation Infrastructure Bank Revenue 9,300,000 4.45 9/08/00 9,300,000
------------
74,870,000
South Dakota 0.5%
Aberdeen, South Dakota IDR - Lomar Development Company Project 75,000 5.05 9/08/00 75,000
Brookings, South Dakota IDR - Lomar Development Company Project 2,000,000 5.05 9/08/00 2,000,000
Hutchinson County, South Dakota IDR - Dakota Plains Ag Center LLC 1,000,000 4.50 9/08/00 1,000,000
South Dakota HDA Revenue - Housing Development Project 10,055,000 4.60 9/08/00 10,055,000
------------
13,130,000
Tennessee 3.9%
Carter County, Tennessee IDB MFHR Refunding - Willow Run Apartments Project 6,675,000 4.50 9/08/00 6,675,000
Coffee County, Tennessee Industrial Board, Inc. IDR - McKey Perforated Products
Project 2,500,000 4.60 9/08/00 2,500,000
Cumberland County, Tennessee IDB Exempt Facilities Revenue - Fairfield Glade
Community Club 7,000,000 4.49 9/08/00 7,000,000
Dover, Tennessee IDB Revenue - Nashville Wire Products Manufacturing Company Project 2,800,000 4.54 9/08/00 2,800,000
Hamilton County, Tennessee IDB IDR:
Hamilton Plastics, Inc. Project 3,350,000 4.54 9/08/00 3,350,000
Komatsu America Manufacturing Corporation Project 5,400,000 4.50 9/08/00 5,400,000
Jackson, Tennessee Health, Educational and Housing Facility Board MFHR - Park Ridge
Apartments Project 5,000,000 4.95 9/08/00 5,000,000
Jackson, Tennessee Health, Educational and Housing Facility Board Revenue - Union
University Project 4,400,000 4.39 9/08/00 4,400,000
Johnson City, Tennessee Health and Educational Facilities Board Hospital Revenue 42,815,000 4.42 9/08/00 42,815,000
Knox County, Tennessee Health, Educational and Housing Facilities Board Revenue -
Holston Long Term Care Project 3,900,000 4.50 9/08/00 3,900,000
Memphis, Tennessee City Revenue Finance Corporation MFHR 14,990,000 4.73 9/08/00 14,990,000
Montgomery County, Tennessee IDB IDR - Nashville Wire Products Project 3,700,000 4.54 9/08/00 3,700,000
Nashville and Davidson County, Tennessee Metropolitan Government IDB MFHR
Refunding - Beechwood Terrace, Ltd. Project 8,995,000 4.40 9/08/00 8,995,000
------------
111,525,000
Texas 3.8%
Arlington, Texas Independent School District GO Certificates 5,900,000 4.48 9/08/00 5,900,000
Austin County, Texas IDC IDR - Gulf States Toyota, Inc. Project 3,750,000 5.04 9/08/00 3,750,000
Bastrop County, Texas IDC Industrial Revenue - Biocrest Partners LP Project 3,230,000 5.05 9/08/00 3,230,000
Bexar County, Texas HFC MFHR - UTSA Apartments Project 3,700,000 5.03 9/08/00 3,700,000
Bexar County, Texas Health Facilities Development Corporation Revenue 5,620,000 4.93 9/08/00 5,620,000
Bexar County, Texas IDC IDR - Coilplus-Texas, Inc. Project 2,000,000 4.95 9/08/00 2,000,000
Deer Park, Texas Port Development Corporation IDR - Ashland Oil, Inc. Project 4,700,000 6.08 9/08/00 4,700,000
Harris County, Texas Health Facilities Development Corporation Revenue 4,430,000 4.93 9/08/00 4,430,000
Harris County, Texas IDC IDR - North American Galvanizing Project 4,525,000 4.50 9/08/00 4,525,000
Montgomery County, Texas IDC IDR - Porous Media, Ltd. Project 3,200,000 4.70 9/08/00 3,200,000
North Central Texas Health Facility Development Corporation Revenue 6,010,000 4.93 9/08/00 6,010,000
Robstown, Texas IDC IDR - Concrete Pipe and Products Company, Inc. Project 2,000,000 4.60 9/08/00 2,000,000
</TABLE>
46
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Southeast Texas HFC MFHR $ 10,920,000 4.63% 9/08/00 $ 10,920,000
Texas Transportation Trust Receipts 34,900,000 4.45 9/08/00 34,900,000
Waco, Texas IDC IDR - Chad A. Greif Trust Project 6,400,000 4.54 9/08/00 6,400,000
Waxahachie, Texas IDA Waste Disposal Revenue - Temple/Re-Con,
Inc. Project 8,200,000 4.80 9/08/00 8,200,000
--------------
109,485,000
Virginia 0.1%
Chesapeake, Virginia Redevelopment and Housing Authority MFHR
- Tidewater House LP Project 3,131,000 4.60 9/08/00 3,131,000
Washington 0.0%
Pierce County, Washington EDC Revenue - Brown & Haley Project 835,000 5.55 9/08/00 835,000
Wisconsin 2.0%
Appleton, Wisconsin IDR:
Graphic Communications Project 2,100,000 4.45 9/08/00 2,100,000
Great Northern Corporation Project 1,500,000 4.45 9/08/00 1,500,000
Ashland, Wisconsin IDR - Larson-Juhl US LLC Project 4,600,000 4.44 9/08/00 4,600,000
Ashwaubenon, Wisconsin IDR:
Pioneer Metal Finishing, Inc. Project 1,615,000 4.95 9/08/00 1,615,000
Valley Packaging Supply Company Project 2,425,000 4.60 9/08/00 2,425,000
Belgium, Wisconsin IDR - Trimen Industries Project 1,250,000 4.50 9/08/00 1,250,000
Columbus, Wisconsin IDR - Maysteel Corporation Project 2,000,000 4.75 9/08/00 2,000,000
Combined Locks, Wisconsin IDR - Appleton Papers, Inc. Project 4,300,000 4.50 9/08/00 4,300,000
De Pere, Wisconsin IDR - Cleaning Systems, Inc. Project 3,625,000 4.60 9/08/00 3,625,000
Eau Claire, Wisconsin IDR - Eau Claire Press Company Project 2,850,000 4.45 9/08/00 2,850,000
Franklin, Wisconsin IDR - Smyczek/ECS Project 2,000,000 4.60 9/08/00 2,000,000
Fremont, Wisconsin IDR - Wohlt Cheese Corporation Project 2,800,000 4.60 9/08/00 2,800,000
Ladysmith, Wisconsin Solid Waste Disposal Facility Revenue -
CityForest Corporation Project 2,700,000 5.05 9/08/00 2,700,000
Merrill, Wisconsin IDR - C&H Packaging Company, Inc. Project 5,800,000 4.45 9/08/00 5,800,000
Middleton, Wisconsin IDR - Fristam Pumps, Inc. Project 2,100,000 4.60 9/08/00 2,100,000
Milwaukee, Wisconsin Redevelopment Authority Development
Revenue Refunding - Helwig Carbon Products Project 3,500,000 4.60 9/08/00 3,500,000
New London, Wisconsin IDR - Steel King Industries, Inc. Project 2,630,000 4.70 9/08/00 2,630,000
Rhinelander, Wisconsin Industrial Revenue - American Plastics
Company Project 3,165,000 4.45 9/08/00 3,165,000
Sturgeon Bay, Wisconsin IDR - Midwest Wire Realty Project 1,000,000 4.50 9/08/00 1,000,000
West Bend, Wisconsin IDR - BesTech Tool Corporation Project 1,600,000 4.45 9/08/00 1,600,000
Wisconsin HDA and EDA Business Development Revenue Refunding
- Zero Zone, Inc. Project 3,420,000 4.45 9/08/00 3,420,000
--------------
56,980,000
Wyoming 0.2%
Campbell County, Wyoming IDR - Powder Basin Properties Project 5,635,000 4.45 9/08/00 5,635,000
Multiple States 13.0%
Capital Realty Investments Tax-Exempt Fund, Ltd. Floating Rate
Certificates:
Series 1996-4 38,770,000 4.59 9/08/00 38,770,000
Series 1996-5 27,135,000 4.54 9/08/00 27,135,000
Charter Mac Floating Rate Certificate Trust I Certificates 33,500,000 4.48 9/08/00 33,500,000
Clipper Tax-Exempt Certificate Trusts 111,632,000 4.58 9/08/00 111,632,000
Clipper Tax-Exempt Trust COP 55,989,000 4.58 9/08/00 55,989,000
Macon Trust Pooled Certificates 60,517,450 4.58 9/08/00 60,517,450
Pitney Bowes Credit Corporation Leasetops Trusts 8,801,655 4.45 9/08/00 8,801,655
Puttable Floating Option Tax-Exempt Receipts 7,110,000 4.58 9/08/00 7,110,000
27,169,000 4.63 9/08/00 27,169,000
5,485,000 4.73 9/08/00 5,485,000
--------------
376,109,105
----------------------------------------------------------------------------------------------------------------------------------
Total Weekly Variable Rate Put Bonds 1,845,520,469
----------------------------------------------------------------------------------------------------------------------------------
Daily Variable Rate Put Bonds 12.6%
Alabama 0.1%
Haleyville, Alabama IDB IDR - Cusseta Wood Products, Inc. Project 1,240,000 4.55 9/01/00 1,240,000
Montgomery, Alabama IDB IDR - Knox Kershaw, Inc. Project 3,190,000 4.45 9/01/00 3,190,000
--------------
4,430,000
Arkansas 0.1%
Greene County, Arkansas IDR - Jimmy Sanders, Inc. Project 4,200,000 4.45 9/01/00 4,200,000
Delaware 0.1%
Delaware EDA Revenue - Delmarva Power and Light Company Project 2,800,000 4.55 9/01/00 2,800,000
</TABLE>
47
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
District of Columbia 5.0%
District of Columbia Revenue - Medlantic Project
Series B $ 74,600,000 5.60% 9/01/00 $ 74,600,000
Series C 69,200,000 5.60 9/01/00 69,200,000
---------------
143,800,000
Illinois 0.3%
Illinois DFA Revenue - Provena Health Project 8,000,000 4.65 9/01/00 8,000,000
Kentucky 1.5%
Lehman Brothers, Inc. Floating Pooled Trust Receipts (c) 43,825,000 4.80 9/01/00 43,825,000
Louisiana 0.1%
Caddo-Bossier Parishes, Louisiana Port Commission Revenue -
Oakley Louisiana Company Project 3,860,000 4.45 9/01/00 3,860,000
Mississippi 0.1%
Mississippi Business Finance Corporation IDR - Jimmy Sanders,
Inc. Project 1,900,000 4.45 9/01/00 1,900,000
Missouri 0.2%
Missouri Development Finance Board Lease Revenue - Missouri
Association of Municipal Utilities Lease Project 5,000,000 4.30 9/01/00 5,000,000
New York 2.3%
New York, New York IDA IDR - Nippon Cargo Airlines Company, Ltd.
Project 32,200,000 4.95 9/01/00 32,200,000
New York, New York Transitional Finance Authority Revenue 34,500,000 4.45 9/01/00 34,500,000
---------------
66,700,000
Texas 0.8%
Gulf Coast Waste Disposal Authority - Amoco Oil Company Project 7,700,000 4.45 9/01/00 7,700,000
Gulf Coast Waste Disposal Authority Environmental Facilities Revenue -
Bayer Corporation Project 16,100,000 4.45 9/01/00 16,100,000
---------------
23,800,000
Virginia 0.4%
Richmond Virginia IDA Revenue - Cogentrix of Richmond Project:
Series A 6,800,000 4.60 9/01/00 6,800,000
Series B 3,500,000 4.60 9/01/00 3,500,000
---------------
10,300,000
Wyoming 1.6%
Converse County, Wyoming Environmental Improvement Revenue -
PacifiCorp Project 3,000,000 4.55 9/01/00 3,000,000
Lincoln County, Wyoming Environmental Improvement Revenue -
PacifiCorp Project 7,100,000 4.55 9/01/00 7,100,000
Sweetwater County, Wyoming Environmental Improvement Revenue -
PacifiCorp Project 21,400,000 4.55 9/01/00 21,400,000
Sweetwater County, Wyoming PCR - PacifiCorp Project 15,000,000 4.65 9/01/00 15,000,000
---------------
46,500,000
----------------------------------------------------------------------------------------------------------------------------------
Total Daily Variable Rate Put Bonds 365,115,000
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 100.7% 2,913,750,437
Other Assets and Liabilities, Net (0.7%) (20,230,097)
----------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 2,893,520,340
==================================================================================================================================
</TABLE>
LEGEND
--------------------------------------------------------------------------------
(a) Short-term investments include any security which has a maturity of less
than one year.
(b) Restricted security.
(c) All or a portion of security is pledged or segregated as collateral on open
futures contracts, open written option contracts, or when-issued
securities.
(d) Maturity date represents actual maturity or the longer of the next put date
or interest adjustment date. For U.S. Government Agency Securities,
maturity date represents actual maturity or the next interest adjustment
date.
(e) Variable rate security.
(f) When-issued security.
(g) Affiliated Issuer (See Note 8 of Notes to Financial Statements).
(h) See Note 2(I) of Notes to Financial Statements.
Percentages are stated as a percent of net assets.
48
<PAGE>
--------------------------------------------------------------------------------
ABBREVIATIONS
------------------------------------------------------------------------------
The following is a list of abbreviations that may be used in the Schedules of
Investments in Securities:
BAN - Bond Anticipation Notes
BP - Basis Points
CDA - Commercial Development Authority
CDR - Commercial Development Revenue
COP - Certificates of Participation
DFA - Development Finance Authority
EDA - Economic Development Authority
EDC - Economic Development Corporation
EDFA - Economic Development Finance Authority
EDR - Economic Development Revenue
EFA - Educational Facilities Authority
EXTRAS - Extendable Rate Adjustable Securities
GO - General Obligation
HDA - Housing Development Authority
HDC - Housing Development Corporation
HFA - Housing Finance Authority
HFC - Housing Finance Corporation
IBA - Industrial Building Authority
IBR - Industrial Building Revenue
IDA - Industrial Development Authority
IDB - Industrial Development Board
IDC - Industrial Development Corporation
IDFA - Industrial Development Finance Authority
IDR - Industrial Development Revenue
IFA - Investment Finance Authority
MERLOT - Municipal Exempt Receipt - Liquidity Optional Tender
MFHR - Multi-Family Housing Revenue
MFMR - Multi-Family Mortgage Revenue
PCFA - Pollution Control Financing Authority
PCR - Pollution Control Revenue
RAN - Revenue Anticipation Notes
SFHR - Single Family Housing Revenue
SFMR - Single Family Mortgage Revenue
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
See Notes to Financial Statements.
49
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except As Noted)
Strong
Advantage Fund
--------------
<S> <C>
Assets:
Investments in Securities, at Value (Cost of $2,435,389) $ 2,413,049
Receivable for Fund Shares Sold 182
Dividends and Interest Receivable 26,958
Paydown Receivable 463
--------------
Total Assets 2,440,652
Liabilities:
Payable for Securities Purchased 5,000
Payable for Fund Shares Redeemed 841
Dividends Payable 13,424
Variation Margin Payable 475
Accrued Operating Expenses and Other Liabilities 2,392
--------------
Total Liabilities 22,132
--------------
Net Assets $ 2,418,520
==============
Net Assets Consist of:
Capital Stock (par value and paid-in capital) $ 2,467,078
Accumulated Net Realized Loss (25,579)
Net Unrealized Depreciation (22,979)
--------------
Net Assets $ 2,418,520
==============
Investor Class ($ and shares in full)
Net Assets $2,082,633,347
Capital Shares Outstanding (Unlimited Number Authorized) 210,543,073
Net Asset Value Per Share $ 9.89
==============
Institutional Class ($ and shares in full)
Net Assets $ 335,858,308
Capital Shares Outstanding (Unlimited Number Authorized) 33,973,463
Net Asset Value Per Share $ 9.89
==============
Advisor Class ($ and shares in full)
Net Assets $ 28,292
Capital Shares Outstanding (Unlimited Number Authorized) 2,861
Net Asset Value Per Share $ 9.89
==============
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except As Noted)
Strong Municipal
Advantage Fund
--------------
<S> <C>
Assets:
Investments in Securities, at Value
Unaffiliated Issuers (Cost of $1,474,004) $ 1,453,663
Affiliated Issuers (Cost of $178,200) 178,200
Dividends and Interest Receivable 17,446
Other Assets 484
--------------
Total Assets 1,649,793
Liabilities:
Payable for Securities Purchased 11,325
Payable for Fund Shares Redeemed 797
Dividends Payable 6,053
Variation Margin Payable 15
Accrued Operating Expenses and Other Liabilities 380
--------------
Total Liabilities 18,570
--------------
Net Assets $ 1,631,223
==============
Net Assets Consist of:
Capital Stock (par value and paid-in capital) $ 1,660,368
Accumulated Net Realized Loss (8,372)
Net Unrealized Depreciation (20,773)
--------------
Net Assets $ 1,631,223
==============
Investor Class ($ and shares in full)
Net Assets $1,246,087,669
Capital Shares Outstanding (Unlimited Number Authorized) 251,829,347
Net Asset Value Per Share $ 4.95
==============
Institutional Class ($ and shares in full)
Net Assets $ 385,135,093
Capital Shares Outstanding (Unlimited Number Authorized) 77,803,561
Net Asset Value Per Share $ 4.95
==============
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except As Noted)
Strong Heritage
Money Fund
---------------
<S> <C>
Assets:
Investments in Securities, at Amortized Cost $ 1,670,834
Interest Receivable 2,222
Other Assets 69
---------------
Total Assets 1,673,125
Liabilities:
Payable for Securities Purchased 30,000
Dividends Payable 8,753
Accrued Operating Expenses and Other Liabilities 104
---------------
Total Liabilities 38,857
---------------
Net Assets $ 1,634,268
===============
Net Assets Consist of:
Investor Class ($ and shares in full)
Capital Stock (par value and paid-in capital) $ 1,446,896,116
===============
Capital Shares Outstanding (Unlimited Number Authorized) 1,446,896,116
Net Asset Value Per Share $ 1.00
===============
Institutional Class ($ and shares in full)
Capital Stock (par value and paid-in capital) $ 187,356,585
===============
Capital Shares Outstanding (Unlimited Number Authorized) 187,356,585
Net Asset Value Per Share $ 1.00
===============
Advisor Class ($ and shares in full)
Capital Stock (par value and paid-in capital) $ 15,000
===============
Capital Shares Outstanding (Unlimited Number Authorized) 15,000
Net Asset Value Per Share $ 1.00
===============
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except As Noted)
Strong
Strong Municipal
Investors Strong Money Money Market
Money Fund Market Fund Fund
---------- ------------ ------------
<S> <C> <C> <C>
Assets:
Investments in Securities, at Amortized Cost $ 650,888 $2,091,142 $2,913,750
Receivable for Securities Sold - - 1
Receivable for Fund Shares Sold - 550 -
Interest Receivable 774 2,774 19,676
Other Assets 6 52 1,286
---------- ---------- ----------
Total Assets 651,668 2,094,518 2,934,713
Liabilities:
Payable for Securities Purchased 14,500 40,000 30,648
Payable for Fund Shares Redeemed - 1,005 117
Dividends Payable 3,464 10,397 10,187
Accrued Operating Expenses and Other Liabilities 74 152 241
---------- ---------- ----------
Total Liabilities 18,038 51,554 41,193
---------- ---------- ----------
Net Assets $ 633,630 $2,042,964 $2,893,520
========== ========== ==========
Net Assets Consist of:
Capital Stock (par value and paid-in capital) $ 633,630 $2,042,964 $2,893,520
========== ========== ==========
Capital Shares Outstanding (Unlimited
Number Authorized) 633,630 2,042,964 2,893,520
Net Asset Value Per Share $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
For the Six Months Ended August 31, 2000 (Unaudited)
(In Thousands)
Strong
Advantage
Fund
---------
<S> <C>
Income:
Interest $86,144
Dividends 3,075
---------
Total Income 89,219
Expenses:
Investment Advisory Fees 4,216
Administrative Fees - Investor Class 2,774
Administrative Fees - Institutional Class 32
Custodian Fees 39
Shareholder Servicing Costs - Investor Class 1,385
Shareholder Servicing Costs - Institutional Class 24
Reports to Shareholders - Investor Class 348
Transfer Agency Banking Charges - Investor Class 68
Transfer Agency Banking Charges - Institutional Class 5
Other 172
---------
Total Expenses 9,063
---------
Net Investment Income 80,156
Realized and Unrealized Gain (Loss):
Net Realized Loss on:
Investments (11,461)
Futures Contracts and Options (2,701)
---------
Net Realized Loss (14,162)
Net Change in Unrealized Appreciation/Depreciation on:
Investments 20,049
Futures Contracts and Options (589)
---------
Net Change in Unrealized Appreciation/Depreciation 19,460
---------
Net Gain on Investments 5,298
---------
Net Increase in Net Assets Resulting from Operations $ 85,454
=========
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS (continued)
--------------------------------------------------------------------------------
For the Six Months Ended August 31, 2000 (Unaudited)
(In Thousands)
Strong Municipal
Advantage
Fund
----------------
<S> <C>
Income:
Interest $ 41,028
Dividends - Affiliated Issuers 2,522
--------
Total Income 43,550
Expenses:
Investment Advisory Fees 4,303
Administrative Fees - Investor Class 327
Administrative Fees - Institutional Class 6
Custodian Fees 30
Shareholder Servicing Costs - Investor Class 188
Shareholder Servicing Costs - Institutional Class 4
Reports to Shareholders - Investor Class 57
Reports to Shareholders - Institutional Class 2
Transfer Agency Banking Charges - Investor Class 43
Transfer Agency Banking Charges - Institutional Class 1
Other 139
--------
Total Expenses before Waivers and Absorptions 5,100
Voluntary Expense Waivers and Absorptions by Advisor (425)
--------
Expenses, Net 4,675
--------
Net Investment Income 38,875
Realized and Unrealized Gain (Loss):
Net Realized Loss on:
Investments (3,315)
Futures Contracts and Options (274)
--------
Net Realized Loss (3,589)
Net Change in Unrealized Appreciation/Depreciation on:
Investments (402)
Futures Contracts and Options (352)
--------
Net Change in Unrealized Appreciation/Depreciation (754)
--------
Net Loss on Investments (4,343)
--------
Net Increase in Net Assets Resulting from Operations $ 34,532
========
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS (continued)
--------------------------------------------------------------------------------------------------------------
For the Six Months Ended August 31, 2000 (Unaudited)
(In Thousands)
Strong Heritage
Money Fund
---------------
<S> <C>
Interest Income $ 49,858
Expenses:
Investment Advisory Fees 1,614
Administrative Fees - Investor Class 2,053
Administrative Fees - Institutional Class 11
Custodian Fees 13
Shareholder Servicing Costs - Investor Class 210
Shareholder Servicing Costs - Institutional Class 9
Reports to Shareholders - Investor Class 63
Reports to Shareholders - Institutional Class 2
Transfer Agency Banking Charges - Investor Class 116
Transfer Agency Banking Charges - Institutional Class 4
Other 117
-------
Total Expenses before Waivers and Absorptions 4,212
Voluntary Expense Waivers and Absorptions by Advisor (1,279)
-------
Expenses, Net 2,933
-------
Net Investment Income and Net Increase
in Net Assets Resulting from Operations $46,925
=======
</TABLE>
<TABLE>
<CAPTION>
Strong Strong Municipal
Investors Strong Money Money Market
Money Fund Market Fund Fund
---------- ----------- -----------------
<S> <C> <C> <C>
Interest Income $18,669 $65,805 $64,770
Expenses:
Investment Advisory Fees 1,444 5,118 6,861
Custodian Fees 5 17 16
Shareholder Servicing Costs 579 2,454 428
Reports to Shareholders 125 507 136
Other 82 339 467
------- ------- -------
Total Expenses before Waivers and Absorptions 2,235 8,435 7,908
Voluntary Expense Waivers and Absorptions by Advisor (1,879) (1,781) --
------- ------- -------
Expenses, Net 356 6,654 7,908
------- ------- -------
Net Investment Income and Net Increase
in Net Assets Resulting from Operations $18,313 $59,151 $56,862
======= ======= =======
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------------------------------------
(In Thousands)
Strong Advantage Fund
------------------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
------------------- ------------------
(Unaudited)
<S> <C> <C>
Operations:
Net Investment Income $ 80,156 $ 154,708
Net Realized Loss (14,162) (3,266)
Net Change in Unrealized Appreciation/Depreciation 19,460 (18,129)
----------- -----------
Net Increase in Net Assets Resulting from Operations 85,454 133,313
Distributions:
From Net Investment Income:
Investor Class (69,369) (149,282)
Institutional Class (11,010) (5,480)
Advisor Class (1) (1)
----------- -----------
Total Distributions (80,380) (154,763)
Capital Share Transactions (Note 4):
Net Decrease in Net Assets from Capital Share Transactions (1,487) (329,956)
----------- -----------
Total Increase (Decrease) in Net Assets 3,587 (351,406)
Net Assets:
Beginning of Period 2,414,933 2,766,339
----------- -----------
End of Period $ 2,418,520 $ 2,414,933
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Strong Municipal
Advantage Fund
------------------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
------------------- ------------------
(Unaudited)
<S> <C> <C>
Operations:
Net Investment Income $ 38,875 $ 89,235
Net Realized Loss (3,589) (2,120)
Net Change in Unrealized Appreciation/Depreciation (754) (30,235)
---------- -----------
Net Increase in Net Assets Resulting from Operations 34,532 56,880
Distributions:
From Net Investment Income:
Investor Class (37,539) (89,235)
Institutional Class (1,336) --
---------- -----------
Total Distributions (38,875) (89,235)
Capital Share Transactions (Note 4):
Net Decrease in Net Assets from Capital Share Transactions (156,606) (346,395)
---------- -----------
Total Decrease in Net Assets (160,949) (378,750)
Net Assets:
Beginning of Period 1,792,172 2,170,922
----------- -----------
End of Period $ 1,631,223 $ 1,792,172
=========== ===========
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (continued)
------------------------------------------------------------------------------------------------------------
(In Thousands)
Strong Heritage Money Fund
-----------------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
------------------- -----------------
(Unaudited)
<S> <C> <C>
Operations:
Net Investment Income and Net Increase in Net Assets
Resulting from Operations $ 46,925 $ 75,157
Distributions:
From Net Investment Income:
Investor Class (43,290) (75,157)
Institutional Class (3,635) --
----------- -----------
Total Distributions (46,925) (75,157)
Capital Share Transactions (Note 4):
Net Increase (Decrease) in Net Assets from Capital Share
Transactions 200,495 (402,911)
----------- -----------
Total Increase (Decrease) in Net Assets 200,495 (402,911)
Net Assets:
Beginning of Period 1,433,773 1,836,684
----------- -----------
End of Period $ 1,634,268 $ 1,433,773
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Strong Investors Strong Money Strong Municipal
Money Fund Market Fund Money Market Fund
-------------------------- ------------------------- ------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
Aug. 31, Feb. 29, Aug. 31, Feb. 29, Aug. 31, Feb. 29,
2000 2000 2000 2000 2000 2000
--------- --------- ---------- --------- ---------- --------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income and Net Increase in
Net Assets Resulting from Operations $ 18,313 $ 20,158 $ 59,151 $ 90,519 $ 56,862 $ 79,531
Distributions from Net Investment Income (18,313) (20,158) (59,151) (90,519) (56,862) (79,531)
Capital Share Transactions (Note 4):
Net Increase in Net Assets from Capital Share
Transactions 116,510 261,476 43,939 72,836 426,141 362,874
---------- --------- ---------- --------- ---------- ---------
Total Increase in Net Assets 116,510 261,476 43,939 72,836 426,141 362,874
Net Assets:
Beginning of Period 517,120 255,644 1,999,025 1,926,189 2,467,379 2,104,505
---------- --------- ---------- --------- ---------- ---------
End of Period $ 633,630 $ 517,120 $2,042,964 $1,999,025 $2,893,520 $2,467,379
========== ========= ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
1. Organization
The accompanying financial statements represent the Strong Cash Management
Funds (the "Funds"), which include the following funds, each with its own
investment objectives and policies:
- Strong Advantage Fund, Inc./(1)(2)/*
- Strong Municipal Advantage Fund (a series of Strong Municipal Funds,
Inc./(1)(4)/*)
- Strong Heritage Money Fund (a series of Strong Heritage Reserve Series,
Inc./(1)(3)/*)
- Strong Investors Money Fund (a series of Strong Heritage Reserve Series,
Inc./(1)/)
- Strong Money Market Fund, Inc./(1)/
- Strong Municipal Money Market Fund (a series of Strong Municipal Funds,
Inc./(1)/)
/(1)/ A diversified, open-end management investment company registered
under the Investment Company Act of 1940, as amended.
/(2)/ Effective September 1, 1999, the Strong Advantage Fund, Inc. has
issued three classes of shares: Investor Class, Institutional Class
and Advisor Class. The Advisor Class shares are subject to an annual
distribution fee as described in Note 3.
/(3)/ Effective April 1, 2000, the Strong Heritage Money Fund has issued
three classes of shares: Investor Class, Institutional Class and
Advisor Class. The Advisor Class shares are subject to an annual
distribution fee as described in Note 3.
/(4)/ Effective August 1, 2000, the Strong Municipal Advantage Fund has
issued two classes of shares: Investor Class and Institutional
Class.
* Each class of shares has identical rights and privileges except with
respect to voting rights on matters pertaining to that class.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements.
(A) Security Valuation -- Securities of Strong Advantage Fund and Strong
Municipal Advantage Fund are valued at fair value through valuations
obtained by a commercial pricing service or the mean of the bid and
asked prices when no last sales price is available. Securities for
which market quotations are not readily available are valued at fair
value as determined in good faith under consistently applied
procedures established by and under the general supervision of the
Board of Directors. Securities which are purchased within 60 days of
their stated maturity and all investments in Strong Heritage Money
Fund, Strong Investors Money Fund, Strong Money Market Fund and
Strong Municipal Money Market Fund are valued at amortized cost,
which approximates fair value, whereby a portfolio security is
valued at its cost initially, and thereafter valued to reflect a
constant amortization to maturity of any discount or premium.
Amortized cost for federal income tax and financial reporting
purposes is the same.
The Funds may own certain investment securities which are restricted
as to resale. These securities are valued after giving due
consideration to pertinent factors, including recent private sales,
market conditions and the issuer's financial performance. The Funds
generally bear the costs, if any, associated with the disposition of
restricted securities. Aggregate cost and fair value of these
restricted securities held at August 31, 2000 were as follows:
<TABLE>
<CAPTION>
Aggregate Aggregate Percent of
Cost Fair Value Net Assets Liquid*
-------------- -------------- ---------- --------
<S> <C> <C> <C> <C>
Strong Advantage Fund $ 905,321,455 $ 895,081,819 37.0% 88.6%
Strong Heritage Money Fund 924,264,417 930,937,409 57.0% 100.0%
Strong Investors Money Fund 354,798,953 356,892,879 56.3% 100.0%
Strong Money Market Fund 1,152,327,812 1,159,857,914 56.8% 100.0%
</TABLE>
*Percentage of restricted securities which are either Section 4(2)
commercial paper or are eligible for resale pursuant to Rule 144A
under the Securities Act of 1933 and also have been determined to be
liquid by the Advisor based upon guidelines established by the
Fund's Board of Directors.
(B) Federal Income and Excise Taxes and Distributions to Shareholders --
The Funds intend to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute substantially all of their taxable income to their
shareholders in a manner which results in no tax cost to the Funds.
Therefore, no federal income or excise tax provision is required.
Net investment income or net realized gains for financial statement
purposes may differ from the characterization for federal income tax
purposes due to differences in the recognition of income and expense
items for financial statement and tax purposes. Where appropriate,
reclassifications between net asset accounts are made for such
differences that are permanent in nature.
Each Fund generally pays dividends from net investment income
monthly and distributes any net capital gains that it realizes
annually. Dividends are declared on each day that the net asset
value is calculated, except for bank holidays.
59
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
(C) Realized Gains and Losses on Investment Transactions -- Investment security
transactions are recorded as of the trade date. Gains or losses realized on
investment transactions are determined by comparing the identified cost of
the security lot sold with the net sales proceeds.
(D) Certain Investment Risks -- The Funds may utilize derivative instruments
including options, futures, and other instruments with similar
characteristics to the extent that they are consistent with the Funds'
investment objectives and limitations. The Funds intend to use such
derivative instruments primarily to hedge or protect from adverse movements
in securities prices or interest rates. The use of these instruments may
involve risks such as the possibility of illiquid markets or imperfect
correlation between the value of the instruments and the underlying
securities, or that the counterparty will fail to perform its obligations.
Investments in foreign denominated assets or forward currency contracts may
involve greater risks than domestic investments due to currency, political,
economic, regulatory and market risks.
(E) Futures -- Upon entering into a futures contract, the Funds pledge to the
broker cash or other investments equal to the minimum "initial margin"
requirements of the exchange. Additional securities held by the Funds may
be designated as collateral on open futures contracts. The Funds also
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in the value of the contract. Such receipts or payments are
known as "variation margin," and are recorded as unrealized gains or
losses. When the futures contract is closed, a realized gain or loss is
recorded equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed.
(F) Options -- The Funds may write put or call options. Premiums received by
the Funds upon writing put or call options are recorded as an asset with a
corresponding liability which is subsequently adjusted to the current
market value of the option. Changes between the initial premiums received
and the current market value of the options are recorded as unrealized
gains or losses. When an option expires, is exercised, or is closed, the
Funds realize a gain or loss, and the liability is eliminated. The Funds
continue to bear the risk of adverse movements in the price of the
underlying asset during the period of the option, although any potential
loss during the period would be reduced by the amount of the option premium
received. Securities held by the Funds may be designated as collateral on
written options.
(G) Foreign Currency Translation -- Investment securities and other assets and
liabilities initially expressed in foreign currencies are converted daily
to U.S. dollars based upon current exchange rates. Purchases and sales of
foreign investment securities and income are converted to U.S. dollars
based upon currency exchange rates prevailing on the respective dates of
such transactions. The effect of changes in foreign exchange rates on
realized and unrealized security gains or losses is reflected as a
component of such gains or losses.
(H) Forward Foreign Currency Exchange Contracts -- Forward foreign currency
exchange contracts are valued at the forward rate and are marked-to-market
daily. The change in market value is recorded as an unrealized gain or
loss. When the contract is closed, the Funds record an exchange gain or
loss equal to the difference between the value of the contract at the time
it was opened and the value at the time it was closed.
(I) Repurchase Agreements -- The Funds may enter into repurchase agreements
with institutions that the Funds' investment advisor, Strong Capital
Management, Inc. ("the Advisor"), has determined are creditworthy pursuant
to criteria adopted by the Board of Directors. Each repurchase agreement is
recorded at cost. The Funds require that the collateral, represented by
securities (primarily U.S. Government securities), in a repurchase
transaction be maintained in a segregated account with a custodian bank in
a manner sufficient to enable the Funds to obtain those securities in the
event of a default of the repurchase agreement. On a daily basis, the
Advisor monitors the value of the collateral, including accrued interest,
to ensure it is at least equal to the amounts owed to the Funds under each
repurchase agreement.
(J) Use of Estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect
the reported amounts in these financial statements. Actual results could
differ from those estimates.
(K) Expense Offset Arrangements -- Certain Funds pay a portion of their
custodian fees indirectly through expense offset arrangements. Custodian
fees are reduced for Funds that maintain compensating balances in non-
interest bearing accounts. The Funds could have invested the assets used to
pay for the custodian fees, had the assets not been used in the expense
offset arrangements. For the six months ended August 31, 2000, the Strong
Municipal Money Market Fund paid $3,614 through expense offset
arrangements.
(L) Other -- Dividend income and distributions to shareholders are recorded on
the ex-dividend date. Interest income is recorded on the accrual basis and
includes amortization of premiums and discounts. Income, expenses (other
than expenses attributable to a specific class), and realized and
unrealized gains or losses on investments are allocated to each class of
shares based on its relative net assets.
60
<PAGE>
--------------------------------------------------------------------------------
3. Related Party Transactions
The Advisor, with whom certain officers and directors of the Funds are
affiliated, provides investment advisory, administrative, shareholder
recordkeeping and related services to the Funds. Investment advisory and net
assets of the respective Fund:
<TABLE>
<CAPTION>
Administrative Administrative Administrative
Fees - Fees - Fees -
Advisory Fees Advisory Fees Investor Class Institutional Class Advisor Class
Mar. 1, 2000- Aug. 1, 2000- Mar. 1, 2000- Mar. 1, 2000- Mar. 1, 2000-
July 31, 2000/(1)/ Aug. 31, 2000/(2)/ Aug. 31, 2000/(2)(3)/ Aug. 31, 2000/(2)(3)/ Aug. 31, 2000/(2)(3)/
------------------ ------------------ --------------------- --------------------- ---------------------
<S> <C> <C> <C> <C> <C>
Strong Advantage Fund 0.35% 0.30% 0.25% 0.02% 0.25%
Strong Municipal Advantage
Fund 0.60% 0.30% 0.30% 0.02% *
Strong Heritage Money Fund 0.50% 0.15% 0.35% 0.02% 0.02%
Strong Investors Money Fund 0.50% 0.50% * * *
Strong Money Market Fund 0.50% 0.50% * * *
Strong Municipal Money
Market Fund 0.50% 0.50% * * *
</TABLE>
* The Strong Investors Money Fund, Strong Money Market Fund and Strong
Municipal Money Market Fund do not charge Administrative Fees or offer
Institutional or Advisor Class shares. The Strong Municipal Advantage
Fund does not offer Advisor Class Shares.
/(1)/ Effective 3-01-00 to 3-31-00 for Strong Heritage Money Fund.
/(2)/ Effective 4-01-00 to 8-31-00 for Strong Heritage Money Fund.
/(3)/ Effective 8-01-00 to 8-31-00 for Municipal Advantage Fund.
Based on the terms of the advisory agreements, advisory fees, administrative
fees and other expenses will be waived or absorbed by the Advisor if the
Fund's operating expenses exceed 2% of the average daily net assets of the
Fund. In addition, the Fund's Advisor may voluntarily waive or absorb certain
expenses at its discretion. Shareholder recordkeeping and related service
fees are based on contractually established rates for each open and closed
shareholder account. The Advisor also allocates to each Fund certain charges
or credits resulting from transfer agency banking activities based on each
Fund's level of subscription and redemption activity. Charges allocated to
the Funds by the Advisor are included in Other Expenses in the Funds'
Statement of Operations. Credits allocated by the Advisor serve to reduce the
shareholder servicing expenses incurred by the Funds and are reported as Fees
Paid Indirectly by Advisor in the Funds' Statement of Operations. The Advisor
is also compensated for certain other services related to costs incurred for
reports to shareholders.
The Strong Advantage Fund and Strong Heritage Money Fund have entered into a
distribution agreement with Strong Investments, Inc. (the "Distributor"),
pursuant to Rule 12b-1 under the 1940 Act, on behalf of each of the Fund's
Advisor Class shares. Under the agreement, the Distributor is paid an annual
rate of 0.25% of the average daily net assets of the Advisor Class shares as
compensation for services provided and expenses incurred, including amounts
paid to brokers or dealers, in connection with the sale of the Fund's shares.
During the period March 1, 2000 to August 31, 2000, Strong Advantage Fund
incurred $31 of 12b-1 fees. During the period April 1, 2000 to August 31,
2000, the Strong Heritage Money Fund incurred $16 of 12b-1 fees.
Strong Advantage Fund and Strong Municipal Advantage Fund may invest cash in
money market funds sponsored and managed by the Advisor, subject to certain
limitations. The terms of such transactions are identical to those of non-
related entities except that, to avoid duplicate investment advisory fees,
advisory fees of each Fund are reduced by an amount equal to advisory fees
paid to the Advisor under its investment advisory agreement with the money
market funds.
Certain information regarding related party transactions, excluding the
effects of waivers and absorptions, for the six months ended August 31, 2000,
is as follows:
<TABLE>
<CAPTION>
Payable to Shareholder Servicing Transfer Agency Unaffiliated
Advisor at and Other Expenses Banking Directors'
Aug. 31, 2000 Paid to Advisor Charges Fees
------------- --------------------- --------------- ------------
<S> <C> <C> <C> <C>
Strong Advantage Fund $ 257,301 $1,413,124 $ 72,715 $5,331
Strong Municipal Advantage Fund 36,628 192,373 44,376 3,877
Strong Heritage Money Fund 39,171 219,363 119,833 3,034
Strong Investors Money Fund 67,394 580,425 8,925 998
Strong Money Market Fund 152,381 2,462,120 252,131 4,164
Strong Municipal Money Market Fund 128,321 429,410 303,083 5,007
</TABLE>
The Advisor owns 57% and 100% of the outstanding Advisor Class shares of the
Strong Advantage Fund and Strong Heritage Money fund, respectively. The
Strong Growth Fund and Strong Opportunity Fund own 19% and 16% of the
outstanding Institutional Class shares of the Strong Heritage Money Fund,
respectively.
61
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
4. Capital Share Transactions
<TABLE>
<CAPTION>
Strong Advantage Fund
-------------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
--------------- -------------
(Unaudited) (Note 1)
<S> <C> <C>
Capital Share Transactions of Each Class of
Shares of the Funds Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold $ 699,656,485 $ 1,638,747,425
Proceeds from Reinvestment of Distributions 61,503,309 137,003,912
Payment for Shares Redeemed (890,606,985) (2,313,175,285)
------------ --------------
Net Decrease in Net Assets from
Capital Share Transactions (129,447,191) (537,423,948)
INSTITUTIONAL CLASS
Proceeds from Shares Sold 216,218,225 243,835,593
Proceeds from Reinvestment of Distributions 9,974,011 4,394,921
Payment for Shares Redeemed (98,244,299) (40,778,287)
------------ --------------
Net Increase in Net Assets from
Capital Share Transactions 127,947,937 207,452,227
ADVISOR CLASS
Proceeds from Shares Sold 12,000 260,337
Proceeds from Reinvestment of Distributions 214 --
Payment for Shares Redeemed -- (244,333)
------------ --------------
Net Increase in Net Assets from
Capital Share Transactions 12,214 16,004
------------ --------------
Net Decrease in Net Assets from
Capital Share Transactions ($ 1,487,040) ($ 329,955,717)
============ ==============
Transactions in Shares of Each Class of
the Funds Were as Follows:
INVESTOR CLASS
Sold 70,922,844 165,265,116
Issued in Reinvestment of Distributions 6,235,548 13,816,153
Redeemed (90,283,400) (233,361,689)
------------ --------------
Net Decrease in Shares (13,125,008) (54,280,420)
INSTITUTIONAL CLASS
Sold 21,934,133 24,672,726
Issued in Reinvestment of Distributions 1,011,788 445,245
Redeemed (9,957,633) (4,132,796)
------------ --------------
Net Increase in Shares 12,988,288 20,985,175
ADVISOR CLASS
Sold 1,218 26,376
Issued in Reinvestment of Distributions 22 --
Redeemed -- (24,755)
------------ --------------
Net Increase in Shares 1,240 1,621
------------ ------------
Net Decrease in Shares of the Fund (135,480) (33,293,624)
============ =============
</TABLE>
62
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Strong Municipal
Advantage Fund
----------------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
-------------------- ---------------
(Unaudited) (Note 1)
<S> <C> <C>
Capital Share Transactions of Each Class of
Shares of the Funds Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold $ 487,201,288 $ 1,615,970,724
Proceeds from Reinvestment of Distributions 32,755,763 80,780,433
Payment for Shares Redeemed (1,061,690,539) (2,043,146,413)
--------------- ---------------
Net Decrease in Net Assets from
Capital Share Transactions (541,733,488) (346,395,256)
INSTITUTIONAL CLASS
Proceeds from Shares Sold 392,127,617 --
Proceeds from Reinvestment of Distributions -- --
Payment for Shares Redeemed (7,000,000) --
--------------- ---------------
Net Increase in Net Assets from
Capital Share Transactions 385,127,617 --
--------------- ---------------
Net Decrease in Net Assets from
Capital Share Transactions ($ 156,605,871) ($ 346,395,256)
=============== ===============
Transactions in Shares of Each Class of
the Funds Were as Follows:
INVESTOR CLASS
Sold 98,501,121 322,494,889
Issued in Reinvestment of Distributions 6,619,506 16,123,911
Redeemed (214,489,372) (408,229,221)
--------------- ---------------
Net Decrease in Shares (109,368,745) (69,610,421)
INSTITUTIONAL CLASS
Sold 79,217,702 --
Issued in Reinvestment of Distributions -- --
Redeemed (1,414,141) --
--------------- ---------------
Net Increase in Shares 77,803,561 --
--------------- ---------------
Net Decrease in Shares of the Fund (31,565,184) (69,610,421)
=============== ===============
</TABLE>
63
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Strong Heritage Money Fund
----------------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
------------------- ---------------
(Unaudited) (Note 1)
<S> <C> <C>
Capital Share Transactions of Each Class of
Shares of the Funds Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold $ 1,000,215,689 $ 1,819,792,681
Proceeds from Reinvestment of Distributions 39,242,884 70,333,240
Payment for Shares Redeemed (1,026,335,948) (2,293,036,089)
--------------- ---------------
Net Increase (Decrease) in Net Assets from
Capital Share Transactions 13,122,625 (402,910,168)
INSTITUTIONAL CLASS
Proceeds from Shares Sold 395,510,336 --
Proceeds from Reinvestment of Distributions 1,573,140 --
Payment for Shares Redeemed (209,726,891) --
--------------- ---------------
Net Increase in Net Assets from
Capital Share Transactions 187,356,585 --
ADVISOR CLASS
Proceeds from Shares Sold 15,000 --
Proceeds from Reinvestment of Distributions -- --
Payment for Shares Redeemed -- --
--------------- ---------------
Net Increase in Net Assets from
Capital Share Transactions 15,000 --
--------------- ---------------
Net Increase (Decrease) in Net Assets from
Capital Share Transactions $ 200,494,210 ($ 402,910,168)
=============== ===============
Transactions in Shares of Each Class of
the Funds Were as Follows:
INVESTOR CLASS
Sold 1,000,215,689 1,819,792,681
Issued in Reinvestment of Distributions 39,242,884 70,333,240
Redeemed (1,026,335,948) (2,293,036,089)
--------------- ---------------
Net Increase (Decrease) in Shares 13,122,625 (402,910,168)
INSTITUTIONAL CLASS
Sold 395,510,336 --
Issued in Reinvestment of Distributions 1,573,140 --
Redeemed (209,726,891) --
--------------- ---------------
Net Increase in Shares 187,356,585 --
ADVISOR CLASS
Sold 15,000 --
Issued in Reinvestment of Distributions -- --
Redeemed -- --
--------------- ---------------
Net Increase in Shares 15,000 --
--------------- ---------------
Net Increase (Decrease) in Shares of the Fund 200,494,210 (402,910,168)
=============== ===============
</TABLE>
64
<PAGE>
<TABLE>
<CAPTION>
Strong Investors Strong Money
Money Fund Market Fund
--------------------------------- ---------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000 Aug. 31, 2000 Feb. 29, 2000
---------------- ------------- ---------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Capital Share Transactions of Each of
the Funds Were as Follows:
Proceeds from Shares Sold $ 335,714,049 $ 562,665,205 $ 1,414,469,311 $ 2,712,343,984
Proceeds from Reinvestment of Distributions 16,304,783 17,714,045 55,121,001 85,586,423
Payment for Shares Redeemed (235,509,150) (318,902,590) (1,425,651,497) $(2,725,094,594)
--------------- ------------- --------------- ---------------
Net Increase in Net Assets from
Capital Share Transactions $ 116,509,682 $ 261,476,660 $ 43,938,815 $ 72,835,813
=============== ============= =============== ===============
Transactions in Shares of Each of the
Funds Were as Follows:
Sold 335,714,049 562,665,205 1,414,469,311 2,712,343,984
Issued in Reinvestment of Distributions 16,304,783 17,714,045 55,121,001 85,586,423
Redeemed (235,509,150) (318,902,590) (1,425,651,497) (2,175,094,594)
--------------- ------------- --------------- ---------------
Net Increase in Shares of the Fund 116,509,682 261,476,660 43,938,815 72,835,813
=============== ============= =============== ===============
<CAPTION>
Strong Municipal
Money Market Fund
----------------------------------
Six Months Ended Year Ended
Aug. 31, 2000 Feb. 29, 2000
---------------- --------------
(Unaudited)
<S> <C> <C>
Capital Share Transactions of Each of
the Funds Were as Follows:
Proceeds from Shares Sold $ 2,923,582,241 $ 5,697,775,929
Proceeds from Reinvestment of Distributions 49,176,505 69,705,320
Payment for Shares Redeemed (2,546,616,952) (5,404,607,866)
---------------- ---------------
Net Increase in Net Assets from
Capital Share Transactions $ 426,141,794 $ 362,873,383
================ ===============
Transactions in Shares of Each of
the Funds Were as Follows:
Sold 2,923,582,241 5,697,775,929
Issued in Reinvestment of Distributions 49,176,505 69,705,320
Redeemed (2,546,616,952) (5,404,607,866)
---------------- ---------------
Net Increase in Shares of the Fund 426,141,794 362,873,383
================ ===============
</TABLE>
5. Line of Credit
The Strong Funds, excluding Strong Heritage Money Fund, Strong Investors
Money Fund, Strong Money Market Fund and Strong Municipal Money Market Fund,
have established a line of credit agreement ("LOC") with certain financial
institutions to be used for temporary or emergency purposes, primarily for
financing redemption payments. Combined borrowings among all participating
Strong Funds are subject to a $350 million cap on the total LOC. For an
individual Fund, borrowings under the LOC are limited to either the lesser of
15% of the market value of the Fund's total assets or any explicit borrowing
limits in the Fund's prospectus. Principal and interest on each borrowing
under the LOC are due not more than 60 days after the date of the borrowing.
Borrowings under the LOC bear interest based on prevailing market rates as
defined in the LOC. A commitment fee of 0.08% per annum is incurred on the
unused portion of the LOC and is allocated to all participating Strong Funds.
At August 31, 2000, there were no borrowings by the Funds outstanding under
the LOC.
65
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
August 31, 2000 (Unaudited)
6. Investment Transactions
The aggregate purchases and sales of long-term securities for the six months
ended August 31, 2000, were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------------------------ -----------------------------
U.S. Government U.S. Government
and Agency Other and Agency Other
--------------- ------------ --------------- ------------
<S> <C> <C> <C> <C>
Strong Advantage Fund $ 84,918,419 $788,392,223 $ 76,453,683 $718,082,540
Strong Municipal Advantage Fund -- 221,840,589 -- 278,054,526
</TABLE>
7. Income Tax Information
The investment cost, gross unrealized appreciation and depreciation on
investments and capital loss carryovers (expiring in varying amounts through
2007) for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
At August 31, 2000 at February 29, 2000
------------------------------------------------------ --------------------
Federal Tax Unrealized Unrealized Net Net Capital Loss
Cost Appreciation Depreciation Depreciation Carryovers
----------- ------------ ------------ ------------ --------------------
<S> <C> <C> <C> <C> <C>
Strong Advantage Fund $2,435,410,024 $ 11,222,242 $ 33,583,696 $ 22,361,454 $11,445,097
Strong Municipal Advantage Fund 1,652,203,510 1,988,907 22,329,308 20,340,401 4,856,542
</TABLE>
8. Investments in Affiliates
Affiliated issuers, as defined under the Investment Company Act of 1940,
include those in which the Fund's holdings of an issuer represent 5% or more
of the outstanding voting securities of the issuer, and any other Strong
Fund. A summary of transactions in the securities of these issuers during the
six months ended August 31, 2000 is as follows:
<TABLE>
<CAPTION>
Balance of Gross Gross Sales Balance of Value Dividend Income
Shares Held Purchases and Shares Held Aug. 31, Mar. 1, 2000 -
Mar. 1, 2000 and Additions Reductions Aug. 31, 2000 2000 Aug. 31, 2000
------------ ------------- ----------- ------------- -------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Strong Municipal Advantage Fund
----------------------------------
Strong Municipal Money Market Fund 71,400,000 613,700,000 506,900,000 178,200,000 $178,200,000 $ 2,522,420
</TABLE>
66
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND--INVESTOR CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
------------------------------------------------------------------------
Aug. 31, Feb. 29, Feb. 28, Feb. 28, Feb. 28, Feb. 29, Dec. 31,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999 1998 1997 1996/(c)/ 1995
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 9.87 $ 9.95 $ 10.08 $ 10.09 $ 10.03 $ 10.04 $ 9.98
Income From Investment Operations:
Net Investment Income 0.32 0.59 0.59 0.62 0.62 0.10 0.67
Net Realized and Unrealized Gains (Losses) on
Investments 0.02 (0.08) (0.13) (0.01) 0.06 (0.01) 0.06
----------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.34 0.51 0.46 0.61 0.68 0.09 0.73
Less Distributions:
From Net Investment Income (0.32) (0.59) (0.59) (0.62) (0.62) (0.10) (0.67)
----------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.32) (0.59) (0.59) (0.62) (0.62) (0.10) (0.67)
----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.89 $ 9.87 $ 9.95 $ 10.08 $ 10.09 $ 10.03 $10.04
==================================================================================================================================
Ratios and Supplemental Data
----------------------------------------------------------------------------------------------------------------------------------
Total Return +3.5% +5.2% +4.6% +6.3% +7.0% +0.9% +7.5%
Net Assets, End of Period (In Millions) $ 2,083 $ 2,208 $ 2,766 $ 2,164 $ 1,520 $ 1,000 $ 990
Ratio of Expenses to Average Net Assets 0.8%* 0.8% 0.7% 0.8% 0.8% 0.8% 0.8%
Ratio of Net Investment Income to Average Net Assets 6.4%* 5.9% 5.8% 6.2% 6.2% 6.3%* 6.6%
Portfolio Turnover Rate/(d)/ 33.8% 48.1% 79.3% 109.6% 154.9% 17.2% 183.7%
</TABLE>
STRONG ADVANTAGE FUND--INSTITUTIONAL CLASS
-------------------------------------------------------------------------------
Period Ended
-------------------
Aug. 31, Feb. 29,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000/(e)/
-------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 9.87 $ 9.89
Income From Investment Operations:
Net Investment Income 0.34 0.32
Net Realized and Unrealized Gains (Losses) on
Investments 0.02 (0.02)
-------------------------------------------------------------------------------
Total from Investment Operations 0.36 0.30
Less Distributions:
From Net Investment Income (0.34) (0.32)
-------------------------------------------------------------------------------
Total Distributions (0.34) (0.32)
-------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.89 $ 9.87
===============================================================================
Ratios and Supplemental Data
-------------------------------------------------------------------------------
Total Return +3.7% +3.1%
Net Assets, End of Period (In Millions) $ 336 $ 207
Ratio of Expenses to Average Net Assets 0.4%* 0.4%*
Ratio of Net Investment Income to Average Net Assets 6.9%* 6.5%*
Portfolio Turnover Rate/(d)/ 33.8% 48.1%
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the six months ended August 31, 2000 (unaudited).
(c) In 1996, the Fund changed its fiscal year-end from December to February.
(d) Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
(e) For the period from September 1, 1999 (Commencement of Class) to February
29, 2000 (Note 1).
See Notes to Financial Statements.
67
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND--ADVISOR CLASS
-----------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
----------------------
Aug. 31, Feb. 29,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000/(c)/
-----------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Beginning of Period $ 9.87 $ 9.89
Income From Investment Operations:
Net Investment Income 0.30 0.27
Net Realized and Unrealized Gains (Losses) on Investments 0.02 (0.02)
-----------------------------------------------------------------------------------
Total from Investment Operations 0.32 0.25
Less Distributions:
From Net Investment Income (0.30) (0.27)
-----------------------------------------------------------------------------------
Total Distributions (0.30) (0.27)
-----------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.89 $ 9.87
===================================================================================
Ratios and Supplemental Data
-----------------------------------------------------------------------------------
Total Return +3.3% +2.6%
Net Assets, End of Period (In Millions) $ 0/(d)/ $ 0/(d)/
Ratio of Expenses to Average Net Assets 1.1%* 1.1%*
Ratio of Net Investment Income to Average Net Assets 6.1%* 5.7%*
Portfolio Turnover Rate/(e)/ 33.8% 48.1%
</TABLE>
STRONG MUNICIPAL ADVANTAGE FUND--INVESTOR CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
--------------------------------------------------------------------
Aug. 31, Feb. 29, Feb. 28, Feb. 28, Feb. 28, Feb. 29,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999 1998 1997 1996/(g)/
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 4.96 $ 5.04 $ 5.03 $ 5.01 $ 5.01 $ 5.00
Income From Investment Operations:
Net Investment Income 0.12 0.21 0.21 0.22 0.25 0.06
Net Realized and Unrealized Gains (Losses) on
Investments (0.01) (0.08) 0.01 0.02 0.00/(f)/ 0.01
--------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.11 0.13 0.22 0.24 0.25 0.07
Less Distributions:
From Net Investment Income (0.12) (0.21) (0.21) (0.22) (0.25) (0.06)
From Net Realized Gains -- -- -- -- 0.00/(f)/ --
--------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.12) (0.21) (0.21) (0.22) (0.25) (0.06)
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 4.95 $ 4.96 $ 5.04 $ 5.03 $ 5.01 $ 5.01
================================================================================================================================
Ratios and Supplemental Data
--------------------------------------------------------------------------------------------------------------------------------
Total Return +2.2% +2.7% +4.5% +5.0% +5.1% +1.4%
Net Assets, End of Period (In Millions) $ 1,246 $ 1,792 $ 2,171 $ 1,012 $ 644 $ 132
Ratio of Expenses to Average Net Assets
Without Waivers and Absorptions 0.6%* 0.6% 0.6% 0.7% 0.7% 0.7%*
Ratio of Expenses to Average Net Assets 0.6%* 0.6% 0.5% 0.4% 0.0%/(f)/ 0.0%*
Ratio of Net Investment Income to Average Net Assets 4.6%* 4.3% 4.1% 4.5% 5.0% 4.9%*
Portfolio Turnover Rate/(e)/ 25.0% 35.0% 36.0% 49.6% 40.8% 17.1%
</TABLE>
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the six months ended August 31, 2000 (unaudited).
(c) For the period from September 1, 1999 (Commencement of Class) to February
29, 2000 (Note 1).
(d) Amount is less than $500,000.
(e) Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
(f) Amount calculated is less than $0.01 or 0.1%.
(g) For the period from November 30, 1995 (inception) to February 29, 1996.
See Notes to Financial Statements.
68
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND--INSTITUTIONAL CLASS
-----------------------------------------------------------
Period Ended
Aug. 31,
Selected Per-Share Data/(a)/ 2000/(b)/
-----------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period $ 4.95
Income From Investment Operations:
Net Investment Income 0.02
-----------------------------------------------------------
Total from Investment Operations 0.02
Less Distributions:
From Net Investment Income (0.02)
-----------------------------------------------------------
Total Distributions (0.02)
-----------------------------------------------------------
Net Asset Value, End of Period $ 4.95
===========================================================
Ratios and Supplemental Data
-----------------------------------------------------------
Total Return +0.4%
Net Assets, End of Period (In Millions) $ 385
Ratio of Expenses to Average Net Assets 0.3%*
Ratio of Net Investment Income to Average
Net Assets 4.8%*
Portfolio Turnover Rate/(c)/ 25.0%
</TABLE>
<TABLE>
<CAPTION>
STRONG HERITAGE MONEY FUND--INVESTOR CLASS
------------------------------------------------------------------------------------------------------------------------------------
Period Ended
-----------------------------------------------------------------------------------
Aug. 31, Feb. 29, Feb. 28, Feb. 28, Feb. 28, Feb. 29,
Selected Per-Share Data/(a)/ 2000/(d)/ 2000 1999 1998 1997 1996/(e)/
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income From Investment Operations:
Net Investment Income 0.03 0.05 0.05 0.05 0.06 0.04
Net Realized Losses on Investments -- -- -- -- (0.01) --
------------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.03 0.05 0.05 0.05 0.05 0.04
Less Distributions:
From Net Investment Income (0.03) (0.05) (0.05) (0.05) (0.06) (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.03) (0.05) (0.05) (0.05) (0.06) (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Capital Contribution -- -- -- -- 0.01 --
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====================================================================================================================================
Ratios and Supplemental Data
------------------------------------------------------------------------------------------------------------------------------------
Total Return +3.1% +5.1% +5.3% +5.6% +5.7%/(f)/ +4.1%
Net Assets, End of Period (In Millions) $1,447 $1,434 $1,837 $1,484 $2,000 $ 942
Ratio of Expenses to Average Net Assets
Without Waivers and Absorptions 0.6%* 0.6% 0.6% 0.6% 0.6% 0.6%*
Ratio of Expenses to Average Net Assets 0.4%* 0.4% 0.3% 0.2% 0.1% 0.0%*/(g)/
Ratio of Net Investment Income to Average
Net Assets 6.1%* 5.0% 5.2% 5.4% 5.6% 5.9%*
</TABLE>
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the period from August 1, 2000 (Commencement of Class) to August 31,
2000 (Note 1) (unaudited).
(c) Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
(d) For the six months ended August 31, 2000 (unaudited).
(e) For the period from June 29, 1995 (inception) to February 29, 1996.
(f) Had the Advisor not made the capital contribution as noted above, the
adjusted total return would have been 5.0% for the fiscal year ended
February 28, 1997.
(g) Amount calculated is less than 0.1%.
See Notes to Financial Statements.
69
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND--INSTITUTIONAL CLASS
--------------------------------------------------------------------
Period Ended
------------
Aug. 31,
Selected Per-Share Data/(a)/ 2000/(b)/
--------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period $ 1.00
Income From Investment Operations:
Net Investment Income 0.03
--------------------------------------------------------------------
Total from Investment Operations 0.03
Less Distributions:
From Net Investment Income (0.03)
--------------------------------------------------------------------
Total Distributions (0.03)
--------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00
====================================================================
Ratios and Supplemental Data
--------------------------------------------------------------------
Total Return +2.7%
Net Assets, End of Period (In Millions) $ 187
Ratio of Expenses to Average Net Assets Without Waivers
and Absorptions 0.2%*
Ratio of Expenses to Average Net Assets 0.2%*
Ratio of Net Investment Income to Average Net Assets 6.5%*
</TABLE>
<TABLE>
<CAPTION>
STRONG HERITAGE MONEY FUND--ADVISOR CLASS
--------------------------------------------------------------------
Period Ended
------------
Aug. 31,
Selected Per-Share Data/(a)/ 2000/(b)/
--------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period $ 1.00
Income From Investment Operations:
Net Investment Income 0.03
--------------------------------------------------------------------
Total from Investment Operations 0.03
Less Distributions:
From Net Investment Income (0.03)
--------------------------------------------------------------------
Total Distributions (0.03)
--------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00
====================================================================
Ratios and Supplemental Data
--------------------------------------------------------------------
Total Return +2.6%
Net Assets, End of Period (In Millions) $ 0/(c)/
Ratio of Expenses to Average Net Assets Without
Waivers and Absorptions 0.8%*
Ratio of Expenses to Average Net Assets 0.4%*
Ratio of Net Investment Income to Average Net Assets 6.1%*
</TABLE>
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the period from April 1, 2000 (Commencement of Class) to August 31, 2000
(Note 1) (unaudited).
(c) Amount is less than $500,000.
See Notes to Financial Statements.
70
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (continued)
------------------------------------------------------------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND
------------------------------------------------------------------------------------------------------------
Period Ended
---------------------------------------------------
Aug 31, Feb. 29, Feb. 28, Feb. 28,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999 1998/(c)/
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $1.00
Income From Investment Operations:
Net Investment Income 0.03 0.05 0.06 0.00/(d)/
------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.03 0.05 0.06 0.00/(d)/
Less Distributions:
From Net Investment Income (0.03) (0.05) (0.06) --
------------------------------------------------------------------------------------------------------------
Total Distributions (0.03) (0.05) (0.06) --
------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $1.00
============================================================================================================
Ratios and Supplemental Data
------------------------------------------------------------------------------------------------------------
Total Return +3.2% +5.5% +5.7% +0.5%
Net Assets, End of Period (In Millions) $ 634 $ 517 $ 256 $ 7
Ratio of Expenses to Average Net Assets Without
Waivers and Absorptions 0.8%* 0.8% 0.9% 2.0%*
Ratio of Expenses to Average Net Assets 0.1%* 0.0%/(d)/ 0.0 0.0%*
Ratio of Net Investment Income to Average Net Assets 6.3%* 5.4% 5.4% 6.1%*
</TABLE>
<TABLE>
<CAPTION>
STRONG MONEY MARKET FUND
------------------------------------------------------------------------------------------------------------------------------------
Period Ended
-----------------------------------------------------------------------------
Aug.31, Feb. 29, Feb. 28, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999/(e)/ 1998 1997 1996 1995/(f)/
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income From Investment Operations:
Net Investment Income 0.03 0.05 0.02 0.05 0.05 0.05 0.05
Net Realized Losses on Investments -- -- -- -- (0.01) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.03 0.05 0.02 0.05 0.04 0.05 0.05
Less Distributions:
From Net Investment Income (0.03) (0.05) (0.02) (0.05) (0.05) (0.05) (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.03) (0.05) (0.02) (0.05) (0.05) (0.05) (0.05)
------------------------------------------------------------------------------------------------------------------------------------
Capital Contribution -- -- -- -- 0.01 -- --
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====================================================================================================================================
Ratios and Supplemental Data
------------------------------------------------------------------------------------------------------------------------------------
Total Return +3.0% +4.8% +1.5% +5.3% +5.3%/(g)/ +5.4% +5.2%
Net Assets, End of Period (In Millions) $2,043 $1,999 $1,926 $1,924 $1,838 $1,949 $1,934
Ratio of Expenses to Average Net Assets Without
Waivers and Absorptions 0.8%* 0.8% 0.9%* 0.9% 0.9% 0.8% 0.7%*
Ratio of Expenses to Average Net Assets 0.7%* 0.7% 0.6%* 0.5% 0.5% 0.4% 0.0%*
Ratio of Net Investment Income to Average Net Assets 5.8%* 4.7% 4.6%* 5.2% 5.2% 5.3% 6.1%*
</TABLE>
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the six months ended August 31, 2000 (unaudited).
(c) For the period from January 31, 1998 (inception) to February 28, 1998.
(d) Amount calculated is less than $0.01 or 0.1%.
(e) In 1999, the Fund changed its fiscal year-end from October to February.
(f) In 1995, the Fund changed its fiscal year-end from December to October.
(g) Had the Advisor not made the capital contribution as noted above, the
adjusted total return would have been 4.5% for the year ended October 31,
1997.
See Notes to Financial Statements.
71
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (continued)
------------------------------------------------------------------------------------------------------------------------------------
STRONG MUNICIPAL MONEY MARKET FUND
------------------------------------------------------------------------------------------------------------------------------------
Period Ended
----------------------------------------------------------------------------
Aug. 31, Feb. 29, Feb. 28, Feb. 28, Feb. 28, Feb. 29, Dec. 31,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999 1998 1997 1996/(d)/ 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income From Investment Operations:
Net Investment Income 0.02 0.03 0.03 0.04 0.03 0.01 0.04
------------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.02 0.03 0.03 0.04 0.03 0.01 0.04
Less Distributions:
From Net Investment Income/(c)/ (0.02) (0.03) (0.03) (0.04) (0.03) (0.01) (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.02) (0.03) (0.03) (0.04) (0.03) (0.01) (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====================================================================================================================================
Ratios and Supplemental Data
------------------------------------------------------------------------------------------------------------------------------------
Total Return +2.1% +3.5% +3.4% +3.6% +3.5% +0.6% +4.1%
Net Assets, End of Period (In Millions) $2,894 $2,467 $2,105 $1,871 $1,895 $1,609 $1,416
Ratio of Expenses to Average Net Assets 0.6%* 0.6% 0.6% 0.6% 0.6% 0.6%* 0.6%
Ratio of Net Investment Income to Average Net Assets 4.1%* 3.4% 3.4% 3.5% 3.5% 3.6%* 4.0%
</TABLE>
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the six months ended August 31, 2000 (unaudited).
(c) Tax-exempt for regular Federal income tax purposes.
(d) In 1996, the Fund changed its fiscal year-end from December to February.
See Notes to Financial Statements.
72
<PAGE>
Directors
Richard S. Strong
Willie D. Davis
Stanley Kritzik
Neal Malicky
Marvin E. Nevins
William F. Vogt
Officers
Richard S. Strong, Chairman of the Board
Elizabeth N. Cohernour, Vice President and Secretary
Cathleen A. Ebacher, Vice President and Assistant Secretary
Susan A. Hollister, Vice President and Assistant Secretary
Dennis A. Wallestad, Vice President
Thomas M. Zoeller, Vice President
John W. Widmer, Treasurer
Rhonda K. Haight, Assistant Treasurer
Investment Advisor
Strong Capital Management, Inc.
P.O. Box 2936, Milwaukee, Wisconsin 53201
Distributor
Strong Investments, Inc.
P.O. Box 2936, Milwaukee, Wisconsin 53201
Custodian
Firstar Bank, N.A.
P.O. Box 701, Milwaukee, Wisconsin 53201
Transfer Agent and Dividend-Disbursing Agent
Strong Capital Management, Inc.
P.O. Box 2936, Milwaukee, Wisconsin 53201
Independent Accountants
PricewaterhouseCoopers LLP
100 East Wisconsin Avenue, Milwaukee, Wisconsin 53202
Legal Counsel
Godfrey & Kahn, S.C.
780 North Water Street, Milwaukee, Wisconsin 53202
<PAGE>
For a prospectus containing more complete information, including
management fees and expenses, please call 1-800-368-1030. Please
read it carefully before investing or sending money. This report
does not constitute an offer for the sale of securities. Strong
Funds are offered for sale by prospectus only. Strong
Investments, Inc. RT7075-0900
To order a free prospectus kit, call
1-800-368-1030
To learn more about our funds, discuss an
existing account, or conduct a transaction, call
1-800-368-3863
If you are a Financial Professional, call
1-800-368-1683
Visit our web site at
www.eStrong.co
STRONG INVESTMENTS
P.O. Box 2936
[LOGO] Milwaukee, Wisconsin 53201
