<PAGE>
ANNUAL REPORT | October 31, 2000
The Strong
Cash Management
--------------------------------------------------------------------------------
Funds
[PHOTO HERE]
Strong Advantage Fund
Strong Municipal Advantage Fund
Strong Heritage Money Fund
Strong Investors Money Fund
Strong Money Market Fund
Strong Municipal Money Market Fund
[LOGO HERE] STRONG
<PAGE>
A Few Words From Dick Strong
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[PHOTO HERE]
153 Rate Increases Later...
When Will the Pendulum Swing?
During the last 18 months, the central bankers of the world's most powerful
countries have had one overriding objective on their minds: to slow the economic
growth of their countries. To accomplish this objective, they have raised
interest rates around the globe a staggering total of 153 times.
Included in those 153 rate increases were 6 by the Federal Reserve Bank of the
United States. The Fed governors' objective was the same as their counterparts'
worldwide--to slow economic growth. And make no mistake...THEY WILL NOT FAIL!
Economic management is a nebulous process of leads and lags. It often takes
months or even years to get an accurate fix on the economy and gauge the
reaction to each action. It is an inexact cross between art and science. In the
last year and a half, the U.S. economy has contended with:
. Higher interest rates
. Oil selling upwards of $30 a barrel
. A strong U.S. dollar that rendered American goods and services more
expensive and less attractive to foreigners
. The erosion of wealth caused by a nearly 40% correction in the Nasdaq
The end result of it all is less money circulating through our economy and a
slowing of economic growth.
We have already begun to see signs of a weakening economy. Sales falling short
of expectations, layoffs, disappointing corporate profits, and business failures
all point to a slowdown. How much more weakening lies ahead is impossible to
know. The combination of higher interest rates, expensive oil, the strong U.S.
dollar, and further market corrections could deliver one heck of a wallop!
The lesson to be learned from all of this is that the world's financial markets
and economies are inherently cyclical. There will always be good times and bad
times, booms and busts. A solid investment program must be built to withstand
the stress of expanding and contracting economic cycles.
At Strong, our research indicates that sometime soon, the central bankers of the
world will begin to actively stimulate their respective economies by easing up
on interest rates. The internal fabric of the U.S. economy remains the best it
has been in several decades. We believe that the economy and the financial
markets will once again begin to grow and prosper in late 2001 and 2002.
The financial markets have recently had a significant correction reminiscent of
1973-74. The stock market is usually an early indicator of economic strength or
weakness and will begin to move long before earnings, job reports, and business
activity catch up.
The important thing for investors to remember is not to react to whatever the
most recent stimulus has been, but to have a well-thought-out plan to reach
their objectives--and to stay the course with that plan. At Strong, we continue
to believe, as we did back in 1975, that a balanced approach to investing can
serve you and your family well. Our recommendation continues to be that
investors should construct a balanced portfolio of money funds, bond mutual
funds, and stock mutual funds.
/s/ Dick
<PAGE>
ANNUAL REPORT | October 31, 2000
The Strong
Cash Management
--------------------------------------------------------------------------------
Funds
Table of Contents
<TABLE>
<S> <C>
Investment Reviews
Strong Advantage Fund.................................................. 2
Strong Municipal Advantage Fund........................................ 4
Strong Heritage Money Fund............................................. 6
Strong Investors Money Fund............................................ 8
Strong Money Market Fund............................................... 10
Strong Municipal Money Market Fund..................................... 12
Bond Glossary............................................................. 14
Financial Information
Schedules of Investments in Securities
Strong Advantage Fund.............................................. 15
Strong Municipal Advantage Fund.................................... 19
Strong Heritage Money Fund......................................... 27
Strong Investors Money Fund........................................ 31
Strong Money Market Fund........................................... 34
Strong Municipal Money Market Fund................................. 38
Statements of Assets and Liabilities................................... 49
Statements of Operations............................................... 52
Statements of Changes in Net Assets.................................... 56
Notes to Financial Statements.......................................... 59
Financial Highlights...................................................... 68
Report of Independent Accountants......................................... 74
</TABLE>
<PAGE>
Strong Advantage Fund
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
GROWTH OF AN ASSUMED $10,000 INVESTMENT
From 11-25-88 to 10-31-00
The Strong Salomon Smith Barney Lipper Ultra Short
Advantage Fund 1-Year Treasury Index* Obligation Funds Average*
Oct 88 $10,000 $10,000 $10,000
Oct 89 $10,891 $10,901 $10,863
Oct 90 $11,684 $11,840 $11,730
Oct 91 $12,763 $12,874 $12,654
Oct 92 $13,954 $13,637 $13,300
Oct 93 $15,071 $14,171 $13,883
Oct 94 $15,694 $14,577 $14,292
Oct 95 $16,810 $15,617 $15,219
Oct 96 $17,876 $16,559 $16,122
Oct 97 $19,099 $17,578 $17,065
Oct 98 $20,040 $18,705 $18,015
Oct 99 $21,027 $19,481 $18,837
Oct 00 $22,432 $20,609 $19,973
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 ("Salomon Smith
Barney 1-Year Treasury Index") 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.
Q: How did your fund perform?
A: The Fund's return for the period was generated primarily through the income
advantage provided by holdings in corporate bonds and mortgage-backed
securities. The Fund also experienced slight capital appreciation despite
an overall rising interest rate environment, which normally drives bond
prices own. This appreciation was due in part to the outperformance of
floating-rate securities, whose interest is pegged to a particular
benchmark and periodically adjusted, in the portfolio.
Q: What market conditions, market events, and other factors impacted your
fund's performance?
A: The efforts of the Federal Reserve Board to slow down the economy continued
in the first portion of the Fund's fiscal year, as the Fed raised rates
further to bring the federal funds rate up to 6.50%. That reflects a total
increase of 175 basis points since the Fed began its tightening campaign in
the summer of 1999. The Fed has been on the sidelines in recent months,
however, as signs of slowing in the rate of economic growth have appeared.
Economic concerns also served to raise yields on corporate issues, as
investors became less confident in prospects for corporate stability in a
more challenging environment.
2
<PAGE>
Q: What investment strategies and techniques impacted your fund's performance?
A: With signs of economic slowing becoming more apparent, we believe it's
prudent to hold higher-quality securities in the portfolio. They are better
positioned to withstand an economic environment that is likely to be less
robust going forward. In keeping with this philosophy, we have maintained
the overall quality of the portfolio at A.
An example of the higher-quality assets in which the Fund has been
investing in the past months is floating-rate securities issued by the
Student Loan Marketing Association ("Sallie Mae"). These are AAA-rated
securities backed by a government-sponsored enterprise. In July, the Fund
also 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.
Q: What is your future outlook?
A: Although we believe that the Federal Reserve has completed its rate
increases for the short term, we still see some need for caution and have
therefore positioned the portfolio conservatively from a duration
standpoint. The Fund's duration as of October 31 was 0.4 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 we anticipate is rather benign.
Thank you for investing in the Strong Advantage Fund. We appreciate the
confidence you've placed in us.
Jeffrey A. Koch Thomas Sontag
Portfolio Co-Manager Portfolio Co-Manager
--------------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 10-31-00
INVESTOR CLASS
--------------
1-year 6.73%
5-year 5.94%
10-year 6.74%
Since Inception 7.01%
(11-25-88)
ADVISOR CLASS/1/
----------------
1-year 6.28%
5-year 5.55%
10-year 6.36%
Since Inception 6.62%
(11-25-88)
INSTITUTIONAL CLASS/2/
----------------------
1-year 7.05%
5-year 6.01%
10-year 6.78%
Since Inception 7.04%
(11-25-88)
PORTFOLIO STATISTICS
As of 10-31-00
INVESTOR CLASS
--------------
30-day annualized yield/3/ 7.16%
ADVISOR CLASS
-------------
30-day annualized yield/3/ 6.80%
INSTITUTIONAL CLASS
-------------------
30-day annualized yield/3/ 7.63%
Average maturity/4/ 0.6 years
Average quality rating/5/ A
--------------------------------------------------------------------------------
The Fund invests a portion of its assets in lower-quality securities that
present a significant risk for loss of principal and interest. Securities of the
Fund are generally valued at fair value through valuations obtained by a
commercial pricing service. Please consider this before investing.
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 10-31-00. The Advisor Class has temporarily absorbed
expenses of 0.05%. Otherwise, the current yield would have been 6.75%, and
returns would have been lower.
/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
("Salomon Smith Barney 1-Year Treasury Index") 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>
Strong Municipal Advantage Fund
--------------------------------------------------------------------------------
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.
-------------------------------------------------------------------------------
GROWTH OF AN ASSUMED $10,000 INVESTMENT
From 11-30-95 to 10-31-00
<TABLE>
<CAPTION>
The Strong Municipal Lehman Brothers Municipal Lipper Short Municipal
Advantage Fund 1 Year Bond Index* Debt Funds Index*
<S> <C> <C> <C>
Nov 95 $ 10,000 $ 10,000 $ 10,000
Nov 96 $ 10,532 $ 10,451 $ 10,400
Nov 97 $ 11,052 $ 10,910 $ 10,855
Nov 98 $ 11,581 $ 11,447 $ 11,376
Nov 99 $ 11,950 $ 11,805 $ 11,650
Oct 00 $ 12,368 $ 12,308 $ 12,099
</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.
Q: How did your fund perform?
A: For the fiscal year as a whole, the Fund slightly trailed the Lehman Brothers
Municipal 1 Year Bond Index.* As the period progressed, the Fund gradually
gained momentum relative to the index, eventually surpassing the index's
return during the final month of the period.
Q: What market conditions, market events, and other factors impacted your fund's
performance?
A: Through the spring, the Federal Reserve continued to fight inflation by
raising short-term interest rates. Over the summer and early fall, however,
the Fed stayed on the sidelines, as indications of an economic slowdown began
to take hold. 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 calendar year.
Q: What investment strategies and techniques impacted your fund's performance?
A: We slightly reduced the Fund's duration during the period by selling callable
bonds and some housing bonds. We 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
4
<PAGE>
interest rates start to move higher again. The proceeds of these sales are
currently invested in daily and weekly issues, which add to the Fund's
liquidity while we scour the market for attractive new issues.
Incremental yield (relative to money market funds) does not come without
taking incremental amounts of risk. Our team of managers, six research
analysts, and two traders works to manage that risk with active credit
research and an appropriate level of diversification.
Q: What is your future outlook?
A: We are entering a season in which new issuance would traditionally pick up,
so our research efforts are focused on finding the most attractive issues
coming to market. It is our intention to reduce the Fund's cash position as
we identify appropriate new issues for the portfolio.
The rate of economic growth is showing signs of leveling off at a lower rate
than it has been experiencing in recent years, suggesting that the Fed will
not need to raise rates again for the foreseeable future. That should provide
a beneficial environment for this Fund and for fixed-income markets
generally.
We appreciate your confidence in the Strong Municipal Advantage Fund and look
forward to helping you pursue your important financial goals.
Lyle J. Fitterer Mary-Kay H. Bourbulas
Portfolio Co-Manager Portfolio Co-Manager
--------------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 10-31-00
INVESTOR CLASS
--------------
1-year 3.87%
3-year 3.93%
Since Inception 4.42%
(11-30-95)
ADVISOR CLASS/1/
----------------
1-year 3.20%
3-year 3.42%
Since Inception 3.93%
(11-30-95)
INSTITUTIONAL CLASS/2/
----------------------
1-year 3.95%
3-year 3.96%
Since Inception 4.43%
(11-30-95)
PORTFOLIO STATISTICS
As of 10-31-00
INVESTOR CLASS
--------------
30-day
annualized yield/3/ 4.91%
INSTITUTIONAL CLASS
-------------------
30-day
annualized yield/3/ 5.21%
Average maturity/4/ 0.9 years
Average quality ratingF/5/ A
The Fund invests a portion of its assets in lower-quality securities that
present a significant risk for loss of principal and interest. Securities of the
Fund are generally valued at fair value through valuations obtained by a
commercial pricing service. Please consider this before investing.
--------------------------------------------------------------------------------
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 10-2-00 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 7-31-00 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 10-31-00.
/4/ The Fund's average effective maturity includes the effect of futures.
/5/ 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>
Strong Heritage Money Fund
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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./1/ 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.
--------------------------------------------------------------------------------
3-MONTH TREASURY BILL YIELDS
As of 10-31-00
<TABLE>
<S> <C>
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%
Oct 00 6.39%
</TABLE>
Q: How did your fund perform?
A: Money market rates remained generally unchanged after the Fed took a hiatus
in late spring from its interest rate hikes. We did take advantage of
seasonal factors near the end of the period to add incremental yield from
certain securities.
Q: What market conditions, market events, and other factors impacted your fund's
performance?
A: The Federal Reserve completed its series of interest rate hikes (dating back
to summer 1999) in the late spring. From that point on, money market rates
were largely unchanged, as it became apparent to most participants in the
market that the Fed would not resume activity--in either direction--for the
foreseeable future.
Seasonal factors benefited the Fund toward the end of the period, as
securities maturing in the January to February 2001 range offered modest
incremental yield. The difference in yields among money market securities of
different credit qualities remained relatively narrow, as did the difference
between the yields of asset-backed and industrial issuer commercial paper.
6
<PAGE>
Q: What investment strategies and techniques impacted your fund's performance?
A: Taking advantage of the attractive yields offered on issues maturing in
January and February resulted in our extending the Fund's average maturity.
We believed this was a reasonable step to take, given the extra return
available and the unlikelihood of a rate hike from the Federal Reserve
(which would have a negative impact on longer maturities).
In the early part of the period, we reduced our allocation in asset-backed
commercial paper--usually a staple of this portfolio--as these issues
offered little excess yield. In subsequent months, however, asset-backed
issues regained their attractiveness from a yield standpoint, and we
restored them to a more typical weighting in the portfolio. We continued to
emphasize high-quality issues, particularly given the apparent slowing of
the economy, which could cut into the profits of corporate paper issuers.
Q: What is your future outlook?
A: Economic conditions are not likely to give the Federal Reserve much reason
to take action in the next few months. The rate of growth, while slowing
somewhat, remains firm, and employment conditions are still tight. Inflation
has moved modestly higher in recent months, driven largely by higher energy
prices, but is not showing signs of troubling acceleration. These conditions
keep the Fed relatively free from pressure to move rates in either
direction.
The money market is very attuned to subtle changes in this picture, however.
Should inflationary pressures mount--or should the economy begin to falter
more severely--we can expect the markets to respond in short order.
Thank you for your investment in the Strong Heritage Money Fund.
Jay N. Mueller
Portfolio Manager
--------------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 10-31-00
INVESTOR CLASS
--------------
1-year 6.06%
3-year 5.49%
5-year 5.58%
Since Inception 5.62%
(6-29-95)
ADVISOR CLASS/2/
----------------
1-year 6.05%
3-year 5.48%
5-year 5.58%
Since Inception 5.62%
(6-29-95)
Institutional Class/3/
----------------------
1-year 6.20%
3-year 5.53%
5-year 5.61%
Since Inception 5.64%
(6-29-95)
PORTFOLIO STATISTICS
As of 10-31-00
INVESTOR CLASS/4/
-----------------
7-day current yield 6.30%
7-day effective yield 6.50%
ADVISOR CLASS/4/
----------------
7-day current yield 6.21%
7-day effective yield 6.40%
INSTITUTIONAL CLASS/4/
----------------------
7-day current yield 6.56%
7-day effective yield 6.77%
Average maturity 58 days
--------------------------------------------------------------------------------
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/ 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.
/2/ 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.
/3/ 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.
/4/ Yields are annualized for the 7-day period ended 10-31-00. 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 0.05% in expenses for the
Fund. Otherwise, the Fund's current yield would have been 6.16%, and its
effective yield would have been 6.35%. The Institutional Class has
temporarily absorbed 0.02% in expenses for the Fund. Otherwise, the Fund's
current yield would have been 6.54%, and its effective yield would have been
6.75%.
7
<PAGE>
Strong Investors Money Fund
-------------------------------------------------------------------------------
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./1/ 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.
-------------------------------------------------------------------------------
3-MONTH TREASURY BILL YIELDS
As of 10-31-00
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%
Oct 00 6.39%
Q: How did your fund perform?
A: With the Federal Reserve appearing to halt further rate hikes in late spring
for the time being, money market rates have remained relatively unchanged.
However, the Fund especially benefited near the end of the period. At that
time, seasonal factors within the market allowed us to take advantage of
additional yields offered by securities maturing near the beginning of 2001.
Q: What market conditions, market events, and other factors impacted your
fund's performance?
A: The Federal Reserve has remained quiet since late spring, after a series of
interest rate hikes dating back to summer 1999. Money market rates since
then have been largely unchanged, as it appeared to most observers that the
Fed would remain on hold for the foreseeable future. Toward the end of the
period, securities maturing in the January to February 2001 range offered
modest additional levels of yield as a result of certain seasonal factors.
The spread between the yields on money market securities of different credit
qualities remained relatively narrow, as did the difference between the
yields of asset-backed and industrial issuer commercial paper.
8
<PAGE>
Q: What investment strategies and techniques impacted your fund's performance?
A: To take advantage of the premium yields offered in January and February, we
extended the average maturity of the portfolio. This opportunity was
particularly compelling given that we believe there is no significant risk
of a Fed rate hike in the near term. In the early part of the period, we
found that asset-backed commercial paper offered little excess yield, so we
reduced our allocation to this sector. Later in the period, however, asset-
backed issues became more attractive, so we restored the Fund's allocation
to a more typical level. While a soft landing in the economy is far from a
recession, we are mindful that such a scenario could cut into the
profitability of some corporate borrowers. We have, therefore, continued our
emphasis on high-quality issues.
Q: What is your future outlook?
A: It's our view that economic conditions are likely to keep the Federal
Reserve on the sidelines over the next few months. Growth, while slowing
from a heated pace, remains firm, and the labor market is still tight.
Inflation has moved only modestly higher in recent months, despite the
impact of higher energy prices. Simply put, there is no pressing need for
the Fed to move rates in either direction.
Should inflation pressures continue to mount, the yield curve for money
market issues will probably become more steeply sloped (with longer-term
securities offering higher yields than shorter-term securities) in
anticipation of an eventual Fed rate hike. Conversely, should the rate of
economic growth deteriorate rapidly--in other words, experience a hard
landing--the money markets are likely to price in the possibility of rate
cuts from the Fed.
Thank you for your investment in the Strong Investors Money Fund. We
appreciate the opportunity to help you work toward your important financial
goals.
Jay N. Mueller
Portfolio Manager
--------------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 10-31-00
--------------
1-year 6.39%
Since Inception 5.82%
(1-31-98)
YIELD SUMMARY/2/
As of 10-31-00
-----------------
7-day current yield 6.60%
7-day effective yield 6.81%
Average maturity 59 days
--------------------------------------------------------------------------------
Performance is historical and does not represent future results. Investment
returns vary. 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 yields and returns would have been lower.
/1/ 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.
/2/ Yields are annualized for the 7-day period ended 10-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate.
9
<PAGE>
Strong Money Market Fund
--------------------------------------------------------------------------------
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./1/ The Fund invests in a portfolio of high-quality,
short-term debt securities issued by corporations, banks, and other financial
institutions.
--------------------------------------------------------------------------------
3-MONTH TREASURY BILL YIELDS
As of 10-31-00
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%
Oct 00 6.39%
Q: How did your fund perform?
A: With the Federal Reserve taking a break from interest rate hikes in late
spring, money market rates have remained relatively flat. Near the end of
the period, however, we capitalized on modest incremental yields on certain
securities maturing in January and February 2001.
Q: What market conditions, market events, and other factors impacted your
fund's performance?
A: After a series of interest rate hikes dating back to summer 1999, the
Federal Reserve put itself on the sidelines starting in late spring. Money
market rates were then largely unchanged, as market participants concluded
that the Fed would remain on hold for the foreseeable future. Toward the end
of the period, securities maturing in the January to February 2001 range
offered modest incremental yields as a result of certain seasonal factors.
The difference in yields among money market securities of different credit
qualities remained relatively narrow, as did the difference between the
yields of asset-backed and industrial issuer commercial paper.
Q: What investment strategies and techniques impacted your fund's performance?
We took advantage of the premium yields offered in January and February to
extend the average maturity of the portfolio. We believed that
there was no significant risk of a Fed rate hike in the near term;
therefore, the extra return available from lengthening the portfolio was
compelling. In the early part of the period, we reduced our allocation to
asset-backed commercial paper, as these issues offered little excess yield.
Asset-backed issues became more attractive in the later part of the period,
however, and we returned to a more typical allocation to that sector. We
continued our emphasis on high-quality issues, mindful that a soft landing
economic scenario might constrain the profitability of certain corporate
borrowers.
10
<PAGE>
Q: What is your future outlook?
A: Economic conditions are likely to keep monetary policy on hold over the
next few months. Growth, while moderating, remains firm, and employment
conditions are still tight. Inflation has moved modestly higher in
recent months, driven largely by higher energy prices. Given these
conditions, there is no pressing need for the Fed to move rates in
either direction. If inflation pressures continue to mount, the money
market yield curve will probably become more steeply sloped (with longer-
term securities offering higher yields than shorter-term securities) in
anticipation of an eventual Fed tightening. Conversely, a hard landing,
or rapid deceleration of economic growth, would cause the money markets
to price in some likelihood of Fed rate cuts.
We thank you for your investment in the Strong Money Market Fund.
Jay N. Mueller
Portfolio Manager
--------------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
As of 10-31-00
----------------
1-year 5.80%
3-year 5.24%
5-year 5.29%
10-year 4.97%
Since Inception 5.82%
(10-22-85)
YIELD SUMMARY/2/
As of 10-31-00
----------------
7-day current yield 6.05%
7-day effective yield 6.24%
Average maturity 55 days
--------------------------------------------------------------------------------
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/ 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.
/2/ Yields are annualized for the 7-day period ended 10-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate. The Fund's advisor temporarily
absorbed 0.10% in expenses for the Fund. Otherwise, the Fund's current yield
would have been 5.95%, and its effective yield would have been 6.13%.
11
<PAGE>
Strong Municipal Money Market Fund
--------------------------------------------------------------------------------
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./1/ The Fund invests
in a portfolio of high-quality, short-term debt securities primarily issued by
states and their political subdivisions.
--------------------------------------------------------------------------------
EQUIVALENT TAXABLE YIELDS
As of 10-31-00
Your tax-exempt
effective yield of
Marginal 4.35% is equivalent
Joint return Single return tax rate to a taxable yield of:
--------------------------------------------------------------------------------
$43,851-105,950 $26,251-63,550 28.0% 6.04%
--------------------------------------------------------------------------------
$105,951-161,450 $63,551-132,600 31.0% 6.30%
--------------------------------------------------------------------------------
$161,451-288,350 $132,601-288,350 36.0% 6.80%
--------------------------------------------------------------------------------
Over $288,350 Over $288,350 39.6% 7.20%
--------------------------------------------------------------------------------
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.
Q: How did your fund perform?
A: We took advantage of several opportunities within the market to boost the
Fund's returns during the year. Variable-rate demand notes, for instance,
presented us with a significant opportunity in April, as yields on these
securities approached levels unseen for a decade.
Q: What market conditions, market events, and other factors impacted your
fund's performance?
A: We began this period with a very strong economy and rising interest rates.
The Federal Reserve increased the federal funds rate a total of 125 basis
points over the last 12 months. One-year municipal rates rose from 3.80% to
4.18% over the same period. During the April tax season, yields on
variable-rate demand notes rose dramatically relative to taxable money-
market equivalents, reaching yield levels not seen since late 1990.
Q: What investment strategies and techniques impacted your fund's performance?
A: We positioned the Fund to take advantage of the spike in yield that usually
accompanies April's tax season, when many investors redeem assets in order
to pay their tax bills. Since that time, the Fund's average maturity has
remained somewhat short, and variable-rate
12
<PAGE>
securities represent almost 80% of Fund assets. In an environment of rising
interest rates, variable-rate securities recently offered the best relative
value.
With the supply of new municipal notes down and demand still strong, prices
on fixed-rate securities eligible for municipal money funds were bid
higher. This is another reason why variable-rate securities appeared to
offer a superior value and why we heavily weighted these securities in the
portfolio.
Q: What is your future outlook?
A: 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 likely raise rates further, but we don't expect that
to happen. It appears we will remain in a steady-as-you-go environment in
coming months.
Thank you for your confidence in the Strong Municipal Money Market Fund. We
appreciate the opportunity to help you pursue your important financial
goals.
John C. Bonnell
Portfolio Manager
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
As of 10-31-00
--------------
1-year 4.12%
3-year 3.65%
5-year 3.64%
10-year 3.66%
Since Inception 4.16%
(10-23-86)
YIELD SUMMARY/2/
As of 10-31-00
--------------
7-day current yield 4.26%
7-day effective yield 4.35%
Average maturity 35 days
--------------------------------------------------------------------------------
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/ 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.
/2/ Yields are annualized for the 7-day period ended 10-31-00. Effective yields
reflect the compounding of income. Yields are historical and do not
represent future results. Yields fluctuate.
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 (S&P) 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
semiannual 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 October 31, 2000
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------
Corporate Bonds 44.1%
Adelphia Communications Corporation
Senior Notes, 9.75%, Due 2/15/02 $12,650,000 $12,555,125
Advance Bank Australia Floating Rate
Subordinated Notes, 7.4044%, Due 3/14/06 (c) 15,000,000 15,000,000
Allfirst Preferred Capital Trust Subordinated
Floating Rate Capital Trust Enhanced
Securities, 8.2981%, Due 7/15/29 (c) 15,000,000 14,594,430
Allied Waste Industries, Inc. 8.9375%,
Due 7/21/05 (b) 15,000,000 14,100,000
Bear Stearns Companies, Inc. Floating Rate
Notes, 7.26%, Due 9/27/07 (c) 20,000,000 19,924,340
Blackstone Hotel Acquisitions Company Debt
Unit (Medium-Term Structured Enhanced
Return Trusts 1998), Series R-38, 7.725%,
Due 6/30/03 (Acquired 7/30/98;
Cost $25,448,312) (b) 25,448,312 25,289,260
CMS Energy Corporation Notes,
8.125%, Due 5/15/02 15,000,000 14,680,770
CMS Energy Corporation Senior Notes, 8.00%,
Due 7/01/11 (Remarketing Date 7/01/01) 20,000,000 19,789,680
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, 7.7981%, Due 4/15/27 7,500,000 7,301,812
Citicorp Floating Rate Notes:
Series W, 6.8125%, Due 11/27/35 10,000,000 8,550,000
Series X, 6.725%, Due 11/27/35 10,000,000 8,500,000
Cliffs Drilling Company Senior Notes, Series B,
10.25%, Due 5/15/03 1,550,000 1,592,625
Commonwealth Bank of Australia Subordinated
Yankee Floating Rate Notes, Series B,
7.305%, Due 6/01/10 7,000,000 7,003,605
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) 7,000,0000 6,855,660
Dominion Resources, Inc. Floating Rate Notes,
Series D, 7.31%, Due 9/16/12
(Remarketing Date 9/01/02) 4,250,000 4,261,237
ESAT Telecom Group PLC Senior Yankee Notes:
Zero %, Due 2/01/07
(Rate Reset Effective 2/01/02) 79,420,000 77,024,613
Series B, 11.875%, Due 12/01/08 2,000,000 2,370,000
Entergy Gulf States, Inc. First Mortgage Floating
Rate Bonds, 7.88%, Due 6/02/03 (b) 20,000,000 20,003,320
First Maryland Capital I Variable Rate
Subordinated Capital Income Securities,
7.7981%, Due 1/15/27 19,500,000 19,112,847
GS Escrow Corporation Floating Rate Senior
Notes, 7.7588%, Due 8/01/03 62,300,000 60,462,711
HCA-The Healthcare Company Medium-Term
Notes, Tranche 00012, 6.63%, Due 7/15/45 14,755,000 14,394,860
HSB Capital I Floating Rate Securities, Series A,
7.7081%, Due 7/15/27 9,000,000 8,298,684
Halyard CBO I, Ltd./Halyard CBO Corporation
Senior Secured Floating Rate Notes, Series 1A,
Class A, 7.24%, Due 3/24/10 (b) (c) 38,700,000 38,343,186
Huntington Capital I Variable Rate Capital
Income Securities, 7.4575%, Due 2/01/27 11,500,000 10,649,747
International Paper Company Floating Rate
Notes, 7.6025%, Due 7/08/02 (b) (c) 24,000,000 24,064,176
Lilly Del Mar, Inc. Floating Rate Capital
Securities, 7.9138%, Due 8/05/29 (b) (c) 55,000,000 54,504,725
Lyondell Chemical Company Guaranteed Term
Loan, Tranche E, 10.515%, Due 6/30/06 14,812,500 15,182,813
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 $28,809,600
Mercantile Capital Trust I Floating Rate
Pass-Thru Securities, 7.5613%, Due 2/01/27 10,000,000 9,517,770
Meridian Funding Company Medium-Term
Floating Rate Notes, 7.2913%, Due 7/26/10 (b) 10,000,000 10,007,590
MetroNet Communications Corporation
Senior Yankee Notes:
10.625%, Due 11/01/08 920,000 1,015,192
12.00%, Due 8/15/07 107,390,000 119,575,221
NBD Bancorp, Inc. Subordinated Floating Rate
Notes, 6.9375%, Due 12/18/05 (c) 24,530,000 24,408,012
NTC Capital Trust II Floating Rate Capital
Securities, 7.3881%, Due 4/15/27 12,305,000 11,630,883
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, 7.795%, Due 4/01/27 (c) 10,000,000 9,554,360
Nextel Finance Company Term Loan:
Tranche B, 10.19%, Due 6/30/08
(Acquired 9/07/00; Cost $2,525,875) (b) 2,500,000 2,512,500
Tranche C, 10.44%, Due 12/31/08
(Aquired 9/07/00; Cost $2,525,875) (b) 2,500,000 2,512,500
Nordbanken AB Subordinated Floating Rate
Medium-Term Yankee Bonds,
7.1544%, Due 3/29/49 18,000,000 17,820,000
Qwest Communications International, Inc. Senior
Notes, Series B, 10.875%, Due 4/01/07 (c) 39,520,000 42,958,477
Raytheon Company Floating Rate Notes,
7.31%, Due 3/01/02 (b) 10,000,000 10,002,040
Salomon Brothers, Inc. Medium-Term Floating
Rate Notes/Interest Rate Swap, 5.80%,
Due 9/30/03 4,400,000 4,387,020
Skandinaviska Enskilda Banken Subordinated
Floating Rate Medium-Term Yankee Bonds,
7.66%, Due 3/29/49 4,000,000 3,975,000
Skandinaviska Enskilda Banken Subordinated
Notes, 6.625%, Due 3/29/49 (Rate Reset
Effective 3/12/01) (b) 6,035,000 6,006,159
Spintab AB Floating Rate Subordinated Yankee
Notes, 7.28%, Due 12/29/49 (b) (c) 50,000,000 49,754,850
Star Capital Trust I Floating Rate Securities,
7.425%, Due 6/15/27 5,000,000 4,795,695
Stop & Shop Companies, Inc. Senior Subordinated
Notes, 9.75%, Due 2/01/02 (c) 5,000,000 5,097,230
SunTrust Capital III Floating Rate Notes,
7.31%, Due 3/15/28 20,500,000 19,280,455
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 8,154,000 8,403,472
Time Warner, Inc. Pass-Thru Asset Trust Securities,
Series 1997-1, 6.10%, Due 12/30/01 (b) (c) 28,185,000 27,769,130
Triton Energy, Ltd./Triton Energy Corporation
Senior Notes, 8.75%, Due 4/15/02 38,771,000 40,283,069
Union Bank of Norway Floating Rate Subordinated
Medium-Term Yankee Bonds:
7.1113%, Due 4/24/08 20,000,000 19,750,000
7.35%, Due 12/29/49 (Rate Reset
Effective 7/09/03) (b) 29,000,000 28,681,870
Union Pacific Corporation Floating Rate Notes,
7.365%, Due 7/01/02 10,000,000 10,010,480
15
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Waste Management, Inc. Senior Notes,
6.50%, Due 12/15/02 $ 3,000,000 $ 2,895,111
------------------------------------------------------------------------------------------------------------------
Total Corporate Bonds (Cost $1,118,129,989) 1,104,664,462
------------------------------------------------------------------------------------------------------------------
Non-Agency Mortgage &
Asset-Backed Securities 36.1%
AFC Mortgage Loan Trust Variable Rate
Asset-Backed Certificates, Series 1994-1,
Class 2A-1, 8.2795%, Due 6/25/25 71,373 71,646
AMRESCO Residential Securities Corporation
Mortgage Loan Trust Pass-Thru Certificates,
Series 1996-4, Class A4, 7.25%, Due 10/25/23 3,517,009 3,502,871
Airplanes Trust 1998 Floating Rate Refinancing
Pass-Thru Certificates, Series 1R, Class B,
7.37%, Due 3/15/19 33,992,210 33,519,888
Arran Master Trust Floating Rate Bond, Series
2000-C Class A, 6.8113%, Due 9/15/07 3,750,000 3,750,000
Asset Backed Securities Corporation Bank One
Variable Rate Mortgage-Backed Pass-Thru
Certificates, Series 2000-2, Class 2A,
7.4392%, Due 3/15/30 7,834,429 8,094,757
BCF LLC Mortgage Pass-Thru Certificates, Series
1997-R2, Class 3-A1, 7.00%, Due 12/25/35 (b) 572,969 570,405
Bay View Auto Trust Receivable-Backed Certificates,
Series 2000-LJ1, Class A2, 7.54%, Due 4/25/03 8,662,367 8,696,453
Bear Stearns Commercial Mortgage Securities, Inc.
Floating Rate Commercial Mortgage Pass-Thru
Certificates:
Series 1999-WYN1, Class B, 7.8675%,
Due 7/03/09 (b) 17,760,000 17,848,800
Series 2000-LCON, Class C, 7.6675%,
Due 7/03/05 (b) 13,440,000 13,440,000
Series 2000-LCON, Class D, 8.4675%,
Due 7/03/05 (b) 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 9,638,165 9,565,831
Brant II Floating Rate Bonds, Series 2000-1,
Class A3L, 7.375%, Due 11/30/12 5,000,000 4,990,650
CDC Securitization Corporation Floating Rate
Pass-Thru Certificates, Series 1999-FL1,
Class B, 7.30%, Due 12/14/02 (b) 15,972,000 16,015,025
COMM Floating Rate Commercial Mortgage
Pass-Thru Certificates:
Series 2000-FL1A, Class B, 7.09%,
Due 10/16/02 (b) 9,165,000 9,176,456
Series 2000-FL2A, Class C, 7.2713%,
Due 1/15/03 (b) 6,425,000 6,425,000
CORE, Ltd. Interest Rate Swap, Series 1998-1X,
Class B2, 5.8031%, Due 1/16/06 (Acquired
7/27/98; Cost $14,044,000) (b) 14,044,000 14,064,550
CWMBS, Inc. Mortgage Pass-Thru Certificates:
Series 1998-A5, Class A-1, 6.75%, Due 6/25/28 7,333,965 7,233,893
Series 1998-A6, Class I-A-7, 6.75%, Due 7/25/28 11,009,552 10,896,429
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 4,014,595 4,003,213
Centex Home Mortgage LLC Variable Rate
Certificates, Series 1999-1, 8.52%,
Due 9/20/04 (b) 12,000,000 12,003,720
Chase Mortgage Finance Corporation Mortgage
Pass-Thru Certificates, Series 1990-G,
Class A-Z1, 9.50%, Due 12/25/21 290,835 290,925
Chase Mortgage Finance Corporation Variable
Rate Mortgage Pass-Thru Certificates:
Series 1992-3, Class B7, 7.7716%, Due 10/28/23 $ 1,444,173 $ 1,427,031
Series 1992-3, Class B8, 7.7716%, Due 10/28/23 721,133 712,573
Series 1993-3, Class B6, 7.3898%, Due 10/30/24
(Acquired 5/20/99; Cost $592,798) (b) 591,320 584,112
Series 1993-3, Class B7, 7.3898%, Due 10/30/24
(Acquired 5/20/99; Cost $2,543,280) (b) 2,536,938 2,506,418
Citibank Credit Card Issuance Trust, Series
2000-C2, Class C2, 7.31%, Due 10/15/07 31,500,000 31,455,585
Citicorp Mortgage Securities, Inc. Adjustable
Rate Real Estate Mortgage Investment Conduit
Pass-Thru Certificates, Series 1992-7,
Class A-1, 8.058%, Due 3/25/22 2,334,391 2,389,138
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 5,025,000
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 9,019,845
Commercial Mortgage Acceptance Corporation
Variable Rate Mortgage Pass-Thru Certificates,
Series 1996-C2, Class A2, 6.7167%,
Due 9/15/23 (b) 2,120,821 2,111,924
ContiMortgage Home Equity Loan Trust
Pass-Thru Certificates, Series 1997-4, Class A4,
6.30%, Due 7/15/12 6,708,935 6,687,030
ContiSecurities Residual Corporation
ContiMortgage Net Interest Margin Notes,
Series 1997-A, 7.23%, Due 7/16/28 (Acquired
9/18/97; Cost $4,108,122) (b) 4,108,122 1,437,843
CoreStates Home Equity Trust Home Equity
Loan Certificates, Series 1993-1, Class B,
7.50%, Due 8/15/07 2,191,105 2,192,584
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 9,339,383 9,263,126
DLJ Commercial Mortgage Corporation Floating
Rate Commercial Mortgage Pass-Thru
Certificates, Series 2000-STF1, Class A-3,
7.3788%, Due 5/05/03 (b) 16,000,000 15,984,960
DLJ Mortgage Acceptance Corporation Variable
Rate Mortgage Pass-Thru Certificates:
Series 1990-2, Class A, 7.6849%, Due 1/25/22 3,445,362 3,431,529
Series 1991-3, Class A1, 7.5024%, Due 2/20/21 447,601 445,680
Delta Funding Home Equity Loan Trust Interest
Only Asset-Backed Certificates:
Series 1999-2, Class F, 6.00%, Due 6/15/02 13,927,250 1,009,726
Series 2000-1, Class F, 6.40%, Due 3/15/03 54,500,000 4,206,855
Series 2000-3, Class 3, 9.20%, Due 9/15/03 35,300,000 4,942,000
Duke Funding I, Ltd. Series 1A, Class A,
7.125%, Due 11/10/30 (b) (f) 16,000,000 15,939,200
EQCC Home Equity Loan Trust Variable Rate
Asset-Backed Notes, Series 1993-4, Class A,
5.725%, Due 12/15/08 5,775,562 5,665,566
Empire Funding Home Loan Owner Trust
Asset-Backed Notes, Series 1997-4, Class A-3,
7.11%, Due 7/25/14 711,789 708,801
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 $4,550,000) (b) 4,550,000 4,605,738
Class B, 8.51%, Due 9/25/09 (Acquired 7/01/96;
Cost $5,063,438) (b) 5,063,438 5,124,857
Class C, 11.935%, Due 9/25/09 (Acquired
6/28/96; Cost $2,824,426) (b) 2,782,686 2,787,555
</TABLE>
16
<PAGE>
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
The Equitable Life Assurance Society of the
United States Collateralized Floating Rate
Notes, Series D-2, 7.6763%, Due 5/15/03 (b) $ 11,837,838 $ 11,817,560
Financial Asset Securitization, Inc. Mortgage
Participation Securities, Series 1997-NAMC 2,
Class FXA-8, 10.00%, Due 7/25/27 1,125,926 1,137,765
Fleet Commercial Loan Master LLC Variable
Rate Asset-Backed Notes, Series 2000-1,
Class B2, 7.20%, Due 11/16/05 (b) (f) 5,000,000 5,000,000
Franchise Finance Corporation of America
Floating Rate Notes, Series 1997-1:
Class D2, 7.72%, Due 6/18/13 (b) 5,726,000 4,914,082
Class E2, 7.97%, Due 1/18/14 (b) 2,290,000 1,862,778
GGP/Homart Floating Rate Commercial
Mortgage-Backed Securities, Series 1999-C1,
Class C, 7.43%, Due 6/10/03 (b) 10,000,000 10,033,159
GMAC Commercial Mortgage Security, Inc.
Variable Rate Mortgage Pass-Thru Certificates,
Series 2000-FL1, Class C, 7.4203%,
Due 7/15/04 (b) 12,045,000 12,048,734
GS Mortgage Securities Corporation II Variable Rate
Commercial Mortgage Pass-Thru Certificates:
Series 2000-CCT, Class C, 7.22%, Due 12/15/09 (b) 5,360,000 5,356,677
Series 2000-1, Class C1, 7.32%, Due 10/15/10 6,000,000 6,000,000
Glendale Federal Bank Variable Rate Mortgage
Pass-Thru Certificates:
Series 1990-1, Class A, 7.9471%, Due 10/25/29 1,533,660 1,528,718
Series 1990-3, Class A-1, 7.9438%, Due 3/25/30 1,105,417 1,098,381
Green Tree Financial Corporation Manufactured
Senior Subordinated Pass-Thru Certificates,
Series 1996-5, Class A-4, 7.15%, Due 7/15/27 1,579,391 1,580,063
Greenwich Capital Acceptance, Inc. Variable Rate
Mortgage Pass-Thru Certificates, Series 1991-1,
Class A, 7.5858%, Due 2/25/21 (b) 7,896,239 7,841,992
Greenwich Capital Trust I Pass-Thru Certificates,
Class A, 7.5358%, Due 2/15/21 (b) 8,216,859 8,406,915
Home Savings of America Adjustable Rate
Mortgage Pass-Thru Certificates, Series 14,
Class A, 6.2437%, Due 5/25/27 1,403,745 1,371,776
ICIFC Secured Assets Corporation Mortgage
Pass-Thru Certificates, Series 1997-1,
Class A-7, 7.75%, Due 3/25/28 9,088,098 9,054,699
Impac Secured Assets Trust Mortgage Interest
Only Mortgage Obligation, Series 2000-4,
Class 4, 8.00%, Due 5/25/03 (f) 20,000,000 3,522,800
Juniper CBO, Ltd./Juniper CBO Corporation
Floating Rate Notes, Series 2000-1, Class A-1L,
7.1563%, Due 4/15/10 (b) (c) 5,000,000 4,984,250
Kmart CMBS Financing, Inc. Floating Rate
Commercial Mortgage Pass-Thru Certificates,
Series 1997-1, Class D, 7.7188%,
Due 3/01/07 (b) (c) 33,000,000 32,902,485
Malan Mortgage Securities Trust Floating Rate
Commercial Mortgage Pass-Thru Certificates,
Series 1995-1, Class A2A, 7.42%, Due 8/15/05
(Acquired 2/21/97; Cost $4,010,000) (b) 4,000,000 3,985,780
Mall of America Capital Company LLC Mortgage
Pass-Thru Certificates, Series 2000-1,
Class C, 7.42%, Due 3/12/05 (b) 6,000,000 6,001,860
Mellon Residential Funding Corporation Variable
Rate Mortgage Pass-Thru Certificates,
Series 1999-TBC3:
Class B-1, 7.3348%, Due 10/20/29 1,543,000 1,542,043
Class B-2, 7.3348%, Due 10/20/29 823,000 819,914
Class B-3, 7.3348%, Due 10/20/29 1,029,000 1,019,996
Merrill Lynch Credit Corporation Mortgage Loan
Asset-Backed Pass-Thru Floating Rate Certificates:
Series 1996-C, Class B, 7.875%, Due 9/15/21 (b) 3,937,874 3,443,199
Series 1996-D, Class B, 7.875%, Due 5/15/25 (b) 6,439,252 5,503,564
Merrill Lynch Credit Corporation Senior
Subordinated Variable Rate Mortgage Pass-Thru
Certificates, Series 1995-A, Class A-5, 8.2589%,
Due 6/15/20 $ 6,160,711 $ 6,186,101
Merrill Lynch Credit Corporation Subordinated
Variable Rate Mortgage-Backed Certificates, Series
1995-S1, Class A-1, 7.625%, Due 2/17/24 (b) 5,000,000 4,910,950
Merrill Lynch Mortgage Investors, Inc. Senior
Subordinated Variable Rate Pass-Thru
Certificates, Series 1994-A, Class M, 7.625%,
Due 2/15/19 11,000,000 11,202,399
Merrill Lynch Mortgage Investors, Inc. Variable
Rate Commercial Mortgage Pass-Thru
Certificates:
Series 1997-SD1, Class D, 7.3875%,
Due 4/01/04 (b) 15,500,000 15,485,430
Series 1998-H1A, Class C, 7.1275%,
Due 4/01/11 (b) 2,000,000 1,977,180
The Money Store Home Equity Trust, Series
1998-A, Class AF3, 6.13%, Due 9/15/16 2,733,289 2,725,021
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, 8.22%, Due 2/15/05 3,500,000 3,502,957
Morgan Stanley Mortgage Trust Variable Rate
Interest Only Collateralized Mortgage
Obligation, Series 35, Class 35-2, 5767.50%,
Due 4/20/21 1,262 1
NPF XII, Inc. Health Care Receivables Floating
Rate Bonds, Series 2000-1, Class A, 7.0975%,
Due 3/01/03 (b) (c) 15,000,000 14,962,500
Nomura Depositor Trust Floating Rate
Commercial Mortgage Pass-Thru Certificates:
Series 1998-ST1, Class A4, 7.52%, Due 1/15/03 (b) 32,000,000 31,409,920
Series 1998-ST1, Class A5, 7.87%, Due 1/15/03 (b) 6,300,000 6,152,328
OUC Commercial Mortgage Securities, Inc.
Subordinated Adjustable Rate Mortgage Securities,
Series 1998-1, Class C, 7.4946%, Due 1/27/28 (b) 8,387,015 8,287,461
Option One Mortgage Loan Trust Variable Rate
Asset-Backed Certificates, Series 2000-1, Class S,
3.50%, Due 4/25/30 17,170,000 536,562
Option One Mortgage Securities Corporation Net
Interest Margin Trust, Series 1999-2, 9.66%,
Due 6/26/29 (b) 8,509,377 8,339,189
Pennant CBO, Ltd./Pennant CBO Corporation
Floating Rate Yankee Bonds, Series 1A, Class A,
7.36%, Due 3/14/11 (b) 16,000,000 16,042,720
People's Bank Credit Card Master Floating Rate
Trust, Series 1998-1, Class A, 6.76%,
Due 11/15/05 (c) 20,000,000 20,046,900
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 $298,880) (b) 295,783 296,892
Principal Residential Mortgage Capital Resources
Floating Rate Bonds, Series 2000D0-1, 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, 7.46%, Due 12/09/10 (b) 6,763,865 6,793,491
Prudential Home Mortgage Securities Company
Mortgage Pass-Thru Certificates:
Series 1992-46, Class A-6, 7.00%, Due 1/25/08 5,334,022 5,308,872
Series 1993-63, Class A-14, 6.75%, Due 1/25/24 4,639,503 4,587,430
Prudential Home Mortgage Securities Company
Variable Rate Mortgage Pass-Thru Certificates,
Series 1988-1, Class A, 7.9617%, Due 4/25/18 485,822 483,847
</TABLE>
17
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repeat Offering Securitisation Entity Funding
Number 2, Ltd. Floating Rate Asset-Backed
Certificates:
Series 2A, Class A5A, 7.3588%, Due 10/28/04 (b) $10,000,000 $ 9,828,100
Series 2A, Class A6, 8.7088%, Due 10/28/04 (b) 15,000,000 14,718,750
Resecuritization Mortgage Trust Variable Rate
Certificates, Series 1998-B, Class A, 6.8706%,
Due 4/26/21 (b) 4,661,352 4,633,663
Residential Accredit Loans, Inc. Mortgage
Pass-Thru Certificates, Series 1997-QS2,
Class A-7, 7.75%, Due 3/25/27 10,400,783 10,400,211
Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Thru Certificates, Series
1993-MZ1, Class A-2, 7.47%, Due 3/02/23 5,165,426 5,104,066
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 4,929,496 47,767
Resolution Trust Corporation Mortgage Pass-Thru
Securities, Inc. Commercial Certificates:
Series 1994-C2, Class E, 8.00%, Due 4/25/25 11,398,378 11,323,942
Series 1995-C1, Class C, 6.90%, Due 2/25/27 14,515,100 14,409,935
Series 1995-C2, Class C, 7.00%, Due 5/25/27 1,679,878 1,671,104
Series 1995-C2, Class E, 7.00%, Due 5/25/27 (f) 2,458,970 2,424,467
Resolution Trust Corporation Mortgage Pass-Thru
Securities, Inc. Variable Rate Certificates:
Series 1993-1P, Class A2, 6.86%, Due 8/25/19 (b) 2,787,836 2,767,791
Series 1995-1, Class B-5, 7.9361%, Due 10/25/28 9,649,705 9,630,841
Series 1995-1, Class B-11, 8.225%, Due 10/25/28 319,503 319,830
Series 1995-1, Class M-11, 7.425%, Due 10/25/28 2,226,562 2,236,459
Ryland Mortgage Securities Corporation IV
Variable Rate Collateralized Mortgage Bonds,
Series 2, Class 3-A, 11.9694%, Due 6/25/23 258,259 260,719
Ryland Mortgage Securities Corporation Variable
Rate Mortgage Participation Securities, Series
1990-C1, Class A, 6.8319%, Due 10/25/20 (c) 26,136,527 25,868,181
SASCO Floating Rate Commercial Mortgage Trust
Floating Rate Pass-Thru Certificates:
Series 1998-C3A, Class A2, 7.20%, Due 6/25/15 (b) 6,382,549 6,389,693
Series 1998-C3A, Class G, 7.17%, Due 3/25/02 (b) 18,510,037 18,372,313
Series 2000-C2, Class E, 7.19%, Due 1/21/03 (b) 18,719,013 18,724,815
Salomon Brothers Mortgage Securities VII, Inc.
Floating Rate Asset-Backed Certificates, Series
1997-NC4, Class M-2, 7.075%, Due 9/25/27 3,000,000 3,010,580
Salomon Brothers Mortgage Securities VII Inc.
Mortgage Pass-Thru Certificates, Series 1997-
HUD1, Class A-2, 7.37%, Due 12/25/30 3,903,620 3,886,854
Salomon Brothers Mortgage Securities VII, Inc.
Variable Rate Mortgage Pass-Thru Certificates,
Series 1992-4,
Class A2, 8.5704%, Due 9/25/22 629,375 630,594
Saxon Asset Securities Trust Mortgage Interest
Only Mortgage Obligation, Series 2000-3,
Class A2, 7.40%, Due 4/25/03 25,000,000 2,906,250
Sears Mortgage Securities Corporation Variable
Rate Mortgage Pass-Thru Certificates:
Series 1991-1, Class A-1, 6.18%, Due 7/25/21 10,870,574 10,655,683
Series 1992-21, Class A-2, 8.2059%, Due 12/26/22 408,495 406,728
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 5,985,000
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 6,210,864 6,216,046
Structured Asset Securities Corporation Variable
Rate Pass-Thru Certificates:
Series 1994-C1, Class A-3, 7.30%, Due 8/25/26 $ 944,381 $ 955,277
Series 1995-C4, Class A-2, 7.17%, Due 6/25/26 1,176,685 1,176,817
Structured Mortgage Trust Commercial Mortgage-
Backed Securities, Series 1997-2, Class A,
7.9319%, Due 1/30/06 (Acquired 5/12/98;
Cost $7,455,266) (b) 7,539,409 7,084,708
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) 1,130,996 1,130,787
USAA Auto Loan Guarantor Trust Pass-Thru
Certificates, Series 1999-1, Class A, 6.10%,
Due 2/15/06 3,111,950 3,091,364
Western Federal Savings & Loan Association
Variable Rate Mortgage Pass-Thru Certificates,
Series 1991-4, Class A, 7.995%, Due 7/25/21 2,342,866 2,341,168
------------------------------------------------------------------------------------------------------------------
Total Non-Agency Mortgage & Asset-Backed
Securities (Cost $909,551,705) 902,751,895
------------------------------------------------------------------------------------------------------------------
United States Government &
Agency Issues 8.2%
FHLMC Participation Certificates:
5.00%, Due 5/01/06 21,412,789 20,340,591
7.00%, Due 7/15/06 1,363,978 1,361,161
8.50%, Due 7/01/21 9,982,851 10,202,417
9.00%, Due 1/01/05 thru 9/15/20 12,078,693 12,453,559
9.50%, Due 12/01/22 (f) 16,200,657 17,256,292
10.00%, Due 3/15/20 9,505,998 9,933,677
10.50%, Due 5/01/20 thru 11/01/20 6,652,429 7,364,820
11.00%, Due 11/01/15 thru 9/01/20 1,394,364 1,515,092
11.75%, Due 5/01/11 thru 6/01/11 648,891 714,182
12.00%, Due 9/01/11 thru 2/01/15 272,281 303,286
12.25%, Due 7/01/15 338,319 376,404
12.50%, Due 2/01/15 112,522 126,949
FNMA Guaranteed Real Estate Mortgage
Investment Conduit Pass-Thru Certificates:
8.75%, Due 9/25/20 2,043,078 2,104,665
9.00%, Due 10/01/04 thru 6/01/24 54,714,640 56,788,200
9.50%, Due 12/01/09 thru 3/01/21 7,731,530 8,077,891
9.75%, Due 3/25/20 3,943,301 4,188,827
10.00%, Due 12/01/09 thru 1/01/10 5,254,227 5,533,759
10.50%, Due 8/01/19 4,188,463 4,477,787
13.50%, Due 9/01/14 16,314 18,618
FNMA Guaranteed Real Estate Mortgage Investment
Conduit Variable Rate Pass-Thru Certificates:
8.01%, Due 5/01/27 7,947,919 8,155,826
8.077%, Due 12/01/17 2,176,410 2,230,553
GNMA Guaranteed Pass-Thru Certificates:
9.50%, Due 12/15/17 2,959,214 3,111,042
10.00%, Due 10/20/17 4,069,785 4,266,621
13.50%, Due 8/15/14 thru 11/15/14 66,000 75,173
15.00%, Due 5/15/12 thru 9/15/12 27,122 31,673
Student Loan Marketing Association Student Loan
Trust Loan-Backed Floating Rate Notes:
Series 1997-1, Class A1, 6.804%, Due 10/25/05 9,708,656 9,667,443
Series 1997-2, Class A1, 6.884%, Due 10/25/05 3,137,330 3,119,620
Series 1997-3, Class A1, 6.944%, Due 4/25/06 5,468,545 5,452,385
Series 1998-1, Class A1, 7.054%, Due 1/25/07 6,712,279 6,717,481
------------------------------------------------------------------------------------------------------------------
Total United States Government & Agency Issues
(Cost $203,396,936) 205,965,994
------------------------------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE>
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Preferred Stocks 1.7%
Parmalat Capital Finance 8.9225% Series B 200,000 $ 4,500,000
TCI Communications Financing I Trust 8.72% 1,580,000 37,228,750
------------------------------------------------------------------------------------------------------------------
Total Preferred Stocks (Cost $46,662,122) 41,728,750
------------------------------------------------------------------------------------------------------------------
Short-Term Investments (a) 11.3%
Commercial Paper 0.1%
Interest Bearing, Due Upon Demand
Firstar Bank, N.A., 6.29% $ 708,000 708,000
Sara Lee Corporation, 6.22% 233,300 233,300
Wisconsin Electric Power Company, 6.22% 138,000 138,000
-------------
1,079,300
Corporate Bonds 5.8%
Arrow Electronics, Inc. Floating Rate Notes,
7.8025%, Due 10/05/01 (b) 14,000,000 13,999,888
CMS Energy Corporation Notes, Series B,
7.375%, Due 11/15/00 (c) 20,065,000 20,054,526
Columbia Healthcare Corporation Notes,
6.125%, Due 12/15/00 2,700,000 2,691,635
Enron Corporation Floating Rate Notes,
7.11%, Due 9/10/01 (b) 40,000,000 40,013,400
ITT Corporation Notes, 6.25%, Due 11/15/00 29,425,000 29,408,787
MGM Grand, Inc. 7.87%, Due 4/06/01 (b) 10,000,000 10,000,000
Niagara Mohawk Power Corporation Senior
Notes, Series C, 7.125%, Due 7/01/01 1,814,634 1,815,866
Restructured Asset Securities Enhanced Returns
Floating Rate Notes, Series 1998-C-10-1,
7.7875%, Due 6/18/01 (b) 4,500,000 4,504,982
WMX Technologies, Inc. Notes, 7.125%,
Due 6/15/01 10,000,000 9,929,170
Waste Management, Inc. Senior Notes, 6.125%,
Due 7/15/01 13,305,000 13,049,531
-------------
145,467,785
Non-Agency Mortgage & Asset-Backed Securities 1.0%
DLJ Commercial Mortgage Corporation
Pass-Thru Certificates, Series 1998-ST2A,
Class A3, 7.6688%, Due 11/05/00 (b) 14,939,170 14,929,908
IMC Home Equity Loan Trust Pass-Thru
Certificates, Series 1998-5, Class A-7IO,
8.34%, Due 3/20/01 35,000,000 1,006,250
Salomon Brothers Mortgage Securities VII, Inc.
Floating Rate Commercial Mortgage Pass-Thru
Certificates, Series 2000-FL1, Class B, 7.0688%,
Due 5/05/01 (b) 10,000,000 10,003,100
-------------
25,939,258
Repurchase Agreements 3.8%
Barclays Capital, Inc. (Dated 10/31/00), 6.53%,
Due 11/01/00 (Repurchase proceeds
$94,817,196); Collateralized by: United States
Treasury Bonds (h) 94,800,000 94,800,000
Taxable Municipal Bonds 0.6%
New York Dormitory Authority Revenue-
Mount Sinai and NYU Hospitals Project,
7.50%, Due 7/01/26 (Putable at $100 and
Rate Reset Effective 11/08/00):
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%
United States Treasury Bills, Due 12/14/00
thru 1/18/01 (c) $ 795,000 $ 785,341
------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (Cost $284,274,367) 284,070,884
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Total Investments in Securities (Cost $2,562,015,119) 101.4% 2,539,181,985
Other Assets and Liabilities, Net (1.4%) (35,221,558)
------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 2,503,960,427
==================================================================================================================
</TABLE>
FUTURES
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Underlying
Expiration Face Amount Unrealized
Date at Value Depreciation
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Sold:
50 Five-Year U.S. Treasury Notes 12/00 $ 5,034,375 $ 36,541
1,415 Two-Year U.S. Treasury Notes 12/00 283,176,875 1,569,973
</TABLE>
SWAPS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Open Swap contracts at October 31, 2000 consisted of the following:
------------------------------------------------------------------------------------------------------------------
Notional Interest Interest Unrealized
Issuer Amount Sold Bought Depreciation
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORE Limited $ 14,044,000 3 Month Euro 3 Month USD $ --
(Expires 1/16/06) LIBOR + 80 bp LIBOR + 78 bp
Columbia Healthcare 20,000,000 2.00% -- 14,000
(Expires 6/21/02)*
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)*
* Credit Swaps
-----------------------------------------------------------------------------------------------------------------
</TABLE>
STRONG MUNICIPAL ADVANTAGE FUND
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds 25.1%
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 (Putable at $100 on 2/01/02) 32,045,000 24,354,200
------------
25,266,994
Arizona 0.2%
Maricopa County, Arizona IDA Hospital
Facility Revenue Refunding - Samaritan
Health Services Project, 7.00%, Due 12/01/01 3,485,000 3,560,903
Arkansas 0.2%
Little Rock, Arkansas Collateralized IDR -
Lexicon, Inc. Project, 6.48%, Due 7/01/06 2,655,000 2,678,231
Colorado 0.8%
Arapahoe County, Colorado SFMR -
IDK Partners I Trust Pass-Thru Certificates,
5.25%, Due 11/01/19 1,379,044 1,379,955
</TABLE>
19
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Metropolitan Football Stadium District of
Colorado Sales Tax Revenue, Zero %
Due 1/01/03 $12,500,000 $11,296,875
-----------
12,676,830
Connecticut 0.0%
Connecticut HFA Housing Mortgage
Finance Program, 7.30%, Due 11/15/03 135,000 135,000
Florida 0.4%
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
Hillsborough County, Florida Utility Refunding
Revenue, 7.00%, Due 8/01/14 2,800,000 2,897,440
----------
6,547,440
Georgia 0.7%
Burke County, Georgia Development Authority
PCR - Georgia Power Company Plant Project,
4.53%, Due 9/01/30 (Putable at 100 on 3/01/02) 11,500,000 11,514,375
Hawaii 0.1%
Hawaii Airports System Revenue, 7.00%,
Due 7/01/10 1,000,000 1,035,370
Idaho 0.2%
Boise, Idaho Housing Authority Revenue -
Hobbler Place Project, 5.25%, Due 2/01/02 3,710,000 3,714,638
Illinois 3.8%
Buffalo Grove, Illinois Park District Installment
Contract Certificates, 5.40%, Due 12/30/04 6,645,000 6,703,144
Chicago, Illinois O'Hare International Airport
Special Facility Revenue - American Airlines, Inc.
Project, 7.875%, Due 11/01/25 6,820,000 7,039,809
Chicago, Illinois O'Hare International Airport
Special Facility Revenue - United Airlines, Inc.
Project, 8.85%, Due 5/01/18:
Series A 17,845,000 18,638,389
Series B 13,825,000 14,439,660
Illinois DFA PCR Refunding - Commonwealth
Edison Company Project, 7.25%, Due 6/01/11 11,225,000 11,578,139
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 2,814,000
-----------
61,213,141
Indiana 0.3%
East Chicago, Indiana School City COP:
5.10%, Due 7/15/03 2,325,000 2,319,188
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
----------- -----------
5,411,644
Iowa 0.0%
Cedar Rapids, Iowa First Mortgage Revenue -
Cottage Grove Place Project, 5.30%, Due 7/01/05 540,000 504,225
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 1,805,000 749,075
Leavenworth, Kansas Temporary Notes, 5.375%,
Due 3/01/02 $ 1,695,000 $ 1,700,594
-----------
5,046,480
Kentucky 1.1%
Kentucky EDFA Hospital System Refunding and
Improvement Revenue - Appalachian Regional
Healthcare, Inc. Project:
5.00%, Due 10/01/02 2,300,000 2,179,250
5.10%, Due 10/01/03 2,165,000 1,994,506
Logan and Todd Counties, Kentucky Regional
</TABLE>
<TABLE>
<S> <C> <C>
Louisiana 3.1%
East Baton Rouge, Louisiana Mortgage Finance
Authority SFMR Refunding - GNMA and
FNMA Mortgage-Backed Securities, 4.60%,
Due 10/01/16 555,000 549,289
Louisiana Local Government Environment
Facilities Community Development Authority
Revenue - Public Construction Projects, 5.25%,
Due 2/15/02 7,000,000 7,052,500
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) 795,000 788,044
6.75%, Due 6/01/22 2,615,000 2,441,756
New Orleans, Louisiana Regional Transit
Authority Lease-Purchase Agreements, 5.50%,
Due 5/01/08:
Lease M98147 29,132,954 28,550,295
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 3,371,387
-----------
49,185,397
Maine 0.3%
Maine Finance Authority Solid Waste Disposal
Revenue - Boise Cascade Corporation Project,
7.90%, Due 6/01/15 5,000,000 5,093,750
Maryland 0.2%
Maryland Master Lease, 3.635%, Due 1/01/04 3,532,812 3,470,988
Massachusetts 1.4%
Massachusetts Health and EFA Competitive
Lease Program - Whitehead Institute for
Biomedical Research Project:
4.595%, Due 10/15/03 20,637,828 20,715,220
4.698%, Due 5/07/03 1,671,343 1,677,611
-----------
22,392,831
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 0.8%
Minnesota Master Lease, 4.305%, Due 12/01/03 10,366,038 10,262,377
Plymouth, Minnesota Revenue Refunding -
Carlson Center Project, 7.00%, Due 4/01/12 3,330,000 3,335,661
-----------
13,598,038
</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 $ 3,299,725
Nebraska 1.3%
Energy America Gas Supply Revenue:
Metropolitan Utilities District Project,
5.30%, Due 4/01/05 13,962,712 13,910,352
Nebraska Public Gas Agency Project, 5.10%,
Due 10/15/05 5,093,196 5,054,997
Omaha Tribe of Nebraska Public Improvements
Authority GO, 7.50%, Due 6/01/09 2,500,000 2,531,250
-----------
21,496,599
Nevada 0.1%
Reno-Sparks, Nevada Convention and Visitors
Authority Limited Obligation Refunding,
6.25%, Due 11/01/01 1,540,000 1,553,983
New York 1.1%
New York Housing Finance Agency Revenue -
Lakeview Homes Housing Project, 4.65%,
Due 11/15/02 10,100,000 10,100,000
New York Mortgage Agency Homeowner
Mortgage Revenue, 4.75%, Due 10/01/21 6,910,000 6,866,813
-----------
16,966,813
North Carolina 0.3%
North Carolina Eastern Municipal Power
Agency Power System Revenue Refunding,
5.00%, Due 1/01/02 4,860,000 4,866,075
Ohio 0.2%
Ohio Department of Transportation COP -
Rickenbacker Port Project, 6.125%,
Due 4/15/15 330,000 338,725
Youngstown, Ohio City School District Energy
Conservation Measures, 6.80%, Due 3/15/05 2,975,000 3,094,000
-----------
3,432,725
Oklahoma 0.1%
Tulsa County, Oklahoma GO, 3.60%,
Due 11/01/01 1,925,000 1,899,975
Oregon 0.3%
Medford, Oregon Municipal Lease-Purchase
Agreement, 5.00%, Due 5/01/03 1,088,456 1,091,177
Washington County, Oregon Operations Yard
Facilities Deferred Interest Obligations, Zero %,
Due 6/01/03 4,000,000 3,565,000
-----------
4,656,177
Pennsylvania 1.8%
Lehigh County, Pennsylvania General Purpose
Authority Revenue - KidsPeace Obligated
Group Project:
5.50%, Due 11/01/01 2,125,000 2,115,692
5.50%, Due 11/01/02 2,240,000 2,220,400
5.50%, Due 11/01/03 2,360,000 2,327,550
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 1,200,771
Philadelphia, Pennsylvania Municipal Authority
Equipment Revenue, 5.297%, Due 10/01/04 11,145,016 11,256,466
Pittsburgh, Pennsylvania Urban Redevelopment
Authority Mortgage Revenue, 5.15%,
Due 4/01/21 3,400,000 3,404,250
Scranton, Lackawanna County, Pennsylvania
Health and Welfare Authority Hospital
Revenue - Moses Taylor Hospital Project:
5.25%, Due 7/01/02 $ 2,495,000 $ 2,435,744
5.45%, Due 7/01/03 1,350,000 1,304,438
-----------
28,718,436
Puerto Rico 0.2%
Commonwealth of Puerto Rico Tax-Exempt
Lease Certificates, 5.35%, Due 7/15/04 3,694,357 $ 3,791,334
South Carolina 0.1%
Charleston County, South Carolina Industrial
Revenue Refunding - Coburg Dairy, Inc.
Project, 6.875%, Due 10/01/06 1,400,000 1,402,240
Tennessee 0.3%
Tennessee Housing Development Agency -
Homeownership Program Project, Zero %,
Due 7/01/12 8,730,000 4,768,762
Texas 1.5%
Alliance Airport Authority, Inc. Special Facilities
Revenue - American Airlines, Inc. Project,
7.50%, Due 12/01/29 15,850,000 16,194,579
Falcons Lair, Texas Utility and Reclamation
District COP, 6.25%, Due 10/15/02 2,000,000 1,902,500
Houston, Texas Airport System Subordinated
Lien Revenue, 6.75%, Due 7/01/08 2,500,000 2,582,575
Jefferson County, Texas Health Facilities
Development Corporation Hospital Revenue -
Baptist Healthcare System Project, 8.875%,
Due 6/01/21 2,905,000 2,879,581
-----------
23,559,235
Utah 0.4%
Eagle Mountain, Utah Special Improvement
District Number 98-3 Special Assessment,
5.50%, Due 12/15/08 4,190,000 4,121,913
Salt Lake City, Utah Redevelopment Agency
Central Business District Neighborhood
Redevelopment Tax Increment Revenue
Refunding, 4.75%, Due 10/01/02 2,850,000 2,853,562
-----------
6,975,475
Virginia 0.2%
Tazewell County, Virginia IDA Revenue -
Public Projects Interim Financing Program,
5.00%, Due 12/15/01 3,500,000 3,517,500
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 2,540,625
Series B 1,385,000 1,400,581
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 1,290,638
Series B 1,105,000 1,122,956
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 2,016,687
</TABLE>
21
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------
Skagit County, Washington Public Hospital
District Number 1 Revenue Refunding -
Affiliated Health Services Project, 4.90%,
Due 12/01/02 $ 1,545,000 $ 1,519,894
------------
9,891,381
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 1,978,250
Wisconsin 0.6%
Appleton, Wisconsin Water Works Revenue
BAN, 5.00%, Due 7/01/02 7,000,000 7,026,250
Racine, Wisconsin BAN, 5.00%, Due 12/01/02 2,000,000 2,005,220
------------
9,031,470
--------------------------------------------------------------------------------
Total Municipal Bonds (Cost $415,511,488) 405,971,570
--------------------------------------------------------------------------------
Variable Rate Put Bonds 10.7%
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 3,004,110
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 2,962,500
Florida 4.2%
Florida Housing Finance Agency MFHR - Cypress
Lake Apartments Project, 5.75%, Due 12/01/07
(Mandatory Put at $100 on 12/01/02) 200,000 202,250
Municipal Mortgage & Equity LLC MFHR
Certificates, 4.95%, Due 8/15/23 (Mandatory
Put at $100 on 8/15/05) 66,876,475 66,868,450
------------
67,070,700
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 2,800,812
Illinois 1.6%
Chicago, Illinois MFHR - Chicago Beach
Apartments Project, 5.50%, Due 2/01/17
(Mandatory Put at $100 on 2/01/02) 2,810,000 2,813,962
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
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 19,790,375
------------
26,099,962
Massachusetts 0.1%
Northborough, Massachusetts Industrial Finance
Authority Industrial Revenue - Newcorr
Packaging, Ltd. Project, 4.80%, Due 9/01/02 1,820,000 1,820,000
New Hampshire 0.9%
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 $ 9,862,500
4.55%, Due 7/01/27 (Mandatory Put at $100
on 2/01/04) 5,000,000 4,906,250
------------
14,768,750
New Jersey 0.8%
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 4,812,500
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
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 2,955,000
Tennessee 0.1%
Shelby County, Tennessee Health, Educational
and Housing Facilities Board Health Care
Facilities Revenue EXTRAS - Kirby Pines
Retirement Community Project, 5.50%,
Due 11/15/27 (Putable at $100 and Rate
Reset Effective 11/15/02) 2,450,000 2,394,875
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 12,150,000
22
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------
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 $ 1,549,406
------------
19,556,956
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 3,156,563
--------------------------------------------------------------------------------
Total Variable Rate Put Bonds (Cost $173,022,682) 171,727,872
--------------------------------------------------------------------------------
Short-Term Investments (a) 62.1%
Municipal Bonds 18.3%
California 0.3%
Gardena, California TRAN, 5.30%, Due 8/21/01 4,150,000 4,165,853
Colorado 1.1%
Central City, Gilpin County, Colorado Excise
Tax Refunding, 5.40%, Due 12/01/00 1,100,000 1,100,517
Chimney Rock, Colorado Metropolitan District
GO, 9.00%, Due 4/01/18 (Pre-Refunding
at $100 on 10/01/01) 1,218,462 1,266,786
Denver, Colorado City and County Airport Revenue:
6.90%, Due 11/15/00 3,415,000 3,417,186
7.30%, Due 11/15/00 2,900,000 2,902,233
8.00%, Due 11/15/25 (Pre-Refunding at
$102 on 11/15/00) 2,095,000 2,139,163
8.25%, Due 11/15/12 (Pre-Refunding at
$102 on 11/15/00) 3,500,000 3,574,060
8.50%, Due 11/15/23 (Pre-Refunding at
$102 on 11/15/00) 3,325,000 3,395,623
------------
17,795,568
Connecticut 0.0%
Norwich, Connecticut Tax-Exempt Equipment
Lease, 6.35%, Due 8/01/01 416,318 418,525
Florida 0.4%
Escambia County, Florida Housing
Corporation Housing Revenue -
Royal Arms Project, 7.00%, Due 7/01/17
(Mandatory Put at $100 on 2/01/01) 9,015,000 6,310,500
Illinois 0.3%
Alton, Illinois Hospital Facilities
Revenue Refunding - St. Anthony's
Health Center Project, 5.00%, Due 9/01/01 850,000 845,461
Eureka, Illinois Educational Facilities
Revenue - Eureka College Project:
5.25%, Due 1/01/01 660,000 659,175
5.25%, Due 1/01/19 (Putable at $100
on 1/01/01) 3,330,000 3,325,837
------------
4,830,473
Kentucky 0.1%
Kentucky EDFA Hospital System Refunding
and Improvement Revenue - Appalachian
Regional Healthcare, Inc. Project, 4.85%,
Due 10/01/01 2,195,000 2,139,313
Louisiana 3.3%
Louisiana Public Facilities Authority
MFHR - Whitten Foundation Project:
6.75%, Due 4/01/01 $ 26,700,000 $ 25,365,000
7.00%, Due 12/01/00 11,665,000 11,081,750
7.00%, Due 6/01/01 18,150,000 17,242,500
------------
53,689,250
Massachusetts 1.1%
Clipper Caravel Tax-Exempt Certificates
Trust Revenue, 3.75%, Due 10/08/01 10,549,439 10,478,442
Commonwealth of Massachusetts
Department of Revenue Tax-Exempt
Master Equipment Lease, 5.62%, Due 10/01/01 641,062 642,376
New Bedford, Massachusetts BAN, 5.15%,
Due 12/01/00 7,000,000 7,000,275
------------
18,121,093
Michigan 0.1%
Detroit, Michigan EDC Resource
Recovery Revenue, 7.00%, Due 5/01/01 2,160,000 2,176,697
Missouri 0.0%
Springfield, Missouri Land Clearance
Redevelopment Authority Industrial
Revenue - University Plaza Project, 5.90%,
Due 10/01/01 300,000 300,693
New Jersey 0.6%
East Orange, New Jersey TAN, 5.95%,
Due 8/14/01 4,250,000 4,264,662
Jersey City, New Jersey Municipal Utilities
Authority Project Notes, 5.65%,
Due 7/27/01 4,000,000 4,011,960
South Amboy, New Jersey Housing
Authority Housing Revenue - Shore Gate
Village Grand Project, 6.00%,
Due 1/01/01 (Defaulted Effective 12/21/99) 2,699,145 1,484,530
------------
9,761,152
New York 3.6%
Buffalo, New York RAN, 5.25%,
Due 5/31/01 16,000,000 16,027,680
Niagara Falls, New York City School
District RAN:
4.75%, Due 12/08/00 9,500,000 9,502,565
5.375%, Due 10/16/01 19,000,000 19,043,510
Schenectady, New York City School
District BAN, 5.50%, Due 6/29/01 13,250,000 13,285,775
------------
57,859,530
Ohio 2.7%
American Municipal Power-Ohio, Inc.
BAN, 5.25%, Due 1/19/01 30,000,000 30,042,000
American Municipal Power-Ohio, Inc.
BAN - St. Marys City Project, 5.00%,
Due 10/12/01 2,700,000 2,700,621
East Muskingum, Ohio Water Authority
Revenue BAN, 5.53%, Due 6/21/01 4,990,000 5,004,721
Garfield Heights, Ohio BAN, 5.25%,
Due 10/18/01 6,000,000 6,007,080
------------
43,754,422
Oregon 0.1%
Multnomah County, Oregon Educational
Facilities Revenue Refunding - University
of Portland Project, 4.75%, Due 4/01/01 1,025,000 1,025,082
23
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania 0.3%
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) $ 4,550,000 $ 4,551,956
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 2,700,864
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 1,501,545
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 1,501,545
Municipal Energy Acquisition Corporation
Gas Revenue, 5.00%, Due 3/01/01 3,385,000 3,384,932
-----------
6,388,022
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 20,848,800
Utah 0.2%
Eagle Mountain, Utah Gas and Electric
Revenue BAN, 4.875%, Due 9/01/01 2,830,000 2,841,801
Salt Lake City, Utah IDR Refunding -
JTM Foothill Village Project, 7.125%,
Due 12/01/00 830,000 831,179
-----------
3,672,980
Virginia 0.1%
Arlington County, Virginia COP, 4.4584%,
Due 6/30/01 1,293,887 1,290,122
Wisconsin 1.6%
Dodgeland, Wisconsin School District BAN,
5.20%, Due 4/01/01 4,470,000 4,470,581
Dodgeville, Wisconsin School District
TRAN, 4.78%, Due 9/26/01 1,500,000 1,500,225
Elmbrook School District TRAN,
5.25%, Due 8/21/01 7,000,000 7,039,200
Glenwood, Wisconsin School District
TRAN, 4.85%, Due 10/01/01 1,900,000 1,900,513
Hartford, Wisconsin Joint School District
Number 1 TRAN, 4.85%, Due 10/30/01 1,500,000 1,501,395
Lodi, Wisconsin School District TRAN,
4.90%, Due 10/30/01 3,000,000 3,001,410
Loyal, Wisconsin School District TRAN,
4.89%, Due 9/06/01 1,720,000 1,718,968
New London, Wisconsin School District
TRAN, 5.00%, Due 9/28/01 1,750,000 1,751,960
Palmyra and Eagle, Wisconsin School
District TRAN, 4.88%, Due 10/10/01 2,175,000 2,176,979
-----------
25,061,231
Wyoming 0.5%
Wyoming Community HDA Revenue, 3.80%,
Due 6/01/01 8,200,000 8,154,408
-----------
Total Municipal Bonds 295,016,534
Variable Rate Put Bonds 10.8%
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 $ 20,823,321
Florida 0.4%
Escambia County, Florida Housing
Corporation Housing Revenue -
Wellington Arms Project, 7.375%,
Due 9/01/16 (Mandatory Put
at $100 on 2/01/01) 10,555,000 6,860,750
Illinois 3.1%
Lakemoor, Illinois MFHR - Lakemoor
Apartments Project, 5.35%, Due 6/01/11
(Mandatory Put at $100 on 9/04/01) 50,000,000 50,000,000
Indiana 1.1%
Anderson, Indiana MFHR - Cross Lakes
Apartments Project, 6.55%, Due 7/01/33
(Mandatory Put at $100 on 7/01/01) 8,350,000 8,352,756
Indianapolis, Indiana MFHR - Covered
Bridge Project, 6.55%, Due 4/01/30
(Mandatory Put at $100 on 4/01/01) 9,780,000 9,780,000
-----------
18,132,756
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 3,574,535
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 1,950,156
Massachusetts 0.1%
Massachusetts Industrial Finance Agency
Industrial Revenue - John T. Spinelli Project,
7.00%, Due 11/01/00 778,058 778,058
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 2,899,623
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 17,898,300
Texas 3.2%
Brazos River Authority, Texas PCR Refunding -
Texas Utilities Electric Company Project:
5.00%, Due 4/01/33 (Mandatory Put at $100
on 4/01/01) 25,000,000 25,048,500
5.50%, Due 6/01/30 (Mandatory Put at $100
on 6/19/01) 12,245,000 12,296,551
</TABLE>
24
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Ivy Walk Apartments Trust Pass-Thru
Certificates, 6.30%, 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, 6.50%,
Due 10/01/34 (Mandatory Put
at $100 on 10/01/01) 3,780,000 3,779,282
Texarkana, Texas HFC MFHR - Tanglewood
Terrace Apartments, 6.50%, Due 6/01/29
(Mandatory Put at $100 on 6/01/01) 4,215,000 4,225,369
-----------
51,999,702
-----------
Total Variable Rate Put Bonds 174,917,201
Annual Variable Rate Put Bonds 0.9% (d)
Alabama 0.2%
Selma, Alabama IDB Solid Waste Disposal
Revenue - International Paper Company
Project, 5.35%, Due 9/01/01 2,900,000 2,900,232
Florida 0.6%
Miami Beach, Florida Health Facilities
Authority Hospital Revenue - Mount
Sinai Medical Center Project, 7.08%,
Due 8/15/01 9,500,000 9,500,000
North Carolina 0.0%
New Hanover County, North Carolina
Industrial Facilities Revenue -
Wilmington Machinery, Inc. Project, 4.70%,
Due 9/01/01 670,000 670,000
Ohio 0.1%
Sharonville, Ohio IDR - Ralston Purina
Company Project, 4.10%, Due 12/01/00 1,000,000 1,000,000
-----------
Total Annual Variable Rate Put Bonds 14,070,232
Semi-Annual Variable Rate Put Bonds 1.2% (d)
Alabama 0.3%
Mobile, Alabama IDB PCR Refunding -
International Paper Company
Project, 5.75%, Due 12/01/00 5,100,000 5,097,246
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, 5.60%,
Due 4/01/01 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 18,922,246
Monthly Variable Rate Put Bonds 4.2% (d)
Arizona 0.2%
USBI Trust Pass-Thru Certificates, Series 1998-B,
Class A, 5.00%, Due 12/01/00 2,997,605 2,997,605
Louisiana 0.7%
Calcasieu Parish, Louisiana Memorial
Hospital Service District Hospital
Revenue - Lake Charles Memorial
Hospital Project, 4.95%, Due 12/01/00 $ 10,905,000 $ 10,905,000
Massachusetts 0.6%
Massachusetts Industrial Finance Agency
Industrial Revenue - New England Milling
Company Project, 5.20%, Due 12/01/00 10,000,000 10,000,000
Missouri 0.2%
Desloge, Missouri IDA IDR Refunding -
National Healthcorp Project, 5.00%,
Due 12/01/00 1,850,000 1,850,000
Dunklin County, Missouri IDA IDR
Refunding - National Healthcorp
Project, 5.00% , Due 12/01/00 2,355,000 2,355,000
-----------
4,205,000
New Mexico 0.7%
New Mexico Hospital Equipment Loan
Council Hospital Revenue - Presbyterian
Health Care Services Project, 5.83%,
Due 12/07/00 12,000,000 12,000,000
New York 1.1%
New York Dormitory Authority Revenue -
Mount Sinai and NYU Hospitals
Project, 5.00%, Due 11/30/00 18,000,000 18,000,000
Pennsylvania 0.2%
Elk County, Pennsylvania IDA Flexible
Mode IDR Refunding - Stackpole
Corporation Project, 4.80%,
Due 12/01/00 2,750,000 2,750,000
South Dakota 0.5%
Sioux Falls, South Dakota EDR Refunding -
City Centre Hotel Corporation Project, 7.60%,
Due 12/01/00 7,662,098 7,662,098
-----------
Total Monthly Variable Rate Put Bonds 68,519,703
Weekly Variable Rate Put Bonds 13.7% (d)
Alabama 0.4%
Florence, Alabama IDB IDR - Nichols
Wire, Inc. Project, 4.93%, Due 11/08/00 2,570,000 2,570,000
Grove Hill, Alabama IDB IDR - Hamilton
Woods Veneer Project, 5.05%,
Due 11/08/00 4,550,000 4,550,000
-----------
7,120,000
Arkansas 0.2%
Searcy, Arkansas IDR - Yarnell Ice Cream
Company Project, 4.93%, 11/08/00 2,600,000 2,600,000
California 0.6%
California Statewide Communities
Development Authority MFHR
Refunding - Poinsettia Apartments
Project, 5.65%, Due 11/08/00 5,000,000 5,000,000
Pasadena, California Community
Development Commission COP:
Kings Plaza Project, 5.75%, Due 11/08/00 1,170,000 1,170,000
Lake/Washington Neighborhood Shopping
Center Project, 5.75%, Due 11/08/00 3,415,000 3,415,000
-----------
9,585,000
</TABLE>
25
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
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, 5.70%, Due 11/08/00 $ 1,600,000 $ 1,600,000
Denver, Colorado City and County MFHR
Refunding - The Seasons Apartment Project,
5.98%, Due 11/08/00 28,250,000 28,250,000
------------
29,850,000
Georgia 0.7%
Jefferson, Georgia Development Authority IDR -
Sumitomo Plastics America, Inc. Project, 5.20%,
Due 11/08/00 5,000,000 5,000,000
Rockdale County, Georgia Development
Authority IDR - Takabashi Works UAA,
Inc. Project, 5.73%, Due 11/08/00 6,200,000 6,200,000
------------
11,200,000
Illinois 2.4%
Illinois DFA IDR - Miyano Machy
USA, Inc. Project, 6.40%, Due 11/08/00 7,250,000 7,250,000
Illinois DFA MFHR Refunding -
Orleans-Illinois Project, 5.15%,
Due 11/08/00 29,020,000 29,020,000
Salem, Illinois IDR - Americana Building
Products Project, 5.65%, Due 11/08/00 2,250,000 2,250,000
------------
38,520,000
Kansas 0.9%
Hays, Kansas Manufacturing Facilities
Development Revenue - Yuasa Exide
Battery Corporation Project, 6.40%,
Due 11/08/00 9,500,000 9,500,000
Kansas City, Kansas Private Activity
Revenue Refunding - Inland Container
Corporation Project, 4.95%, Due 11/08/00 5,200,000 5,200,000
------------
14,700,000
Kentucky 0.4%
Hopkinsville, Kentucky IDR - Douglas
Autotech Corporation Project, 5.60%,
Due 11/08/00 6,900,000 6,900,000
Louisiana 0.1%
Louisiana Local Government Environmental
Facilities & Community Development
Authority Revenue - Cospolich, Inc.
Project, 5.15%, Due 11/08/00 2,100,000 2,100,000
Minnesota 1.1%
Delano, Minnesota IDR - Solar Plastics, Inc.
Project, 5.10%, Due 11/08/00 1,840,000 1,840,000
Edina, Minnesota MFMR Refunding -
Vernon Terrace Project, 5.10%,
Due 11/08/00 6,105,000 6,105,000
North Suburban Hospital District CDR
Refunding - Excel Realty Partners
Project, 5.20%, Due 11/08/00 5,500,000 5,500,000
Rochester, Minnesota IDR Refunding -
Seneca Foods Corporation Project, 4.70%,
Due 11/08/00 4,675,000 4,675,000
------------
18,120,000
Missouri 0.5%
Jefferson County, Missouri IDA Industrial
Revenue Refunding - Festus Manor Nursing
Home Project, 5.13%, Due 11/08/00 1,420,000 1,420,000
St. Louis County, Missouri IDA Revenue -
Allied Ring Project, 5.85%, Due 11/08/00 3,775,000 3,775,000
St. Louis, Missouri Port Authority IDR
Refunding - Italgrani USA, Inc. Project, 5.60%,
Due 11/08/00 $ 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, 5.85%, Due 11/08/00 3,290,000 3,290,000
Wake County, North Carolina Industrial
Facilities and PCFA IDR - Aeroglide
Corporation Project, 4.93%, Due 11/08/00 1,275,000 1,275,000
------------
4,565,000
Ohio 0.1%
Trumbull County, Ohio IDR - ATD
Corporation Project, 4.55%, Due 11/08/00 1,055,000 1,055,000
South Carolina 1.0%
South Carolina Jobs EDA EDR:
Advanced Automation, Inc. Project, 4.93%,
Due 11/08/00 3,500,000 3,500,000
F&S Realty LLC Project, 5.03%,
Due 11/08/00 8,000,000 8,000,000
Para-Chem Southern, Inc. Project, 4.93%,
Due 11/08/00 5,000,000 5,000,000
------------
16,500,000
Tennessee 0.9%
Dickson, Tennessee Health, Educational &
Housing Facilities Board MFHR -
Autumn Park Apartments Project, 5.15%,
Due 11/08/00 5,000,000 5,000,000
Hamilton County, Tennessee IDB MFHR -
The Waterford Place Apartments
Project, 5.28%, Due 11/08/00 9,600,000 9,600,000
------------
14,600,000
Texas 1.2%
Angelina and Neches River Authority
Refunding - Temple-Inland Forest Products
Corporation Project, 4.95%, Due 11/08/00 7,350,000 7,350,000
Harris County, Texas HFC MFHR - Torrey
Chase Apartments Project, 5.13%, Due 11/08/00 5,420,000 5,420,000
Waller County, Texas IDC IDR - McKesson
Water Products Projects, 5.45%, Due 11/08/00 6,000,000 6,000,000
------------
18,770,000
Virginia 0.2%
Virginia Small Business Financing Authority
IDR - International Parkway Association
Project, 5.03%, Due 11/08/00 2,750,000 2,750,000
Washington 0.3%
Lummi Nation, Washington Revenue -
Life Assisted Living Project, 5.10%,
Due 11/08/00 1,655,000 1,655,000
Yakima, Washington Housing Authority
Revenue - Klickitat Valley Hospital
Project, 5.00%, Due 11/08/00 3,215,000 3,215,000
------------
4,870,000
Wisconsin 0.6%
Janesville, Wisconsin IDR Refunding - Seneca
Foods Corporation Project, 4.70%,
Due 11/08/00 7,710,000 7,710,000
Menomonee Falls, Wisconsin IDR - Butler Paper
Company Project, 5.40%, Due 11/08/00 2,000,000 2,000,000
------------
9,710,000
------------
Total Weekly Variable Rate Put Bonds 221,310,000
</TABLE>
26
<PAGE>
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------------
<S> <C> <C>
Daily Variable Rate Put Bonds 11.3% (d)
District of Columbia 7.7%
District of Columbia Revenue:
Tranche 1, 5.85%, Due 11/01/00 $ 30,000,000 $ 30,000,000
Tranche 2, 5.85%, Due 11/01/00 48,325,000 48,325,000
Tranche 3, 5.85%, Due 11/01/00 46,500,000 46,500,000
--------------
124,825,000
Illinois 3.6%
Illinois DFA Revenue - Provena Health
Project, 5.85%, Due 11/01/00 58,375,000 58,375,000
--------------
Total Daily Variable Rate Put Bonds 183,200,000
Municipal Money Market Funds 1.7%
Multiple States
Strong Municipal Money Market Fund (g) 27,500,000 27,500,000
------------------------------------------------------------------------------------------------
Total Short-Term Investments (Cost $1,013,769,056) 1,003,455,916
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Investments in Securities (Cost $1,602,303,226) 97.9% 1,581,155,358
Other Assets and Liabilities, Net 2.1% 33,992,077
------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,615,147,435
================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
SWAPS
-------------------------------------------------------------------------------------------------
Open Swap contracts at October 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 $ 382,100
Capital Markets, L.P. 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 92.4%
AES Hawaii, Inc. $ 2,300,000 6.48% 12/08/00 $ 2,284,682
10,000,000 6.50 11/17/00 9,971,111
3,000,000 6.52 11/10/00 2,995,110
AT & T Corporation 22,000,000 6.75 11/01/00 22,000,000
Abbey National North America Corporation 20,000,000 6.51 1/16/01 19,725,133
5,000,000 6.52 1/18/01 4,929,367
Alliance & Leicester PLC (b) 6,500,000 6.50 11/17/00 6,481,222
15,000,000 6.54 11/01/00 15,000,000
Alpine Securitization Corporation (b) 5,800,000 6.51 11/09/00 5,791,609
American Honda Finance Corporation 10,000,000 6.49 11/13/00 9,978,367
2,950,000 6.49 11/20/00 2,939,895
Amstel Funding Corporation (b) 4,275,000 6.57 1/09/01 4,221,167
3,550,000 6.57 1/10/01 3,504,649
Asset Backed Capital Finance, Inc. (b) 7,200,000 6.50 11/30/00 7,162,300
10,000,000 6.50 2/26/01 9,788,750
Atlantis One Funding Corporation 9,200,000 6.52 1/12/01 9,080,032
3,500,000 6.53 1/09/01 3,456,195
6,000,000 6.53 1/17/01 5,916,198
4,650,000 6.54 12/13/00 4,614,521
Banco Bradesco SA Grand Cayman Branch, Series A 15,000,000 6.51 11/20/00 14,948,463
Bank of Nova Scotia 20,000,000 6.52 1/08/01 19,753,689
Barton Capital Corporation (b) 5,154,000 6.50 12/13/00 5,114,916
6,715,000 6.51 11/21/00 6,690,714
6,000,000 6.53 1/23/01 5,909,668
Bavaria TRR Corporation (b) 2,500,000 6.52 11/10/00 2,495,925
6,985,000 6.64 1/03/01 6,903,834
Bavaria Universal Funding Corporation (b) 7,000,000 6.51 11/20/00 6,975,949
3,108,000 6.52 11/15/00 3,100,119
Beta Finance, Inc. (b) 7,000,000 6.51 2/01/01 6,883,543
11,650,000 6.55 1/12/01 11,497,385
Blue Ridge Asset Funding Corporation (b) 1,900,000 6.50 11/20/00 1,893,482
4,000,000 6.50 12/13/00 3,969,667
5,800,000 6.52 11/01/00 5,800,000
4,500,000 6.52 11/17/00 4,486,960
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) 11,000,000 6.48 12/18/00 10,906,940
British Gas Capital, Inc. 14,000,000 6.53 1/26/01 13,781,608
</TABLE>
27
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
British Telecommunications PLC $ 3,845,000 6.17% 11/13/00 $ 3,837,092
CBA Finance, Inc. 10,000,000 6.54 1/05/01 9,881,917
9,000,000 6.54 1/10/01 8,885,550
CC, Inc. (b) 2,000,000 6.50 11/06/00 1,998,194
14,000,000 6.53 2/01/01 13,766,371
5,000,000 6.58 1/12/01 4,934,200
CXC, Inc. (b) 2,000,000 6.48 2/13/01 1,962,560
6,000,000 6.50 12/08/00 5,959,917
10,740,000 6.56 1/05/01 10,612,791
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) 2,340,000 6.52 11/09/00 2,336,610
Certain Funding Corporation (b) 3,100,000 6.50 12/27/00 3,068,656
9,000,000 6.52 11/20/00 8,969,030
4,927,000 6.56 1/30/01 4,846,197
2,500,000 6.57 1/16/01 2,465,325
Chevron UK Investment PLC 6,000,000 6.53 1/11/01 5,922,728
Compass Securitization LLC (b) 4,287,000 6.56 1/16/01 4,227,630
14,000,000 6.57 1/12/01 13,816,040
Cooperative Association Tractor Dealers, Inc.:
Series A 8,100,000 6.50 12/04/00 8,051,738
3,400,000 6.50 12/11/00 3,375,444
2,000,000 6.50 12/12/00 1,985,194
2,000,000 6.51 12/01/00 1,989,150
700,000 6.52 11/15/00 698,225
1,000,000 6.53 11/13/00 997,823
1,800,000 6.53 2/08/01 1,767,677
2,000,000 6.58 1/22/01 1,970,024
Series B 3,000,000 6.50 12/11/00 2,978,333
2,600,000 6.50 12/15/00 2,579,344
5,000,000 6.53 11/07/00 4,994,558
5,000,000 6.54 11/03/00 4,998,183
3,000,000 6.57 11/09/00 2,995,620
6,000,000 6.80 11/22/00 5,976,200
Credit Suisse First Boston, Inc. (b) 12,900,000 6.50 2/05/01 12,676,400
4,000,000 6.53 1/17/01 3,944,132
5,000,000 6.55 1/08/01 4,938,139
DaimlerChrysler North America Holding Corporation 6,100,000 6.51 2/01/01 5,998,516
Delaware Funding Corporation (b) 11,463,000 6.49 12/15/00 11,372,073
Den Norske Bank 20,000,000 6.50 11/14/00 19,953,056
Deutsche Bank Financial, Inc. 5,800,000 6.48 12/29/00 5,739,448
5,500,000 6.52 12/21/00 5,450,194
Edison Asset Securitization LLC (b) 3,615,000 6.49 12/05/00 3,592,842
3,000,000 6.53 1/05/01 2,964,629
Enterprise Funding Corporation (b) 4,000,000 6.49 12/08/00 3,973,319
4,000,000 6.50 12/01/00 3,978,333
3,033,000 6.50 12/07/00 3,013,286
2,000,000 6.51 11/08/00 1,997,468
Fidex PLC (b) 5,900,000 6.52 12/20/00 5,847,641
2,000,000 6.57 1/19/01 1,971,165
12,000,000 6.57 1/24/01 11,816,087
Firstar Bank, N.A 888,000 6.29 Upon Demand 888,000
Fleet Funding Corporation (b) 2,600,000 6.56 1/04/01 2,569,678
Formosa Plastics Corporation USA 21,600,000 6.50 2/14/01 21,190,500
3,600,000 6.50 2/27/01 3,523,300
Forrestal Funding Master Trust (b) 7,150,000 6.48 3/07/01 6,987,838
15,000,000 6.54 1/18/01 14,787,450
Fortis Finance NV (b) 1,300,000 6.52 11/28/00 1,293,643
Fortis Funding LLC (b) 10,000,000 6.52 1/17/01 9,860,544
3,500,000 6.54 12/04/00 3,479,018
Fountain Square Commercial Corporation (b) 1,000,000 6.50 12/26/00 990,069
4,565,000 6.51 12/18/00 4,526,201
1,006,000 6.55 11/06/00 1,005,085
954,000 6.55 11/13/00 951,917
</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>
$ 4,100,000 6.55% 12/27/00 $ 4,058,218
1,732,000 6.57 1/10/01 1,709,874
1,538,000 6.57 1/11/01 1,518,071
3,645,000 6.58 11/01/00 3,645,000
2,174,000 6.58 1/02/01 2,149,364
GOVCO, Inc. (b) 20,000,000 6.52 11/07/00 19,978,267
Galaxy Funding, Inc. (b) 21,200,000 6.56 12/28/00 20,979,803
2,000,000 6.59 1/23/01 1,969,613
Gannett Corporation (b) 1,300,000 6.52 11/21/00 1,295,291
General Dynamics Corporation (b) 7,200,000 6.50 11/08/00 7,190,900
6,000,000 6.51 12/15/00 5,952,260
9,285,000 6.53 11/01/00 9,285,000
General Electric Capital Corporation 1,700,000 6.51 1/17/01 1,676,329
3,600,000 6.52 1/18/01 3,549,144
13,950,000 6.52 1/19/01 13,750,556
2,500,000 6.53 1/12/01 2,467,350
General Motors Acceptance Corporation 8,500,000 6.50 1/26/01 8,368,014
6,000,000 6.53 1/18/01 5,915,110
Goldman Sachs Group LP 11,000,000 6.55 1/19/01 10,841,890
Great Lakes Funding Capital Corporation (b) 3,402,000 6.55 11/29/00 3,384,669
8,335,000 6.58 1/23/01 8,208,553
4,000,000 6.60 1/25/01 3,937,667
Greenwich Funding Corporation (b) 4,700,000 6.48 12/28/00 4,651,778
19,000,000 6.58 1/05/01 18,774,269
Greyhawk Funding LLC (b) 1,400,000 6.48 2/16/01 1,373,036
10,700,000 6.56 1/22/01 10,540,118
Gulf Coast Waste Disposal Authority PCR 7,020,000 6.52 11/09/00 7,020,000
Halifax PLC 11,920,000 6.50 1/18/01 11,752,127
10,000,000 6.61 1/02/01 9,886,161
Harley Davidson Dealer Funding Corporation (b) 7,500,000 6.49 12/14/00 7,441,860
10,000,000 6.49 12/15/00 9,920,678
Henkel Corporation (b) 9,000,000 6.51 1/25/01 8,861,663
ING America Insurance Holdings, Inc. 10,000,000 6.49 12/20/00 9,911,664
9,000,000 6.55 1/11/01 8,883,738
K2 USA LLC (b) 4,480,000 6.48 3/02/01 4,382,426
4,000,000 6.54 1/25/01 3,938,233
7,000,000 6.54 2/02/01 6,881,735
2,000,000 6.55 11/15/00 1,994,906
6,970,000 6.60 1/30/01 6,854,995
KFW International Finance, Inc. 2,700,000 6.50 1/18/01 2,661,975
15,000,000 6.50 1/22/01 14,777,917
KZH-KMS Corporation (b) 20,000,000 6.52 11/28/00 19,902,200
Kittyhawk Funding Corporation (b) 6,000,000 6.52 11/14/00 5,985,873
5,000,000 6.52 12/12/00 4,962,872
5,000,000 6.56 1/02/01 4,943,511
4,000,000 6.58 1/10/01 3,948,822
Knight-Ridder, Inc. 12,000,000 6.52 1/10/01 11,847,867
5,119,000 6.52 1/12/01 5,052,248
Liberty Street Funding Corporation (b) 18,000,000 6.56 1/09/01 17,773,680
Links Finance LLC (b) 17,700,000 6.57 1/12/01 17,467,308
Long Island College Hospital 7,000,000 6.58 1/24/01 6,892,527
Market Street Funding Corporation (b) 16,645,000 6.49 12/13/00 16,518,970
Marmon Holdings, Inc. (b) 11,900,000 6.51 11/29/00 11,839,746
3,000,000 6.52 11/16/00 2,991,850
1,585,000 6.55 11/21/00 1,579,232
Marshall & Ilsley Corporation 2,500,000 6.53 12/27/00 2,474,606
18,100,000 6.55 12/19/00 17,941,927
Merrill Lynch & Company, Inc. 15,000,000 6.51 1/11/01 14,807,412
3,000,000 6.53 1/17/01 2,958,099
Morgan Stanley, Dean Witter & Company 2,700,000 6.58 11/01/00 2,700,000
Moriarty, Ltd./Moriarty LLC (b) 2,800,000 6.52 2/01/01 2,753,346
14,000,000 6.57 1/08/01 13,826,260
5,600,000 6.78 11/22/00 5,577,852
National Cooperative Services Corporation (b) 4,815,000 6.49 12/01/00 4,788,959
9,985,000 6.55 1/16/01 9,846,930
Nationwide Building Society 2,400,000 6.48 2/09/01 2,356,800
1,500,000 6.54 1/09/01 1,481,198
</TABLE>
29
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Nordbanken North America, Inc. $ 18,500,000 6.50% 1/16/01 $ 18,246,139
North Coast Funding LLC (b) 19,000,000 6.53 12/06/00 18,879,376
3,447,000 6.58 2/02/01 3,388,407
Ohio Solid Waste Revenue 7,800,000 6.65 12/18/00 7,800,000
Oklahoma Industrial Finance Authority 6,440,000 6.72 11/01/00 6,440,000
Omnicom Finance, Inc. 10,200,000 6.50 11/17/00 10,170,533
Parthenon Receivables Funding LLC (b) 5,000,000 6.50 12/04/00 4,970,208
4,724,000 6.52 11/08/00 4,718,011
10,000,000 6.56 1/30/01 9,836,000
Peacock Funding Corporation (b) 6,000,000 6.50 11/08/00 5,992,417
8,350,000 6.52 1/11/01 8,242,628
Pemex Capital, Inc. 9,500,000 6.59 11/06/00 9,491,305
Repeat Offering Securitization Entity, Inc. (b) 1,000,000 6.58 1/29/01 983,733
Scaldis Capital, Ltd./Scaldis Capital LLC (b) 3,214,000 6.52 1/25/01 3,164,522
7,543,000 6.55 11/01/00 7,543,000
3,350,000 6.57 1/12/01 3,305,981
8,091,000 6.58 1/10/01 7,987,420
E. W. Scripps Company (b) 8,000,000 6.49 11/14/00 7,981,251
Sigma Finance, Inc. (b) 9,000,000 6.51 11/27/00 8,957,685
7,000,000 6.57 1/08/01 6,913,130
Societe Generale North America, Inc. 20,350,000 6.50 1/25/01 20,037,684
Society Of New York Hospital Fund, Inc. 10,000,000 6.53 12/12/00 9,925,631
Spintab-Swedmortgage AB 22,000,000 6.61 1/02/01 21,749,554
Stellar Funding Group, Inc. (b) 1,068,000 6.53 11/14/00 1,065,482
6,000,000 6.54 12/29/00 5,936,780
13,600,000 6.59 1/30/01 13,375,940
Sweetwater Capital Corporation (b) 6,000,000 6.54 1/23/01 5,909,530
1,153,000 6.56 1/18/01 1,136,612
Swiss RE Financial Products Corporation (b) 15,000,000 6.49 11/30/00 14,921,579
Triple-A-One Funding Corporation (b) 8,000,000 6.55 1/04/01 7,906,844
5,000,000 6.57 1/09/01 4,937,037
Tulip Funding Corporation (b) 5,365,000 6.55 1/22/01 5,284,957
12,335,000 6.66 11/27/00 12,275,635
UBN, Inc. 2,062,000 6.51 2/09/01 2,024,712
Variable Funding Capital Corporation (b) 10,000,000 6.58 1/03/01 9,884,850
Verizon Global Funding Corporation 6,650,000 6.50 2/02/01 6,538,335
West Baton Rouge Parish, Louisiana Industrial
District Number 3 Revenue (b) 7,000,000 6.63 11/14/00 7,000,000
Westpac Capital Corporation 12,000,000 6.46 2/26/01 11,748,060
Whiting, Indiana Industrial Sewage and Solid
Waste Disposal Revenue 8,500,000 6.64 12/11/00 8,500,000
Windmill Funding Corporation (b) 3,230,000 6.48 12/19/00 3,202,093
6,000,000 6.50 12/07/00 5,961,000
10,100,000 6.56 1/03/01 9,984,052
Wisconsin Electric Power Company 100 6.22 Upon Demand 100
Wood Street Funding Corporation (b) 7,000,000 6.50 11/01/00 7,000,000
3,000,000 6.50 12/05/00 2,981,583
Yamaha Motor Finance Corporation USA 5,000,000 6.52 11/16/00 4,986,417
3,000,000 6.52 12/07/00 2,980,440
5,000,000 6.54 11/28/00 4,975,475
Yorkshire Building Society 3,000,000 6.50 12/21/00 2,972,917
ZCM Matched Funding Corporation (b) 5,000,000 6.50 12/05/00 4,969,306
14,500,000 6.50 12/06/00 14,408,368
---------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 1,546,134,498
---------------------------------------------------------------------------------------------------------------------------
Corporate Obligations 0.8%
LaSalle Bank North America, Chicago, Illinois
Short-Term Bank Notes, Tranche 00024, 6.50% 13,000,000 6.50 11/03/00 13,000,000
---------------------------------------------------------------------------------------------------------------------------
Total Corporate Obligations 13,000,000
---------------------------------------------------------------------------------------------------------------------------
Taxable Variable Rate Put Bonds 4.0%
Alabama IDA IDR - Southern Tool, Inc. Project 900,000 6.70 11/02/00 900,000
Alabama Incentives Financing Authority Special
Obligation 4,900,000 6.70 11/02/00 4,900,000
Aurora, Kane & DuPage Counties, Illinois IDR 2,900,000 6.70 11/02/00 2,900,000
Botsford General Hospital Revenue 4,400,000 6.65 11/01/00 4,400,000
Kings Glen Apartments LLC 3,264,000 6.70 11/02/00 3,264,000
</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>
Mississippi Business Finance Corporation
IDR - GE Plastics Project $ 2,500,000 6.60% 11/01/00 $ 2,500,000
New Jersey EDA EDR - MSNBC/CNBC 7,500,000 6.60 11/01/00 7,500,000
Pointe Chase Apartments LLC 5,500,000 6.70 11/02/00 5,500,000
Radiation Oncology Partners LLP 2,535,000 6.70 11/02/00 2,535,000
Sempra Energy Employee Stock Ownership Plan &
Trust (b) 9,000,000 6.72 11/01/00 9,000,000
T3 Holdings, Inc. (b) 7,000,000 6.62 11/01/00 7,000,000
Thayer Properties LLC 2,960,000 6.70 11/02/00 2,960,000
Tifton Mall, Inc. 4,505,000 6.70 11/02/00 4,505,000
WLB LLC 10,000,000 6.70 11/02/00 10,000,000
--------------------------------------------------------------------------------------------------------------------------
Total Taxable Variable Rate Put Bonds 67,864,000
--------------------------------------------------------------------------------------------------------------------------
United States Government & Agency Issues 3.1%
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 30,000,000 6.90 9/11/01 30,000,000
--------------------------------------------------------------------------------------------------------------------------
Total United States Government & Agency Issues 52,000,000
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 100.3% 1,678,998,498
Other Assets and Liabilities, Net (0.3%) (5,263,057)
--------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 1,673,735,441
==========================================================================================================================
</TABLE>
STRONG INVESTORS MONEY FUND
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Certificates Of Deposit 0.4%
General Motors Acceptance Corporation $ 2,600,000 6.50% 1/26/01 $ 2,559,628
--------------------------------------------------------------------------------------------------------------------------
Total Certificates Of Deposit 2,559,628
--------------------------------------------------------------------------------------------------------------------------
Commercial Paper 93.1%
AES Hawaii, Inc. 2,000,000 6.48 12/08/00 1,986,680
1,900,000 6.50 11/17/00 1,894,511
AT&T Corporation 6,000,000 6.75 11/01/00 6,000,000
Abbey National North America Corporation 3,500,000 6.51 1/16/01 3,451,898
5,000,000 6.52 1/18/01 4,929,367
Alliance & Leicester PLC (b) 8,000,000 6.54 11/01/00 8,000,000
Alpine Securitization Corporation (b) 4,725,000 6.51 11/09/00 4,718,164
American Honda Finance Corporation 2,650,000 6.48 11/06/00 2,647,615
3,000,000 6.49 11/13/00 2,993,510
3,000,000 6.49 11/20/00 2,989,724
Asset Backed Capital Finance, Inc. (b) 2,300,000 6.50 11/30/00 2,287,957
2,500,000 6.50 2/26/01 2,447,187
5,000,000 6.52 11/22/00 4,980,983
Atlantis One Funding Corporation 1,354,000 6.50 2/09/01 1,329,553
3,600,000 6.52 1/12/01 3,553,056
1,600,000 6.53 1/09/01 1,579,975
2,000,000 6.53 1/17/01 1,972,066
800,000 6.54 12/13/00 793,896
Banco Bradesco SA Grand Cayman Branch, Series A 5,000,000 6.51 11/20/00 4,982,821
Bank of Nova Scotia 4,925,000 6.52 1/08/01 4,864,346
Banque Nationale de Paris Canada 2,600,000 6.53 11/02/00 2,599,528
5,000,000 6.55 1/31/01 4,917,215
Barton Capital Corporation (b) 2,000,000 6.50 12/13/00 1,984,833
1,750,000 6.51 11/02/00 1,749,684
4,000,000 6.53 1/23/01 3,939,779
Bavaria TRR Corporation (b) 2,000,000 6.52 11/10/00 1,996,740
4,000,000 6.64 1/03/01 3,953,520
Bavaria Universal Funding Corporation (b) 2,400,000 6.52 11/15/00 2,393,915
Beta Finance, Inc. (b) 5,000,000 6.51 2/01/01 4,916,817
4,850,000 6.55 1/12/01 4,786,465
</TABLE>
31
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Blue Ridge Asset Funding Corporation (b) $ 1,000,000 6.50% 11/20/00 $ 996,569
2,378,000 6.52 11/17/00 2,371,109
600,000 6.52 11/21/00 597,827
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) 6,000,000 6.48 12/18/00 5,949,240
2,000,000 6.55 12/11/00 1,985,444
British Telecommunications PLC 3,700,000 6.17 11/13/00 3,692,390
CBA Finance, Inc. 4,700,000 6.54 1/05/01 4,644,501
2,000,000 6.54 1/10/01 1,974,567
CC, Inc. (b) 3,000,000 6.50 11/06/00 2,997,292
2,800,000 6.53 2/01/01 2,753,274
CXC, Inc. (b) 5,000,000 6.48 2/13/01 4,906,400
3,000,000 6.50 12/08/00 2,979,958
Calcasieu Parish, Inc. Louisiana IDB Environmental Revenue 3,000,000 6.69 12/14/00 3,000,000
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) 3,400,000 6.49 12/06/00 3,378,547
2,000,000 6.52 11/09/00 1,997,102
Certain Funding Corporation (b) 2,500,000 6.48 12/27/00 2,474,800
Chevron UK Investment PLC 2,000,000 6.53 1/11/01 1,974,243
Compass Securitization LLC (b) 3,000,000 6.57 1/10/01 2,961,675
Cooperative Association Tractor Dealers, Inc.:
Series A 2,890,000 6.50 12/11/00 2,869,128
750,000 6.52 11/15/00 748,098
1,000,000 6.53 2/08/01 982,043
Series B 2,200,000 6.50 12/11/00 2,184,111
2,000,000 6.50 12/15/00 1,984,111
1,000,000 6.62 1/03/01 988,415
Credit Suisse First Boston, Inc. (b) 5,700,000 6.53 1/17/01 5,620,388
4,200,000 6.55 1/08/01 4,148,037
DaimlerChrysler North America Holding Corporation 3,900,000 6.50 11/29/00 3,880,283
Delaware Funding Corporation (b) 9,000,000 6.49 12/15/00 8,928,610
Den Norske Bank 9,000,000 6.50 11/14/00 8,978,875
Deutsche Bank Financial, Inc. 8,200,000 6.49 2/05/01 8,058,085
Edison Asset Securitization LLC (b) 2,800,000 6.49 12/05/00 2,782,838
2,500,000 6.53 1/05/01 2,470,524
Enterprise Funding Corporation (b) 3,200,000 6.50 12/01/00 3,182,667
2,000,000 6.51 11/08/00 1,997,468
2,049,000 6.52 11/13/00 2,044,547
Fidex PLC (b) 6,000,000 6.52 12/20/00 5,946,753
425,000 6.57 1/19/01 418,873
3,400,000 6.57 1/24/01 3,347,878
Firstar Bank, N.A 323,900 6.29 Upon Demand 323,900
Formosa Plastics Corporation USA 1,400,000 6.50 2/14/01 1,373,458
7,400,000 6.50 2/27/01 7,242,339
Forrestal Funding Master Trust (b) 3,200,000 6.51 11/07/00 3,196,528
5,000,000 6.54 1/18/01 4,929,150
Fortis Funding LLC (b) 5,000,000 6.52 1/17/01 4,930,272
2,540,000 6.54 12/04/00 2,524,773
Fountain Square Commercial Corporation (b) 1,949,000 6.51 12/22/00 1,931,025
1,334,000 6.53 11/21/00 1,329,161
2,383,000 6.54 12/27/00 2,358,748
GOVCO, Inc. (b) 8,000,000 6.52 11/07/00 7,991,307
Galaxy Funding, Inc. (b) 500,000 6.53 11/08/00 499,365
6,950,000 6.56 12/28/00 6,877,813
2,000,000 6.59 1/23/01 1,969,613
General Dynamics Corporation (b) 6,000,000 6.49 12/22/00 5,944,835
2,800,000 6.50 11/08/00 2,796,461
General Electric Capital Corporation 1,500,000 6.51 1/19/01 1,478,571
8,100,000 6.52 1/09/01 7,998,777
Goldman Sachs Group LP 4,000,000 6.55 1/19/01 3,942,506
Great Lakes Funding Capital Corporation (b) 2,000,000 6.55 11/29/00 1,989,811
5,300,000 6.58 1/23/01 5,219,596
2,500,000 6.60 1/25/01 2,461,042
Greenwich Funding Corporation (b) 1,000,000 6.51 11/15/00 997,468
8,100,000 6.58 1/05/01 8,003,768
Greyhawk Funding LLC (b) 9,800,000 6.56 1/22/01 9,653,566
</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>
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 6.52 11/09/00 3,000,000
Halifax PLC 2,000,000 6.61 1/02/01 1,977,232
Henkel Corporation (b) 1,000,000 6.50 12/11/00 992,778
2,000,000 6.51 1/25/01 1,969,258
1,750,000 6.53 1/31/01 1,721,114
ING America Insurance Holdings, Inc. 3,100,000 6.49 12/20/00 3,072,616
6,000,000 6.55 1/11/01 5,922,492
K2 USA LLC (b) 2,000,000 6.54 1/25/01 1,969,117
4,300,000 6.54 1/30/01 4,229,695
KFW International Finance, Inc. 5,000,000 6.50 1/18/01 4,929,583
2,000,000 6.50 1/22/01 1,970,389
KZH-KMS Corporation (b) 9,850,000 6.52 11/28/00 9,801,834
Kittyhawk Funding Corporation (b) 2,000,000 6.52 11/14/00 1,995,291
2,300,000 6.56 1/02/01 2,274,015
2,000,000 6.58 1/10/01 1,974,411
Knight-Ridder, Inc. 1,900,000 6.45 3/12/01 1,855,405
8,000,000 6.52 1/10/01 7,898,578
Lexington Parker Capital Corporation (b) 1,500,000 6.47 3/01/01 1,467,650
3,500,000 6.50 12/01/00 3,481,042
3,700,000 6.52 11/21/00 3,686,598
Liberty Street Funding Corporation (b) 1,600,000 6.50 12/19/00 1,586,133
5,400,000 6.56 1/09/01 5,332,104
Links Finance LLC (b) 5,175,000 6.47 3/13/01 5,052,232
3,625,000 6.56 1/12/01 3,577,435
Long Island College Hospital 3,000,000 6.58 1/24/01 2,953,940
Market Street Funding Corporation (b) 5,475,000 6.51 11/16/00 5,460,149
Marmon Holdings, Inc. (b) 2,000,000 6.51 11/29/00 1,989,873
2,000,000 6.52 11/16/00 1,994,567
Marshall & Ilsley Corporation 5,500,000 6.53 12/27/00 5,444,132
3,900,000 6.55 12/19/00 3,865,940
Merrill Lynch & Company, Inc. 5,000,000 6.51 1/11/01 4,935,804
3,000,000 6.53 1/17/01 2,958,099
Moriarty, Ltd./Moriarty LLC (b) 2,500,000 6.52 2/01/01 2,458,344
7,100,000 6.57 1/08/01 7,011,889
National Cooperative Services Corporation (b) 3,000,000 6.49 12/01/00 2,983,775
4,200,000 6.55 1/16/01 4,141,923
Nationwide Building Society 1,700,000 6.54 1/09/01 1,678,691
Nordbanken North America, Inc. 3,600,000 6.50 1/16/01 3,550,600
North Coast Funding LLC (b) 4,553,000 6.53 12/06/00 4,524,095
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
Omnicom Finance, Inc. 1,700,000 6.50 11/17/00 1,695,089
Parthenon Receivables Funding LLC (b) 3,000,000 6.50 12/04/00 2,982,125
5,000,000 6.56 1/30/01 4,918,000
Peacock Funding Corporation (b) 4,980,000 6.50 11/08/00 4,973,706
2,600,000 6.52 1/11/01 2,566,567
1,515,000 6.53 1/12/01 1,495,214
Pemex Capital, Inc. 1,500,000 6.59 11/06/00 1,498,627
Scaldis Capital, Ltd./Scaldis Capital LLC (b) 4,000,000 6.55 11/01/00 4,000,000
4,300,000 6.58 1/10/01 4,244,945
E. W. Scripps Company (b) 3,250,000 6.49 11/14/00 3,242,383
Sigma Finance, Inc. (b) 5,000,000 6.51 11/27/00 4,976,492
1,000,000 6.57 1/08/01 987,590
Societe Generale North America, Inc. 9,050,000 6.50 1/25/01 8,911,108
Society Of New York Hospital Fund, Inc. 5,000,000 6.53 12/12/00 4,962,815
Spintab-Swedmortgage AB 9,000,000 6.61 1/02/01 8,897,545
Stellar Funding Group, Inc. (b) 7,400,000 6.54 12/29/00 7,322,029
1,400,000 6.59 1/30/01 1,376,935
Sweetwater Capital Corporation (b) 3,950,000 6.54 1/23/01 3,890,441
Swiss RE Financial Products Corporation (b) 3,455,000 6.49 11/30/00 3,436,937
Triple-A-One Funding Corporation (b) 4,094,000 6.57 1/09/01 4,042,446
Tulip Funding Corporation (b) 1,500,000 6.55 1/22/01 1,477,621
8,000,000 6.70 11/27/00 7,961,317
UBN, Inc. 2,000,000 6.51 2/09/01 1,963,833
Variable Funding Capital Corporation (b) 6,000,000 6.58 1/03/01 5,930,910
</TABLE>
33
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG INVESTORS MONEY FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Verizon Global Funding Corporation $ 4,000,000 6.50% 2/02/01 $ 3,932,833
Washington Post Company (b) 2,600,000 6.48 2/22/01 2,547,116
West Baton Rouge Parish, Louisiana Industrial District Number 3 Revenue (b) 4,000,000 6.63 11/14/00 4,000,000
Westpac Capital Corporation 5,000,000 6.46 2/26/01 4,895,025
Whiting, Indiana Industrial Sewage and Solid Waste Disposal Revenue 8,000,000 6.64 12/11/00 8,000,000
Windmill Funding Corporation (b) 3,200,000 6.50 12/07/00 3,179,200
Wisconsin Electric Power Company 100 6.22 Upon Demand 100
Yamaha Motor Finance Corporation USA 2,000,000 6.52 12/07/00 1,986,960
ZCM Matched Funding Corporation (b) 5,000,000 6.50 12/06/00 4,968,403
-----------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 615,840,463
-----------------------------------------------------------------------------------------------------------------------------------
Corporate Obligations 0.5%
LaSalle Bank North America, Chicago, Illinois Short-Term Bank Notes,
Tranche 00024 3,000,000 6.50 11/03/00 3,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Corporate Obligations 3,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Taxable Variable Rate Put Bonds 3.1%
Alabama Incentives Financing Authority Special Obligation 4,900,000 6.70 11/02/00 4,900,000
Botsford General Hospital Revenue 2,000,000 6.65 11/01/00 2,000,000
Concrete Company 1,280,000 6.70 11/02/00 1,280,000
Geneva Building LLC/Madison Building LLC/Milwaukee Building LLC 2,000,000 6.85 11/02/00 2,000,000
Kings Glen Apartments LLC 1,230,000 6.70 11/02/00 1,230,000
Pointe Chase Apartments LLC 2,500,000 6.70 11/02/00 2,500,000
Radiation Oncology Partners LLP 830,000 6.70 11/02/00 830,000
Sempra Energy Employee Stock Ownership Plan & Trust (b) 2,000,000 6.72 11/01/00 2,000,000
T3 Holdings, Inc. (b) 3,000,000 6.62 11/01/00 3,000,000
Thayer Properties LLC Variable Rate Bonds 990,000 6.70 11/02/00 990,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Taxable Variable Rate Put Bonds 20,730,000
-----------------------------------------------------------------------------------------------------------------------------------
United States Government & Agency Issues 3.2%
Federal Home Loan Bank Bonds, 6.75%, Due 3/15/01 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 14,500,000 6.90 9/11/01 14,500,000
-----------------------------------------------------------------------------------------------------------------------------------
Total United States Government & Agency Issues 21,500,000
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 100.3% 663,630,091
Other Assets and Liabilities, Net (0.3%) (2,243,381)
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $661,386,710
===================================================================================================================================
</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 91.9%
AES Hawaii, Inc. $ 14,700,000 6.48% 12/08/00 $ 14,602,098
13,100,000 6.50 11/17/00 13,062,156
3,000,000 6.52 11/10/00 2,995,110
AT & T Corporation 22,000,000 6.75 11/01/00 22,000,000
Abbey National North America Corporation 6,000,000 6.51 1/16/01 5,917,540
10,500,000 6.52 1/18/01 10,351,670
Alliance & Leicester PLC (b) 11,900,000 6.50 11/17/00 11,865,622
4,400,000 6.54 11/01/00 4,400,000
Alpine Securitization Corporation (b) 25,500,000 6.51 11/09/00 25,463,110
American Honda Finance Corporation 12,000,000 6.48 11/06/00 11,989,200
16,400,000 6.49 11/13/00 16,364,521
Amstel Funding Corporation (b) 3,700,000 6.57 1/09/01 3,653,408
Asset Backed Capital Finance, Inc. (b) 2,500,000 6.50 2/26/01 2,447,188
19,500,000 6.52 11/22/00 19,425,870
Atlantis One Funding Corporation 7,648,000 6.52 1/12/01 7,548,270
2,398,000 6.53 11/01/00 2,398,000
7,000,000 6.53 1/17/01 6,902,231
250,000 6.54 12/13/00 248,093
BP Amoco Capital PLC 450,000 6.63 11/01/00 450,000
Banco Bradesco SA Grand Cayman Branch, Series A 25,000,000 6.51 11/20/00 24,914,104
</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>
Bank of Nova Scotia $ 25,075,000 6.52% 1/08/01 $ 24,766,187
Banque Nationale de Paris Canada 2,600,000 6.55 1/31/01 2,556,952
Barton Capital Corporation (b) 9,806,000 6.50 1/03/00 9,802,459
6,450,000 6.51 1/02/00 6,448,834
4,107,000 6.53 1/23/01 4,045,168
Bavaria TRR Corporation (b) 25,000,000 6.52 11/10/00 24,959,250
Bavaria Universal Funding Corporation (b) 4,620,000 6.52 11/15/00 4,608,286
Beta Finance, Inc. (b) 8,000,000 6.51 2/01/01 7,866,907
10,000,000 6.55 1/12/01 9,869,000
Blue Ridge Asset Funding Corporation (b) 1,422,000 6.50 11/20/00 1,417,122
11,500,000 6.50 12/13/00 11,412,792
5,500,000 6.52 11/17/00 5,484,062
11,400,000 6.52 11/21/00 11,358,707
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) 14,500,000 6.48 12/08/00 14,403,430
6,000,000 6.48 12/18/00 5,949,240
British Gas Capital, Inc. 22,650,000 6.53 1/26/01 22,296,673
British Telecommunications PLC 18,800,000 6.17 11/13/00 18,761,335
CBA Finance, Inc. 10,000,000 6.54 1/05/01 9,881,917
10,000,000 6.54 1/10/01 9,872,833
CC, Inc. (b) 20,000,000 6.50 11/06/00 19,981,944
3,200,000 6.53 2/01/01 3,146,599
CXC, Inc. (b) 7,310,000 6.48 2/13/01 7,173,157
15,460,000 6.50 11/03/00 15,454,417
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) 4,000,000 6.49 12/05/00 3,975,482
3,732,000 6.55 1/16/01 3,680,395
Certain Funding Corporation (b) 7,000,000 6.49 12/27/00 6,929,316
4,320,000 6.52 11/20/00 4,305,134
13,653,000 6.56 1/16/01 13,463,921
3,000,000 6.56 1/26/01 2,952,987
Chevron UK Investment PLC 7,000,000 6.53 1/11/01 6,909,850
Compass Securitization LLC (b) 4,345,000 6.50 12/15/00 4,310,481
7,000,000 6.57 1/10/01 6,910,575
16,000,000 6.57 1/12/01 15,789,760
Cooperative Association Tractor Dealers, Inc.:
Series A 7,010,000 6.50 12/11/00 6,959,372
4,000,000 6.51 12/01/00 3,978,300
3,550,000 6.52 11/15/00 3,540,999
3,000,000 6.62 1/09/01 2,961,935
Series B 3,000,000 6.50 12/15/00 2,976,167
2,600,000 6.52 11/03/00 2,599,058
6,200,000 6.76 11/22/00 6,175,541
Credit Suisse First Boston, Inc. (b) 3,900,000 6.50 2/05/01 3,832,400
8,300,000 6.53 1/17/01 8,184,074
6,000,000 6.55 1/08/01 5,925,767
DaimlerChrysler North America Holding Corporation 1,850,000 6.50 11/15/00 1,845,324
1,250,000 6.50 11/29/00 1,243,681
Delaware Funding Corporation (b) 20,000,000 6.49 12/15/00 19,841,356
Den Norske Bank 21,000,000 6.50 11/14/00 20,950,708
Deutsche Bank Financial, Inc. 3,200,000 6.48 12/29/00 3,166,592
22,300,000 6.49 2/05/01 21,914,061
5,000,000 6.52 12/21/00 4,954,722
Edison Asset Securitization LLC (b) 11,000,000 6.49 12/05/00 10,932,576
8,000,000 6.53 1/05/01 7,905,678
Enterprise Funding Corporation (b) 4,000,000 6.49 12/08/00 3,973,319
5,000,000 6.50 11/01/00 5,000,000
7,000,000 6.50 12/01/00 6,962,083
4,379,000 6.51 11/08/00 4,373,457
Fidex PLC (b) 10,900,000 6.52 12/20/00 10,803,269
7,100,000 6.56 1/24/01 6,991,241
2,275,000 6.57 1/19/01 2,242,200
Firstar Bank, N.A 215,800 6.29 Upon Demand 215,800
Fleet Funding Corporation (b) 1,481,000 6.56 1/04/01 1,463,728
</TABLE>
35
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date(d) Cost (Note 2)
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Formosa Plastics Corporation USA $ 2,000,000 6.50% 2/14/01 $ 1,962,083
4,000,000 6.50 2/16/01 3,922,722
10,000,000 6.50 2/27/01 9,786,944
Forrestal Funding Master Trust (b) 19,650,000 6.54 1/18/01 19,371,560
Fortis Funding LLC (b) 10,000,000 6.52 1/17/01 9,860,544
6,500,000 6.54 12/04/00 6,461,033
7,100,000 6.54 1/10/01 7,009,712
Fountain Square Commercial Corporation (b) 1,261,000 6.50 11/20/00 1,256,674
1,514,000 6.50 11/21/00 1,508,533
2,200,000 6.50 12/19/00 2,180,933
1,808,000 6.50 12/26/00 1,790,046
3,585,000 6.51 12/18/00 3,554,530
1,282,000 6.51 12/21/00 1,270,409
1,000,000 6.52 11/30/00 994,748
1,479,000 6.53 11/07/00 1,477,390
1,218,000 6.53 11/08/00 1,216,453
1,015,000 6.53 11/24/00 1,010,765
2,256,000 6.56 1/23/01 2,221,879
GOVCO, Inc. (b) 22,000,000 6.52 11/07/00 21,976,093
Galaxy Funding, Inc. (b) 3,600,000 6.53 11/08/00 3,595,429
7,750,000 6.56 12/28/00 7,669,503
6,000,000 6.59 1/23/01 5,908,838
General Dynamics Corporation (b) 3,000,000 6.49 12/22/00 2,972,418
5,000,000 6.51 11/01/00 5,000,000
8,000,000 6.51 12/15/00 7,936,347
General Electric Capital Corporation 1,250,000 6.52 11/07/00 1,248,642
7,450,000 6.52 1/09/01 7,356,900
18,990,000 6.52 1/19/01 18,718,295
3,000,000 6.53 1/12/01 2,960,820
General Motors Acceptance Corporation 2,100,000 6.50 12/15/00 2,083,317
5,300,000 6.50 1/26/01 5,217,703
16,000,000 6.51 1/17/01 15,777,213
6,500,000 6.52 1/19/01 6,406,999
Goldman Sachs Group LP 11,500,000 6.55 1/19/01 11,334,703
Great Lakes Funding Capital Corporation (b) 5,500,000 6.58 1/23/01 5,416,562
6,567,000 6.60 1/25/01 6,464,664
Greenwich Funding Corporation (b) 17,200,000 6.58 1/05/01 16,995,654
Greyhawk Funding LLC (b) 8,100,000 6.48 2/16/01 7,943,994
20,000,000 6.56 1/22/01 19,701,156
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 6.52 11/09/00 10,000,000
Halifax PLC 23,080,000 6.50 1/18/01 22,754,957
7,700,000 6.61 1/02/01 7,612,344
Harley Davidson Dealer Funding Corporation (b) 4,200,000 6.49 12/12/00 4,168,956
5,725,000 6.49 12/15/00 5,679,588
4,980,000 6.50 11/20/00 4,962,916
Henkel Corporation (b) 8,000,000 6.49 11/27/00 7,962,502
2,200,000 6.50 12/11/00 2,184,111
3,000,000 6.51 1/25/01 2,953,888
7,000,000 6.52 1/29/01 6,887,168
ING America Insurance Holdings, Inc. 10,000,000 6.49 12/20/00 9,911,664
3,000,000 6.54 1/17/01 2,958,035
8,900,000 6.55 1/11/01 8,785,029
K2 USA LLC (b) 4,000,000 6.54 1/25/01 3,938,233
10,000,000 6.54 1/30/01 9,836,500
5,250,000 6.55 1/16/01 5,177,404
KFW International Finance, Inc. 17,300,000 6.50 1/18/01 17,056,358
8,000,000 6.50 1/22/01 7,881,556
KZH-KMS Corporation (b) 20,150,000 6.52 11/28/00 20,051,467
Kittyhawk Funding Corporation (b) 13,800,000 6.52 11/14/00 13,767,509
9,900,000 6.56 1/02/01 9,788,152
Knight-Ridder, Inc. 6,981,000 6.45 3/12/01 6,817,150
15,000,000 6.52 1/10/01 14,809,833
1,000,000 6.52 1/12/01 986,960
Lexington Parker Capital Corporation (b) 1,000,000 6.45 3/01/01 978,500
5,000,000 6.50 12/01/00 4,972,917
4,900,000 6.52 11/21/00 4,882,251
</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>
Liberty Street Funding Corporation (b) $ 13,000,000 6.50% 12/19/00 $ 12,887,333
12,000,000 6.56 1/09/01 11,849,120
Links Finance LLC (b) 13,500,000 6.48 3/01/01 13,208,400
10,000,000 6.58 1/12/01 9,868,400
Long Island College Hospital 5,000,000 6.58 1/24/01 4,923,233
Market Street Funding Corporation (b) 9,870,000 6.51 11/16/00 9,843,228
Marmon Holdings, Inc. (b) 17,700,000 6.51 11/29/00 17,610,379
5,000,000 6.52 11/16/00 4,986,417
2,342,000 6.55 11/07/00 2,339,443
Marshall & Ilsley Corporation 17,000,000 6.53 12/27/00 16,827,318
3,000,000 6.55 12/19/00 2,973,800
Merrill Lynch & Company, Inc. 20,000,000 6.51 1/11/01 19,743,216
4,000,000 6.53 1/17/01 3,944,132
Moriarty, Ltd./Moriarty LLC (b) 18,000,000 6.57 1/08/01 17,776,620
National Cooperative Services Corporation (b) 20,000,000 6.49 12/01/00 19,891,833
3,000,000 6.55 1/16/01 2,958,517
National Rural Utilities Cooperative Finance Corporation 5,000,000 6.49 11/20/00 4,982,874
Nationwide Building Society 1,210,000 6.54 1/09/01 1,194,833
Nordbanken North America, Inc. 7,900,000 6.50 1/16/01 7,791,594
North Coast Funding LLC (b) 23,000,000 6.53 12/06/00 22,853,982
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
Omnicom Finance, Inc. 13,000,000 6.50 11/17/00 12,962,444
PACCAR Financial Corporation 8,000,000 6.52 11/02/00 7,998,551
Parthenon Receivables Funding LLC (b) 8,000,000 6.50 12/04/00 7,952,333
2,000,000 6.50 12/15/00 1,984,111
7,000,000 6.52 11/08/00 6,991,125
4,104,000 6.56 1/30/01 4,036,694
1,172,000 6.57 12/27/00 1,160,022
Peacock Funding Corporation (b) 7,000,000 6.47 2/12/01 6,870,420
9,764,000 6.50 11/08/00 9,751,659
7,664,000 6.52 1/11/01 7,565,449
Pemex Capital, Inc. 10,000,000 6.59 11/06/00 9,990,847
Repeat Offering Securitization Entity, Inc. (b) 14,000,000 6.58 1/29/01 13,772,259
Scaldis Capital, Ltd./Scaldis Capital LLC (b) 7,500,000 6.55 11/01/00 7,500,000
12,000,000 6.58 1/10/01 11,846,467
E. W. Scripps Company (b) 8,750,000 6.49 11/14/00 8,729,493
Sigma Finance, Inc. (b) 7,900,000 6.51 11/27/00 7,862,857
6,850,000 6.57 1/08/01 6,764,992
Societe Generale North America, Inc. 20,600,000 6.50 1/25/01 20,283,847
Society Of New York Hospital Fund, Inc. 5,000,000 6.53 12/12/00 4,962,815
Spintab-Swedmortgage AB 5,000,000 6.57 1/11/01 4,935,212
14,000,000 6.61 1/02/01 13,840,626
Stellar Funding Group, Inc. (b) 6,560,000 6.54 12/29/00 6,490,879
11,900,000 6.59 1/30/01 11,703,948
Sweetwater Capital Corporation (b) 1,266,000 6.49 12/28/00 1,252,991
2,459,000 6.50 12/22/00 2,436,357
4,000,000 6.54 1/23/01 3,939,687
Swiss RE Financial Products Corporation (b) 21,000,000 6.49 11/30/00 20,890,211
Triple-A-One Funding Corporation (b) 4,352,000 6.52 11/13/00 4,342,542
18,280,000 6.55 1/04/01 18,067,140
5,740,000 6.57 1/09/01 5,667,719
Tulip Funding Corporation (b) 4,000,000 6.55 1/22/01 3,940,322
18,800,000 6.64 11/27/00 18,709,896
Variable Funding Capital Corporation (b) 14,000,000 6.58 1/03/01 13,838,790
Verizon Global Funding Corporation 18,875,000 6.50 2/02/01 18,558,057
Washington Post Company (b) 12,630,000 6.48 2/22/01 12,373,106
West Baton Rouge Parish, Louisiana Industrial District
Number 3 Revenue (b) 8,450,000 6.63 11/14/00 8,450,000
Westpac Capital Corporation 8,000,000 6.46 2/26/01 7,832,040
Whiting, Indiana Industrial Sewage and Solid
Waste Disposal Revenue 9,400,000 6.64 12/11/00 9,400,000
Windmill Funding Corporation (b) 8,470,000 6.48 12/19/00 8,396,819
6,000,000 6.50 12/07/00 5,961,000
13,000,000 6.56 1/03/01 12,850,760
Wisconsin Electric Power Company 100 6.22 Upon Demand 100
Wood Street Funding Corporation (b) 9,330,000 6.50 11/14/00 9,308,100
Yamaha Motor Finance Corporation USA 5,000,000 6.52 11/16/00 4,986,417
5,000,000 6.52 12/07/00 4,967,400
</TABLE>
37
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND (continued)
<TABLE>
<CAPTION>
Principal Yield to Maturity Amortized
Amount Maturity Date (d) Cost (Note 2)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Yorkshire Building Society $ 3,716,000 6.50% 12/21/00 $ 3,682,453
ZCM Matched Funding Corporation (b) 5,000,000 6.50 12/05/00 4,969,306
20,000,000 6.50 12/06/00 19,873,611
----------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 1,871,621,473
----------------------------------------------------------------------------------------------------------------------------------
Corporate Obligations 0.7%
LaSalle Bank North America, Chicago, Illinois Short-Term Bank Notes, Tranche
00024, 6.50% 14,000,000 6.50 11/03/00 14,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Corporate Obligations 14,000,000
----------------------------------------------------------------------------------------------------------------------------------
Taxable Variable Rate Put Bonds 4.1%
Alabama IDA IDR - Southern Tool, Inc. Project 5,600,000 6.70 11/02/00 5,600,000
Alabama Incentives Financing Authority Special Obligation 9,800,000 6.70 11/02/00 9,800,000
Aurora, Kane & DuPage Counties, Illinois IDR 1,300,000 6.70 11/02/00 1,300,000
Botsford General Hospital Revenue 4,400,000 6.65 11/01/00 4,400,000
Community Health Systems, Inc. 2,600,000 6.65 11/01/00 2,600,000
Concrete Company 2,120,000 6.70 11/02/00 2,120,000
Health Midwest Ventures Group, Inc. 7,700,000 6.60 11/01/00 7,700,000
Kings Glen Apartments LLC 3,263,000 6.70 11/02/00 3,263,000
Mississippi Business Finance Corporation IDR - GE Plastics Project 2,500,000 6.60 11/01/00 2,500,000
New Jersey EDA EDR - MSNBC/CNBC 7,400,000 6.60 11/01/00 7,400,000
Pointe Chase Apartments LLC 7,000,000 6.70 11/02/00 7,000,000
Radiation Oncology Partners LLP 2,635,000 6.70 11/02/00 2,635,000
Sempra Energy Employee Stock Ownership Plan & Trust (b) 9,000,000 6.72 11/01/00 9,000,000
T3 Holdings, Inc. (b) 10,000,000 6.62 11/01/00 10,000,000
Thayer Properties LLC 2,970,000 6.70 11/02/00 2,970,000
Tifton Mall, Inc. 3,560,000 6.70 11/02/00 3,560,000
WLB LLC 2,000,000 6.70 11/02/00 2,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total Taxable Variable Rate Put Bonds 83,848,000
----------------------------------------------------------------------------------------------------------------------------------
United States Government & 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 40,000,000 6.90 9/11/01 40,000,000
----------------------------------------------------------------------------------------------------------------------------------
Total United States Government & Agency Issues 75,000,000
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 100.4% 2,044,469,473
Other Assets and Liabilities, Net (0.4%) (8,948,435)
----------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 2,035,521,038
==================================================================================================================================
</TABLE>
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 18.5%
Alaska 0.4%
North Slope Boro, Alaska Zero % Capital Appreciation GO $ 10,000,000 4.23% 1/01/01 $ 9,929,772
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 1.2%
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 5.09 12/01/00 3,498,298
---------------
20,643,298
</TABLE>
38
<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>
Georgia 0.3%
Atlanta, Georgia 6.00% Airport Revenue Refunding $ 9,190,000 4.69% 1/01/01 $ 9,209,994
Indiana 0.4%
Penn-Harris-Madison, Indiana 4.50% School Corporation Tax Anticipation Warrants 10,000,000 4.37 12/29/00 10,001,986
Kansas 0.2%
Shawnee, Kansas MFHR - Shawnee Station Apartments Project (e) 6,000,000 5.00 5/01/01 6,000,000
Louisiana 1.1%
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) 2,385,000 5.25 6/01/01 2,385,000
Louisiana 5.00% Public Facilities Authority Advanced Funding Revenue 2,510,000 4.56 10/17/01 2,520,352
Louisiana 6.40% Public Facilities Authority Student Loan Revenue 3,865,000 4.91 9/01/01 3,911,454
--------------
30,471,806
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 0.6%
Massachusetts Industrial Finance Agency Revenue - Northeast Center for Autism
Project:
9.00% 1,910,000 9.00 11/01/00 1,910,000
9.50% 8,910,000 9.50 11/01/00 8,910,000
Merrimack Valley, Massachusettes 5.00% Regional Transit Authority RAN 6,500,000 4.76 6/15/01 6,509,605
--------------
17,329,605
Minnesota 0.2%
Hopkins, Minnesota 4.50% Independent School District Number 270 Tax
Anticipation Certificates 4,500,000 4.31 3/22/01 4,503,334
Mississippi 0.1%
Mississippi 5.25% Higher Education Revenue 2,950,000 4.91 9/01/01 2,958,214
Missouri 0.5%
Missouri 5.25% Health and EFA School District Advanced Funding Program Revenue 13,000,000 4.86 10/01/01 13,045,201
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 2.5%
Amherst, New York Industrial Development Agency IDR - General Accident Insurance
Company Project (e) 3,100,000 4.85 11/01/00 3,100,000
Buffalo, New York 5.40% RAN 7,000,000 4.90 2/23/01 7,010,619
Buffalo, New York 5.25% RAN 40,000,000 4.95 5/31/01 40,067,445
Poughkeepsie, New York Industrial Development Agency Senior Living Facilities
Revenue -
The Manor at Woodside Project (e) 17,250,000 5.38 1/18/01 17,250,000
--------------
67,428,064
North Carolina 0.8%
North Carolina GO (e) 21,295,000 4.50 11/02/00 21,291,806
Ohio 1.6%
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 4.65 10/01/01 3,500,000
Minster, Ohio 5.35% Local School District BAN 14,025,000 4.92 1/09/01 14,036,423
Ohio 4.25% Housing Finance Agency Mortgage Revenue 20,000,000 4.25 3/01/01 20,000,000
--------------
43,786,423
South Dakota 0.2%
South Dakota 4.60% HDA Revenue - Homeownership Project 6,000,000 4.60 6/28/01 6,000,000
</TABLE>
39
<PAGE>
SCHEDULE OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
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>
Tennessee 0.8%
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 8,771,539
-----------
21,471,539
Texas 1.3%
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
Wisconsin 1.2%
Adams-Friendship, Wisconsin 4.98% School District TRAN 4,650,000 4.90 10/30/01 4,653,522
Denmark, Wisconsin 4.89% School District TRAN 3,100,000 4.75 8/28/01 3,103,406
Freedom, Wisconsin 4.95% Outagamie County School District TRAN 3,000,000 4.90 10/23/01 3,001,379
Merrill, Wisconsin 4.94% Area Common Public School District 6,350,000 4.90 9/27/01 6,352,152
Superior, Wisconsin 5.05% School District BAN 10,000,000 5.01 6/01/01 10,002,129
West Salem, Wisconsin 4.85% School District TRAN 4,100,000 4.80 8/24/01 4,101,562
Wisconsin Dells, Wisconsin 4.98% School District TRAN 2,955,000 4.85 10/30/01 2,958,633
-----------
34,172,783
Multiple States 3.4%
USBI Trust Pass-Thru Certificates, Class A (e):
Series 1998-C 28,315,000 5.00 11/01/00 28,315,000
Series 1998-D 34,750,000 4.75 12/01/00 34,750,000
Series 1999-E 25,819,079 5.00 4/01/01 25,819,079
Series 1999-G 4,000,000 5.25 5/01/01 4,000,000
------------
92,884,079
------------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds 507,577,904
------------------------------------------------------------------------------------------------------------------------------------
Municipal Commercial Paper 2.3%
Arizona 0.3%
Arizona Industrial Commission Special Fund Tax-Exempt COP Refunding 9,300,000 5.55 11/09/00 9,300,000
Georgia 0.6%
Georgia Municipal Gas Authority Gas Revenue - Southern Portfolio I Project 15,890,000 5.75 11/06/00 15,890,000
Hawaii 0.1%
Hawaii Department of Budget and Finance Special Purpose Mortgage Revenue - Citizens
Utilities Company Project 3,200,000 4.80 11/07/00 3,200,000
Texas 1.3%
Houston, Texas Airport System Revenue 10,000,000 4.50 12/14/00 10,000,000
Houston, Texas Water and Sewer System Revenue 10,000,000 4.40 12/14/00 10,000,000
Texas Port Development Corporation Tender Marine Terminal Refunding Revenue -
Mitsui & Company USA, Inc. Project 15,100,000 5.55 11/09/00 15,100,000
------------
35,100,000
------------------------------------------------------------------------------------------------------------------------------------
Total Municipal Commercial Paper 63,490,000
------------------------------------------------------------------------------------------------------------------------------------
Annual Variable Rate Put Bonds 3.1%
Louisiana 0.5%
Plaquemines, Louisiana Port Harbor and Terminal District Port Facilities Revenue -
Chevron Pipe Line Company Project 13,000,000 4.30 9/04/01 12,984,058
Mississippi 0.9%
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
------------
24,500,000
</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>
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 0.8%
Brazos River Authority PCR Refunding - Texas Utilities Electric Company Project 23,045,000 5.00 4/01/01 23,040,402
Multiple States 0.2%
Eastern States Tax-Exempt Mortgage Bond Trust 4,240,000 5.19 3/01/01 4,240,000
------------------------------------------------------------------------------------------------------------------------------------
Total Annual Variable Rate Put Bonds 84,659,460
------------------------------------------------------------------------------------------------------------------------------------
Semi-Annual Variable Rate Put Bonds 0.5%
Illinois 0.2%
Illinois DFA IDR - General Accident Insurance Company Project 6,900,000 4.80 3/01/01 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 12/31/00 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 12/01/00 2,000,000
Maryland 0.2%
Prince George's County, Maryland EDR Refunding - Capital View II LP Facility 6,380,000 4.85 12/01/00 6,380,000
Ohio 0.1%
Blue Bell Tax-Exempt Bond Grantor Trust 1,621,272 4.90 12/01/00 1,621,272
Multiple States 0.2%
GAF Corporation Tax-Exempt Bond Grantor Trust 4,300,000 4.75 12/01/00 4,300,000
Johnson Controls, Inc. Tax-Exempt Bond Grantor Trust 2,345,000 4.50 12/01/00 2,345,000
----------
6,645,000
------------------------------------------------------------------------------------------------------------------------------------
Total Monthly Variable Rate Put Bonds 16,646,272
------------------------------------------------------------------------------------------------------------------------------------
Weekly Variable Rate Put Bonds 62.0%
Alabama 3.3%
Alabama HFA SFMR:
Series C-1 1,405,000 4.75 11/08/00 1,405,000
Series C-2 14,660,000 4.75 11/08/00 14,660,000
Alabama IDA IDR:
Research Genetics, Inc. Project 2,625,000 4.85 11/08/00 2,625,000
Whitesell Project 3,950,000 4.80 11/08/00 3,950,000
Athens, Alabama IDB Revenue - Coilplus-Alabama, Inc. Project 7,820,000 4.80 11/08/00 7,820,000
Bridgeport, Alabama IDB IDR - Beaulieu Nylon, Inc. Project 10,000,000 4.70 11/08/00 10,000,000
Haleyville, Alabama IDB IDR - Cusseta Wood Products, Inc. Project 1,240,000 4.65 11/08/00 1,240,000
Montgomery, Alabama Downtown Redevelopment Authority Revenue - Southern Poverty
Law Project 15,000,000 4.55 11/08/00 15,000,000
Montgomery, Alabama IDB IDR:
Asphalt Contractors, Inc. Project 1,000,000 4.80 11/08/00 1,000,000
Knox Kershaw, Inc. Project 3,190,000 4.55 11/08/00 3,190,000
Piknik Properties, Inc. Project 6,000,000 4.70 11/08/00 6,000,000
Pell, Alabama IDB IDR - Kinder/Gorbel Project 1,585,000 4.70 11/08/00 1,585,000
Prattville, Alabama IDB IDR - Merchant Realty Company Project 2,400,000 4.55 11/08/00 2,400,000
Ridge, Alabama Improvement District Revenue 13,335,000 4.70 11/08/00 13,335,000
Selma, Alabama IDB IDR - Specialty Minerals Project 4,000,000 4.55 11/08/00 4,000,000
Sulligent, Alabama IDB IDR - Alan White Company, Inc. Project 2,000,000 4.65 11/08/00 2,000,000
-----------
90,210,000
</TABLE>
41
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
-------------------------------------------------------------------------------
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>
Arizona 0.2%
Chandler, Arizona IDA MFHR - Greentree Place Apartments Project $ 6,106,000 5.20% 11/08/00 $ 6,106,000
Arkansas 0.3%
Arkansas DFA EDR - Conestoga Wood Project 4,090,000 4.55 11/08/00 4,090,000
Hope, Arkansas IDR - Champion Parts, Inc. Project 800,000 4.75 11/08/00 800,000
Trumann, Arkansas IDR - Roach Manufacturing Corporation Project 2,000,000 4.65 11/08/00 2,000,000
------------
6,890,000
California 0.7%
Glenn, California IDA IDR - Land O' Lakes, Inc. Project 2,900,000 4.65 11/08/00 2,900,000
Los Angeles, California Community Redevelopment Agency MFHR -
Skyline at Southpark Project 4,400,000 5.25 11/08/00 4,400,000
Los Angeles County, California IDA IDR - Goldberg & Solovy Foods,
Inc. Project 2,725,000 5.70 11/08/00 2,725,000
Milpitas, California MFHR - Crossing at Montague Project 4,500,000 6.70 11/08/00 4,500,000
Oxnard, California IDA IDR - O.G. Dehydrated, Inc. Project 3,050,000 5.03 11/08/00 3,050,000
San Bernardino County, California COP - 1992 Justice Center/Airport
Improvements Refunding Project 1,960,000 4.85 11/08/00 1,960,000
------------
19,535,000
Colorado 0.5%
Aurora, Colorado IDR - Optima Batteries, Inc. Project 3,430,000 4.65 11/08/00 3,430,000
Colorado HFA EDR - NTA Leasing Company Project 1,975,000 4.75 11/08/00 1,975,000
Jefferson County, Colorado IDR - Accutronics, Inc. Project 1,775,000 4.85 11/08/00 1,775,000
Lakewood, Colorado IDR - Verden Associates-Holiday Inn Project 2,700,000 5.25 11/08/00 2,700,000
Westminster, Colorado IDR - Lifecare International Project 4,160,000 4.80 11/08/00 4,160,000
------------
14,040,000
Florida 1.7%
Bay County, Florida Revenue - Methodist Homes Project 3,635,000 4.60 11/08/00 3,635,000
Brevard County, Florida IDR - US Space Camp Foundation Project 3,540,000 4.60 11/08/00 3,540,000
Broward County, Florida HFA MFHR - Sawgrass Pines Apartments Project 12,000,000 5.05 11/08/00 12,000,000
Dade County, Florida IDA IDR - Engelhard/ICC Project 8,500,000 5.25 11/08/00 8,500,000
Ithaka Partners II Trust Certificates 4,001,706 4.85 11/08/00 4,001,706
Jacksonville, Florida Economic Development Commission IDR -
Tremron Jacksonville Project 3,000,000 5.00 11/08/00 3,000,000
Miami Beach, Florida Health Facilities Authority Hospital Revenue 11,410,000 4.58 11/08/00 11,410,000
------------
46,086,706
Georgia 9.0%
Adairsville, Georgia Development Authority IDR - Sakai American
Manufacturing Project 6,200,000 5.25 11/08/00 6,200,000
Athens-Clarke County, Georgia IDA IDR - Nakanishi Manufacturing
Corporation Project 8,000,000 5.90 11/08/00 8,000,000
Bremen, Georgia Development Authority IDR - HL-A Company, Inc. Project 9,000,000 5.20 11/08/00 9,000,000
Bulloch County, Georgia Development Authority Solid Waste Disposal
Revenue - Apogee Enterprises, Inc. Project 5,400,000 4.53 11/08/00 5,400,000
Cherokee County, Georgia IDA Revenue - Piolax Corporation Project 7,000,000 5.40 11/08/00 7,000,000
Columbus, Georgia Development Authority Revenue Refunding - Jordan
Company Project 1,195,000 4.70 11/08/00 1,195,000
Georgia Municipal Gas Authority Gas Revenue - Agency Project:
Series A 51,800,000 5.60 11/08/00 51,800,000
Series B 13,500,000 5.60 11/08/00 13,500,000
Series C 24,990,000 5.60 11/08/00 24,990,000
Georgia Municipal Gas Authority Gas Revenue - Gas Portfolio II Project:
Series A 42,130,000 5.60 11/08/00 42,130,000
Series B 55,400,000 5.60 11/08/00 55,400,000
Newton County, Georgia IDA IDR - Komatsu Forklift USA, Inc. Project 7,500,000 5.85 11/08/00 7,500,000
Rockdale County, Georgia Development Authority IDR - Liochem, Inc.
Project 8,000,000 5.90 11/08/00 8,000,000
Savannah, Georgia EDA IDR - Savannah Steel & Metal Company Project 1,290,000 4.93 11/08/00 1,290,000
Talbot County, Georgia Development Authority IDR - Douglas Asphalt
Company Project 1,715,000 4.60 11/08/00 1,715,000
Whitfield County, Georgia Development Authority Solid Waste Disposal
Revenue - Aladdin Manufacturing Corporation Project 3,100,000 4.53 11/08/00 3,100,000
------------
246,220,000
Idaho 0.2%
Bonneville County, Idaho IDC IDR - Yellowstone Plastics Project 5,680,000 4.70 11/08/00 5,680,000
Illinois 5.9%
Arlington Heights, Illinois MFHR Refunding - Dunton Tower Apartments
Project 7,050,000 5.25 11/08/00 7,050,000
Aurora, Kane & DuPage Counties, Illinois IDR - A & B Holdings LLC
Project 1,145,000 4.80 11/08/00 1,145,000
Carol Stream, Illinois IDR - MI Enterprises Project 2,250,000 4.65 11/08/00 2,250,000
Chicago, Illinois IDR - Bullen Midwest, Inc. Project 1,910,000 4.77 11/08/00 1,910,000
Clinton, Illinois IDR - McElroy Metal Mill, Inc. Project 1,385,000 4.68 11/08/00 1,385,000
</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>
Clipper Brigantine Tax-Exempt Certificates Trust:
Series 1 $ 7,830,000 5.08% 11/08/00 $ 7,830,000
Series 2 30,935,000 5.08 11/08/00 30,935,000
Cook County, Illinois GO 3,795,000 4.58 11/08/00 3,795,000
Illinois DFA IDR:
Homak Manufacturing Company, Inc. Project 5,125,000 4.65 11/08/00 5,125,000
Icon Metalcraft, Inc. Project 2,200,000 4.65 11/08/00 2,200,000
Knead Dough Baking Company Project 5,720,000 4.65 11/08/00 5,720,000
MTI Project 4,000,000 5.90 11/08/00 4,000,000
MZG Associates LLC Project 5,320,000 4.65 11/08/00 5,320,000
THK America, Inc. Project 3,700,000 5.60 11/08/00 3,700,000
Illinois DFA Revenue - Provena Health Project 66,600,000 4.65 11/08/00 66,600,000
Phoenix Realty Special Account MFHR - Brightons Mark Project 8,075,000 4.78 11/08/00 8,075,000
Springfield, Illinois Airport Authority Revenue - Allied-Signal,
Inc. Project 4,375,000 5.10 11/08/00 4,375,000
Woodridge, Illinois Industrial Revenue - McDavid Knee Guard Project 1,955,000 4.60 11/08/00 1,955,000
------------
163,370,000
Indiana 0.8%
Ashley, Indiana EDR - Trin, Inc. Project 4,000,000 5.20 11/08/00 4,000,000
Brownsburg, Indiana EDR - Zanetis Enterprises Project 2,500,000 4.70 11/08/00 2,500,000
Connersville, Indiana EDR - Ohio Valley Aluminum Company Project 9,000,000 4.65 11/08/00 9,000,000
Elkhart County, Indiana EDR - Four Seasons Housing, Inc. Project 3,000,000 4.75 11/08/00 3,000,000
Indianapolis, Indiana Industrial EDR - Roth Companies, Inc. Project 2,900,000 4.65 11/08/00 2,900,000
------------
21,400,000
Iowa 0.4%
Indianola, Iowa Health Care Facility Revenue Refunding - The Village
Project 5,280,000 4.65 11/08/00 5,280,000
Iowa Finance Authority IDR:
Dixie Bedding Company Project 3,000,000 4.75 11/08/00 3,000,000
First Cooperative Association Project 3,150,000 4.60 11/08/00 3,150,000
------------
11,430,000
Kansas 0.9%
Kansas DFA MFHR - Trails of Garden City and Cottonwood of Liberal
Projects 4,740,000 4.65 11/08/00 4,740,000
La Cygne, Kansas Environmental Improvement Revenue Refunding - Kansas
City Power & Light Company Project 14,440,000 5.40 11/08/00 14,440,000
Lawrence, Kansas IDR - ProSoCo Project 5,540,000 4.68 11/08/00 5,540,000
------------
24,720,000
Kentucky 1.8%
Bardstown, Kentucky IBR - Linpac Materials Handling Project 6,200,000 4.65 11/08/00 6,200,000
Daviess County, Kentucky MFHR Refunding - Park Regency Apartments
Project 4,155,000 4.65 11/08/00 4,155,000
Hancock County, Kentucky Solid Waste Disposal Revenue - NSA, Ltd.
Project 7,815,000 4.70 11/08/00 7,815,000
Kentucky EDFA Revenue - Pooled Hospital Loan Program 13,865,000 4.55 11/08/00 13,865,000
Madisonville, Kentucky IBR - Period, Inc. Project 3,875,000 4.70 11/08/00 3,875,000
Russellville, Kentucky IBR - JS Technos Corporation Project 3,000,000 5.60 11/08/00 3,000,000
Somerset, Kentucky IBR - Tibbals Flooring Company Project 10,000,000 4.75 11/08/00 10,000,000
------------
48,910,000
Louisiana 0.2%
Caddo-Bossier Parishes, Louisiana Port Commission Revenue:
Oakley Louisiana Company Project 3,860,000 4.55 11/08/00 3,860,000
Shreveport Fabricators Project 1,500,000 5.25 11/08/00 1,500,000
------------
5,360,000
Maine 0.2%
Maine Finance Authority Revenue - William Arthur, Inc. Project:
Series 1997 1,500,000 4.65 11/08/00 1,500,000
Series 1998 3,500,000 4.65 11/08/00 3,500,000
------------
5,000,000
Maryland 0.8%
Howard County, Maryland MFHR 10,665,000 4.68 11/08/00 10,665,000
Maryland EDC IDR - Lenmar, Inc. Project 5,605,000 4.58 11/08/00 5,605,000
Washington County, Maryland EDR - Tandy Project 5,100,000 5.33 11/08/00 5,100,000
------------
21,370,000
Massachusetts 0.3%
Massachusetts Industrial Finance Agency IDR - Portland Causeway
Realty Trust 2,600,000 4.80 11/08/00 2,600,000
Salem, Massachusetts IDFA IDR - Applied Extrusion Technologies,
Inc. Project 6,500,000 4.80 11/08/00 6,500,000
------------
9,100,000
Michigan 1.2%
Lansing, Michigan Limited Obligation EDC IDR - Ashland Oil, Inc.
Project 1,400,000 6.08 11/08/00 1,400,000
Michigan Job Development Authority PCR - Mazda Motor Manufacturing USA
Corporation Project 11,200,000 5.90 11/08/00 11,200,000
</TABLE>
43
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
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 Strategic Fund, Ltd. Obligation Revenue:
Alpha Technology Corporation Project $ 5,000,000 5.20% 11/08/00 $ 5,000,000
Drake Enterprises Project 4,300,000 4.65 11/08/00 4,300,000
Height Investments Project 5,500,000 4.65 11/08/00 5,500,000
Midwest Kellering Company Project 3,000,000 4.65 11/08/00 3,000,000
Sligh Furniture Company Project 3,600,000 4.65 11/08/00 3,600,000
-----------
34,000,000
Minnesota 1.4%
Burnsville, Minnesota Housing Revenue - Provence LLC Project 12,650,000 4.85 11/08/00 12,650,000
East Grand Forks, Minnesota Solid Waste Disposal Revenue -
American Crystal Sugar Company Project 5,750,000 4.65 11/08/00 5,750,000
New Brighton, Minnesota IDR - Donatelle Holdings Project 2,875,000 4.80 11/08/00 2,875,000
Osseo, Minnesota Independent School District Number 279 Trust Certificates 6,390,000 4.75 11/08/00 6,390,000
Princeton, Minnesota IDR - Plastic Products Company, Inc. Project 1,000,000 4.80 11/08/00 1,000,000
Red Wing, Minnesota Port Authority IDR - DL Ricci Corporation Project 1,455,000 4.80 11/08/00 1,455,000
St. Louis Park, Minnesota Health Care Facilities Revenue Trust Certificates 7,000,000 4.65 11/08/00 7,000,000
-----------
37,120,000
Mississippi 0.4%
Mississippi Business Finance Corporation IDR:
American Metal Sales, Inc. Project 3,300,000 5.15 11/08/00 3,300,000
Barclay Furniture Company Project 1,300,000 4.70 11/08/00 1,300,000
Polks Meat Products, Inc. Project 4,100,000 5.05 11/08/00 4,100,000
Jimmy Sanders, Inc. Project 1,900,000 4.55 11/08/00 1,900,000
-----------
10,600,000
Missouri 1.3%
Hannibal, Missouri IDA Industrial Revenue - Buckhorn Rubber Products Project 3,300,000 4.65 11/08/00 3,300,000
Lees Summit, Missouri IDA MFHR 11,030,000 4.68 11/08/00 1,030,000
Missouri Development Finance Board IDR - MFA, Inc. Project:
Series A 1,990,000 4.60 11/08/00 1,990,000
Series B 765,000 4.60 11/08/00 765,000
Missouri Economic Development Export and Infrastructure Board IDR:
Series A 1,735,000 4.85 11/08/00 1,735,000
Series D 2,020,000 4.85 11/08/00 2,020,000
St. Charles County, Missouri IDA IDR - Craftsmen Industries Project 6,195,000 4.63 11/08/00 6,195,000
St. Joseph, Missouri IDA IDR - Albaugh, Inc. Project 2,000,000 4.68 11/08/00 2,000,000
Washington, Missouri IDA IDR - Clemco Industries Project 5,000,000 4.63 11/08/00 5,000,000
West Plains, Missouri IDA IDR - West Plains Manor Project 2,200,000 4.70 11/08/00 2,200,000
-----------
36,235,000
Nebraska 0.3%
Buffalo County, Nebraska IDR - Agrex, Inc. Project 2,510,000 4.55 11/08/00 2,510,000
Nuckolls County, Nebraska IDR - Agrex, Inc. Project 5,100,000 4.55 11/08/00 5,100,000
-----------
7,610,000
New Hampshire 0.2%
New Hampshire Business Finance Authority Industrial Facility Revenue -
Nickerson Assembly Company Project 1,540,000 4.70 11/08/00 1,540,000
New Hampshire IDA Industrial Facility Revenue - Ferrofluidics Corporation -
1984 Nashua Series Project 5,000,000 4.95 11/08/00 5,000,000
-----------
6,540,000
New Jersey 0.2%
New Jersey EDA EDR - Epitaxx, Inc. Project 5,000,000 5.90 11/08/00 5,000,000
New Mexico 0.5%
Bernalillo County, New Mexico MFHR - Westwood Villas Project 13,360,000 5.23 11/08/00 13,360,000
New York 0.6%
Islip, New York IDA IDR - Radiation Dynamics Project 6,000,000 5.90 11/08/00 6,000,000
Ontario County, New York IDA IDR Refunding - Seneca Foods Corporation Project 5,185,000 4.70 11/08/00 5,185,000
Wayne County, New York IDA IDR - Seneca Foods Corporation Project 5,060,000 4.70 11/08/00 5,060,000
-----------
16,245,000
North Carolina 1.1%
Alleghany County, North Carolina Industrial Facilities and PCFA IDR -
Spring-Ford Knitting Company, Inc. Project 1,500,000 4.93 11/08/00 1,500,000
</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>
Buncombe County, North Carolina Industrial Facilities and PCFA Revenue -
Rich Mount, Inc. Project $ 3,295,000 5.85% 11/08/00 $ 3,295,000
Craven County, North Carolina Industrial Facilities and PCFA IDR -
Wheatstone Corporation Project 3,440,000 4.93 11/08/00 3,440,000
Gaston County, North Carolina Industrial Facilities and PCFA IDR -
Spring-Ford Knitting Company, Inc. Project 3,000,000 4.93 11/08/00 3,000,000
Hoke County, North Carolina Industrial Facilities and PCFA IDR -
Triangle Building Supply, Inc. Project 2,125,000 4.93 11/08/00 2,125,000
Mecklenburg County, North Carolina Industrial Facilities and PCFA Industrial
Revenue - Murata Wiedemann, Inc. Project 5,300,000 5.85 11/08/00 5,300,000
North Carolina Agricultural Finance Authority Agricultural Development
Revenue - J.E. Jones Lumber Company Project 1,400,000 4.60 11/08/00 1,400,000
North Carolina Ports Authority Exempt Facility Revenue -
Jordan Lumber & Supply, Inc. Project 4,285,000 4.93 11/08/00 4,285,000
Rutherford County, North Carolina Industrial Facilities and PCFA IDR -
Spring-Ford Industries, Inc. Project 5,320,000 4.93 11/08/00 5,320,000
-----------
29,665,000
North Dakota 0.1%
Traill County, North Dakota Solid Waste Disposal Revenue -
American Crystal Sugar Company Project 3,580,000 4.65 11/08/00 3,580,000
Ohio 1.4%
Clipper Tax-Exempt Trust COP 25,783,000 4.68 11/08/00 25,783,000
Cuyahoga County, Ohio IDR - Edge Seal Technologies, Inc. and
One Industry Drive, Inc. Project 2,000,000 4.65 11/08/00 2,000,000
Gallia County, Ohio IDR - Harsco Corporation Project 3,500,000 5.43 11/08/00 3,500,000
Ohio Housing Finance Agency MFHR - Hunters Glen Apartments Project 5,370,000 4.65 11/08/00 5,370,000
Summit County, Ohio IDR - LKL Properties, Inc. Project 725,000 6.65 11/08/00 725,000
-----------
37,378,000
Oklahoma 0.3%
Broken Arrow, Oklahoma EDA IDR - Paragon Films, Inc. Project 7,030,000 4.78 11/08/00 7,030,000
Oregon 0.3%
Portland, Oregon Housing Authority MFHR 7,340,000 4.78 11/08/00 7,340,000
Pennsylvania 1.5%
Bradford County, Pennsylvania IDA Revenue - State Aggregates, Inc. Project 4,000,000 4.55 11/08/00 4,000,000
Northeastern Pennsylvania Hospital and Education Authority Health Care
Revenue - Wyoming Valley Health Care Project 25,000,000 4.55 11/08/00 25,000,000
Northumberland County, Pennsylvania IDA Revenue -
Drug Plastics and Glass Company Project 4,165,000 4.55 11/08/00 4,165,000
Pennsylvania EDFA Revenue:
Series C-3 4,290,000 4.55 11/08/00 4,290,000
Series C-4 3,305,000 4.55 11/08/00 3,305,000
-----------
40,760,000
South Carolina 2.5%
Charleston County, South Carolina Industrial Revenue - Tandy Corporation
Project 1,000,000 5.75 11/08/00 1,000,000
Fairfield County, South Carolina Industrial Revenue - Fuji Copian Corporation
Project 9,000,000 5.85 11/08/00 9,000,000
Lee County, South Carolina IDR - WPJ Realty, Inc. Project 2,700,000 4.53 11/08/00 2,700,000
Richland County, South Carolina IDR - Ashland Oil Project 1,400,000 6.08 11/08/00 1,400,000
South Carolina Jobs EDA EDR:
Carolina Cotton Works, Inc. Project 2,700,000 4.63 11/08/00 2,700,000
Glo-Tex Chemicals, Inc. Project 2,400,000 4.93 11/08/00 2,400,000
Sea Pro Boats, Inc. Project 1,460,000 4.63 11/08/00 1,460,000
South Carolina Jobs EDA IDR:
Quoizel, Inc. Project 6,925,000 4.60 11/08/00 6,925,000
Roller Bearing Company of America, Inc. Project 5,000,000 5.23 11/08/00 5,000,000
South Carolina Jobs EDA Revenue 36,995,000 4.58 11/08/00 36,995,000
-----------
69,580,000
South Dakota 0.4%
Aberdeen, South Dakota IDR - Lomar Development Company Project 75,000 5.15 11/08/00 75,000
Brookings, South Dakota IDR - Lomar Development Company Project 2,000,000 5.15 11/08/00 2,000,000
</TABLE>
45
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
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>
Hutchinson County, South Dakota IDR - Dakota Plains Ag Center LLC $ 1,000,000 4.60% 11/08/00 $ 1,000,000
South Dakota HDA Revenue - Housing Development Project 8,255,000 4.75 11/08/00 8,255,000
------------
11,330,000
Tennessee 4.0%
Carter County, Tennessee IDB MFHR Refunding - Willow Run Apartments Project 6,675,000 4.65 11/08/00 6,675,000
Coffee County, Tennessee Industrial Board, Inc. IDR - McKey Perforated Products Project 2,500,000 4.70 11/08/00 2,500,000
Cumberland County, Tennessee IDB Exempt Facilities Revenue -
Fairfield Glade Community Club 7,000,000 4.63 11/08/00 7,000,000
Dover, Tennessee IDB Revenue - Nashville Wire Products Manufacturing Company Project 2,700,000 4.68 11/08/00 2,700,000
Hamilton County, Tennessee IDB IDR:
Hamilton Plastics, Inc. Project 3,350,000 4.68 11/08/00 3,350,000
Komatsu America Manufacturing Corporation Project 5,400,000 4.75 11/08/00 5,400,000
Jackson, Tennessee Health, Educational and Housing Facility Board MFHR -
Park Ridge Apartments Project 5,000,000 5.15 11/08/00 5,000,000
Jackson, Tennessee Health, Educational and Housing Facility Board Revenue -
Union University Project 4,400,000 4.53 11/08/00 4,400,000
Johnson City, Tennessee Health and Educational Facilities Board Hospital Revenue 42,815,000 4.53 11/08/00 42,815,000
Knox County, Tennessee Health, Educational and Housing Facilities Board Revenue -
Holston Long Term Care Project 3,800,000 4.60 11/08/00 3,800,000
Memphis, Tennessee City Revenue Finance Corporation MFHR 14,990,000 4.83 11/08/00 14,990,000
Montgomery County, Tennessee IDB IDR - Nashville Wire Products Project 3,400,000 4.68 11/08/00 3,400,000
Nashville and Davidson County, Tennessee Metropolitan Government IDB
MFHR Refunding - Beechwood Terrace, Ltd. Project 8,995,000 4.55 11/08/00 8,995,000
------------
111,025,000
Texas 3.4%
Arlington, Texas Independent School District GO Certificates 5,900,000 4.58 11/08/00 5,900,000
Austin County, Texas IDC IDR - Gulf States Toyota, Inc. Project 3,750,000 5.10 11/08/00 3,750,000
Bastrop County, Texas IDC Industrial Revenue - Biocrest Partners LP Project 3,230,000 5.10 11/08/00 3,230,000
Bexar County, Texas HFC MFHR - UTSA Apartments Project 3,700,000 5.13 11/08/00 3,700,000
Bexar County, Texas Health Facilities Development Corporation Revenue 5,620,000 5.03 11/08/00 5,620,000
Bexar County, Texas IDC IDR - Coilplus - Texas, Inc. Project 2,000,000 5.20 11/08/00 2,000,000
Deer Park, Texas Port Development Corporation IDR - Ashland Oil, Inc. Project 4,700,000 6.08 11/08/00 4,700,000
Harris County, Texas Health Facilities Development Corporation Revenue:
Series PA 549 8,995,000 4.93 11/08/00 8,995,000
Series PT 443 4,430,000 5.03 11/08/00 4,430,000
Harris County, Texas IDC IDR - North American Galvanizing Project 4,525,000 4.65 11/08/00 4,525,000
Houston, Texas Independent School District GO 10,000,000 4.58 11/08/00 10,000,000
Montgomery County, Texas IDC IDR - Porous Media, Ltd. Project 3,100,000 4.85 11/08/00 3,100,000
North Central Texas Health Facility Development Corporation Revenue 6,010,000 5.03 11/08/00 6,010,000
Robstown, Texas IDC IDR - Concrete Pipe and Products Company, Inc. Project 2,000,000 4.60 11/08/00 2,000,000
Southeast Texas HFC MFHR 10,920,000 4.73 11/08/00 10,920,000
Waco, Texas IDC IDR - Chad A. Greif Trust Project 6,300,000 4.68 11/08/00 6,300,000
Waxahachie, Texas IDA Waste Disposal Revenue - Temple/Re-Con, Inc. Project 8,200,000 5.00 11/08/00 8,200,000
------------
93,380,000
Virginia 0.7%
Alexandria, Virginia Redevelopment and Housing Authority MFHR 16,820,000 4.68 11/08/00 16,820,000
Chesapeake, Virginia Redevelopment and Housing Authority MFHR -
Tidewater House LP Project 3,131,000 4.65 11/08/00 3,131,000
------------
19,951,000
Washington 0.0%
Pierce County, Washington EDC Revenue - Brown & Haley Project 835,000 5.65 11/08/00 835,000
Wisconsin 1.7%
Appleton, Wisconsin IDR:
Graphic Communications Project 2,100,000 4.60 11/08/00 2,100,000
Great Northern Corporation Project 1,500,000 4.60 11/08/00 1,500,000
Ashland, Wisconsin IDR - Larson-Juhl US LLC Project 4,600,000 4.58 11/08/00 4,600,000
Ashwaubenon, Wisconsin IDR:
Pioneer Metal Finishing, Inc. Project 1,615,000 5.05 11/08/00 1,615,000
Valley Packaging Supply Company Project 2,425,000 4.70 11/08/00 2,425,000
Belgium, Wisconsin IDR - Trimen Industries Project 1,250,000 4.65 11/08/00 1,250,000
Columbus, Wisconsin IDR - Maysteel Corporation Project 2,000,000 4.85 11/08/00 2,000,000
Combined Locks, Wisconsin IDR - Appleton Papers, Inc. Project 4,300,000 4.70 11/08/00 4,300,000
</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>
De Pere, Wisconsin IDR - Cleaning Systems, Inc. Project $ 3,625,000 4.60% $ 3,625,000
Eau Claire, Wisconsin IDR - Eau Claire Press Company Project 2,850,000 4.60 2,850,000
Franklin, Wisconsin IDR:
Howard Henz Company, Inc. Project 2,625,000 4.70 2,625,000
Smyczek/ECS Project 2,000,000 4.75 2,000,000
Kiel, Wisconsin IDR - Household Utilities, Inc. Project 3,000,000 4.70 3,000,000
Ladysmith, Wisconsin Solid Waste Disposal Facility Revenue - CityForest
Corporation Project 2,700,000 5.10 2,700,000
Merrill, Wisconsin IDR - C&H Packaging Company, Inc. Project 100,000 4.60 100,000
Middleton, Wisconsin IDR - Fristam Pumps, Inc. Project 2,100,000 4.70 2,100,000
Milwaukee, Wisconsin Redevelopment Authority Development Revenue Refunding -
Helwig Carbon Products Project 3,500,000 4.70 3,500,000
New London, Wisconsin IDR - Steel King Industries, Inc. Project 2,520,000 4.80 2,520,000
Rhinelander, Wisconsin Industrial Revenue - American Plastics Company Project 65,000 4.60 65,000
Sturgeon Bay, Wisconsin IDR - Midwest Wire Realty Project 1,000,000 4.65 1,000,000
West Bend, Wisconsin IDR - BesTech Tool Corporation Project 1,600,000 4.60 1,600,000
--------------
47,475,000
Wyoming 0.2%
Campbell County, Wyoming IDR - Powder Basin Properties Project 5,635,000 4.75 5,635,000
Multiple States 11.1%
Capital Realty Investments Tax-Exempt Fund, Ltd. Floating Rate Certificates:
Series 1996-4 38,770,000 4.67 38,770,000
Series 1996-5 27,135,000 4.62 27,135,000
Charter Mac Floating Rate Certificate Trust I Certificates 33,500,000 4.58 33,500,000
Clipper Tax-Exempt Trust COP 124,102,000 4.68 124,102,000
Macon Trust Pooled Certificates 49,660,000 4.68 11/08/00 49,660,000
Pitney Bowes Credit Corporation Leasetops Trusts 11,368,305 4.68 11/08/00 11,368,305
Puttable Floating Option Tax-Exempt Receipts 5,485,000 4.72 11/08/00 5,485,000
15,803,000 4.73 11/08/00 15,803,000
--------------
305,823,305
------------------------------------------------------------------------------------------------------------------------------------
Total Weekly Variable Rate Put Bonds 1,702,925,011
------------------------------------------------------------------------------------------------------------------------------------
Daily Variable Rate Put Bonds 11.6%
Arkansas 0.1%
Greene County, Arkansas IDR - Jimmy Sanders, Inc. Project 4,200,000 4.55 4,200,000
District of Columbia 5.2%
District of Columbia Revenue - Medlantic Project:
Series B 74,600,000 5.60 74,600,000
Series C 69,200,000 5.60 69,200,000
--------------
143,800,000
Illinois 0.4%
Illinois DFA Revenue - Provena Health Project 8,000,000 5.10 8,000,000
Southwestern Illinois Development Authority Environmental Improvement Revenue -
Shell Oil Company Wood River Project 3,600,000 4.75 3,600,000
--------------
11,600,000
Iowa 0.2%
Iowa Finance Authority Solid Waste Disposal Revenue - Cedar River Paper Company
Project 5,300,000 4.75 5,300,000
Kentucky 1.6%
Lehman Brothers, Inc. Floating Pooled Trust Receipts (c) 43,825,000 4.80 43,825,000
Nevada 0.6%
Washoe County, Nevada Water Facilities Revenue - Sierra Pacific Power Company
Project 16,200,000 4.75 16,200,000
New York 1.2%
New York, New York IDA IDR - Nippon Cargo Airlines Company, Ltd. Project 32,200,000 5.50 32,200,000
Oregon 0.2%
Oregon EDR - SP Newsprint Company Project 6,000,000 4.75 6,000,000
</TABLE>
47
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) October 31, 2000
--------------------------------------------------------------------------------
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>
Texas 0.5%
Brazos River/Brazoria County, Texas Harbor Navigational District
Environmental Facilities Revenue - Merey Sweeny LP Project $ 1,100,000 4.80% 11/01/00 $ 1,100,000
Calhoun County, Texas Navigation IDA Port Revenue - British Petroleum
Company Project 4,600,000 4.70 11/01/00 4,600,000
Gulf Coast Waste Disposal Authority - Amoco Oil Company Project 6,600,000 4.75 11/01/00 6,600,000
West Side Calhoun County, Texas Navigation District Sewer & Solid
Waste Disposal -BP Chemicals, Inc. Project 1,500,000 4.75 11/01/00 1,500,000
---------------
Virginia 0.4% 13,800,000
Richmond Virginia IDA Revenue - Cogentrix of Richmond Project:
Series A 6,800,000 4.85 11/01/00 6,800,000
Series B 3,500,000 4.85 11/01/00 3,500,000
---------------
Wyoming 1.2% 10,300,000
Converse County, Wyoming Environmental Improvement Revenue -
PacifiCorp Project 3,000,000 4.85 11/01/00 3,000,000
Lincoln County, Wyoming Environmental Improvement Revenue -
PacifiCorp Project 7,500,000 4.85 11/01/00 7,500,000
Sweetwater County, Wyoming Environmental Improvement Revenue -
PacifiCorp Project 21,400,000 4.85 11/01/00 21,400,000
---------------
31,900,000
------------------------------------------------------------------------------------------------------------------------------
Total Daily Variable Rate Put Bonds 319,125,000
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Total Investments in Securities 98.7% 2,710,698,647
Other Assets and Liabilities, Net 1.3% 34,811,834
------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $ 2,745,510,481
==============================================================================================================================
</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.
ABBREVIATIONS
--------------------------------------------------------------------------------
The following is a list of abbreviations that may be used in the Schedules of
Investments in Securities:
<TABLE>
<S> <C>
BAN -- Bond Anticipation Notes IBR -- Industrial Building Revenue
BP -- Basis Points IDA -- Industrial Development Authority
CDA -- Commercial Development Authority IDB -- Industrial Development Board
CDR -- Commercial Development Revenue IDC -- Industrial Development Corporation
COP -- Certificates of Participation IDFA -- Industrial Development Finance Authority
DFA -- Development Finance Authority IDR -- Industrial Development Revenue
EDA -- Economic Development Authority IFA -- Investment Finance Authority
EDC -- Economic Development Corporation MERLOT -- Municipal Exempt Receipt - Liquidity Optional Tender
EDFA -- Economic Development Finance Authority MFHR -- Multi-Family Housing Revenue
EDR -- Economic Development Revenue MFMR -- Multi-Family Mortgage Revenue
EFA -- Educational Facilities Authority PCFA -- Pollution Control Financing Authority
EXTRAS -- Extendable Rate Adjustable Securities PCR -- Pollution Control Revenue
GO -- General Obligation RAN -- Revenue Anticipation Notes
HDA -- Housing Development Authority SFHR -- Single Family Housing Revenue
HDC -- Housing Development Corporation SFMR -- Single Family Mortgage Revenue
HFA -- Housing Finance Authority TAN -- Tax Anticipation Notes
HFC -- Housing Finance Corporation TRAN -- Tax and Revenue Anticipation Notes
IBA -- Industrial Building Authority
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
October 31, 2000
<TABLE>
<CAPTION>
(In Thousands, Except As Noted)
Strong Advantage Strong Municipal
Fund Advantage Fund
---------------- ----------------
<S> <C>
Assets:
Investments in Securities, at Value
Unaffiliated Issuers (Cost of $2,562,015 and $1,574,803) $ 2,539,182 $ 1,553,655
Affiliated Issuers (Cost of $0 and $27,500) -- 27,500
Receivable for Securities Sold 2,001 15,091
Receivable for Fund Shares Sold 792 7,073
Dividends and Interest Receivable 26,992 21,257
Paydown Receivable 1,084 --
Other Assets 20 237
--------------- ---------------
Total Assets 2,570,071 1,624,813
Liabilities:
Payable for Securities Purchased 46,348 1,501
Payable for Fund Shares Redeemed 872 36
Dividends Payable 13,455 6,471
Variation Margin Payable 85 --
Accrued Operating Expenses and Other Liabilities 5,351 1,658
--------------- ---------------
Total Liabilities 66,111 9,666
--------------- ---------------
Net Assets $ 2,503,960 $ 1,615,147
=============== ===============
Net Assets Consist of:
Capital Stock (par value and paid-in capital) $ 2,555,627 $ 1,645,107
Accumulated Net Realized Loss (27,193) (8,430)
Net Unrealized Depreciation (24,474) (21,530)
--------------- ---------------
Net Assets $ 2,503,960 $ 1,615,147
=============== ===============
Investor Class ($ and shares in full)
Net Assets $ 2,156,106,262 $ 1,193,425,208
Capital Shares Outstanding (Unlimited Number Authorized) 218,235,801 241,305,272
Net Asset Value Per Share $ 9.88 $ 4.95
=============== ===============
Institutional Class ($ and shares in full)
Net Assets $ 347,825,775 $ 421,613,430
Capital Shares Outstanding (Unlimited Number Authorized) 35,226,895 85,212,070
Net Asset Value Per Share $ 9.87 $ 4.95
=============== ===============
Advisor Class ($ and shares in full)
Net Assets $ 28,390 $ 108,797
Capital Shares Outstanding (Unlimited Number Authorized) 2,874 22,017
Net Asset Value Per Share $ 9.88 $ 4.94
=============== ===============
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (continued)
--------------------------------------------------------------------------------
October 31, 2000
<TABLE>
<CAPTION>
(In Thousands, Except As Noted)
Strong Heritage
Money Fund
----------------
<S> <C>
Assets:
Investments in Securities, at Amortized Cost $ 1,678,998
Interest Receivable 3,250
Other Assets 49
--------------
Total Assets 1,682,297
Liabilities:
Dividends Payable 8,494
Accrued Operating Expenses and Other Liabilities 68
--------------
Total Liabilities 8,562
--------------
Net Assets $ 1,673,735
==============
Net Assets Consist of:
Investor Class ($ and shares in full)
Capital Stock (par value and paid-in capital) $1,438,355,008
==============
Capital Shares Outstanding (Unlimited Number Authorized) 1,438,355,008
Net Asset Value Per Share $ 1.00
==============
Institutional Class ($ and shares in full)
Capital Stock (par value and paid-in capital) $ 235,365,433
==============
Capital Shares Outstanding (Unlimited Number Authorized) 235,365,433
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.
50
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (continued)
--------------------------------------------------------------------------------
October 31, 2000
<TABLE>
<CAPTION>
(In Thousands, Except Per Share Amount)
Strong Strong Strong Municipal
Investors Money Market Money Market
Money Fund Fund Fund
---------- ------------ ----------------
<S> <C> <C> <C>
Assets:
Investments in Securities, at Amortized Cost $ 663,630 $ 2,044,469 $ 2,710,699
Receivable for Securities Sold -- -- 26,238
Receivable for Fund Shares Sold -- 266 --
Interest Receivable 1,325 4,153 18,212
Other Assets 4 45 290
---------- ----------- ----------
Total Assets 664,959 2,048,933 2,755,439
Liabilities:
Payable for Fund Shares Redeemed -- 3,208 5
Dividends Payable 3,491 10,057 9,716
Accrued Operating Expenses and Other Liabilities 81 147 208
---------- ----------- ----------
Total Liabilities 3,572 13,412 9,929
---------- ----------- ----------
Net Assets $ 661,387 $ 2,035,521 $ 2,745,510
========== =========== ==========
Net Assets Consist of:
Capital Stock (par value and paid-in capital) $ 661,387 $ 2,035,521 $ 2,745,510
========== =========== ===========
Capital Shares Outstanding (Unlimited Number Authorized) 661,387 2,035,521 2,745,510
Net Asset Value Per Share $ 1.00 $ 1.00 $ 1.00
========== ========== ===========
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Advantage Fund
-----------------------------------------
Period Ended Year Ended
October 31, 2000 February 29, 2000
---------------- -----------------
(Note 1)
<S> <C> <C>
Income:
Interest $ 116,399 $ 169,012
Dividends 4,056 5,163
--------- ---------
Total Income 120,455 174,175
Expenses:
Investment Advisory Fees 5,457 12,516
Administrative Fees - Investor Class 3,840 2,929
Administrative Fees - Institutional Class 44 17
Custodian Fees 50 88
Shareholder Servicing Costs - Investor Class 1,839 2,856
Shareholder Servicing Costs - Institutional Class 33 13
Reports to Shareholders - Investor Class 500 706
Reports to Shareholders - Institutional Class -- 17
Transfer Agency Banking Charges - Investor Class 79 64
Transfer Agency Banking Charges - Institutional Class -- 5
Other 243 256
--------- ---------
Total Expenses before Fees Paid Indirectly by Advisor 12,085 19,467
Fees Paid Indirectly by Advisor (Note 3) - Institutional Class (2) --
--------- ---------
Expenses, Net 12,083 19,467
--------- ---------
Net Investment Income 108,372 154,708
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments (13,075) (8,319)
Futures Contracts and Options (2,701) 5,053
--------- ---------
Net Realized Loss (15,776) (3,266)
Net Change in Unrealized Appreciation/Depreciation on:
Investments 19,556 (17,435)
Futures Contracts and Options (1,591) (694)
--------- ---------
Net Change in Unrealized Appreciation/Depreciation 17,965 (18,129)
--------- ---------
Net Gain (Loss) on Investments 2,189 (21,395)
--------- ---------
Net Increase in Net Assets Resulting from Operations $ 110,561 $ 133,313
========= =========
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
STATEMENTS OF OPERATIONS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Municipal Advantage Fund
---------------------------------------
Period Ended Year Ended
October 31, 2000 February 29, 2000
---------------- -----------------
(Note 1)
<S> <C> <C>
Income:
Interest $ 54,969 $ 99,318
Dividends - Affiliated Issuers 3,124 1,985
-------- --------
Total Income 58,093 101,303
Expenses:
Investment Advisory Fees 5,043 12,243
Administrative Fees - Investor Class 943 --
Administrative Fees - Institutional Class 19 --
Custodian Fees 36 65
Shareholder Servicing Costs - Investor Class 256 399
Shareholder Servicing Costs - Institutional Class 14 --
Reports to Shareholders - Investor Class 79 113
Reports to Shareholders - Institutional Class 1 --
Transfer Agency Banking Charges - Investor Class 16 72
Transfer Agency Banking Charges - Institutional Class 2 --
Other 169 198
-------- --------
Total Expenses before Waivers and Absorptions 6,578 13,090
Voluntary Expense Waivers and Absorptions by Advisor (513) (1,022)
-------- --------
Expenses, Net 6,065 12,068
-------- --------
Net Investment Income 52,028 89,235
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments (3,226) (2,352)
Futures Contracts and Options (421) 232
-------- --------
Net Realized Loss (3,647) (2,120)
Net Change in Unrealized Appreciation/Depreciation on:
Investments (1,210) (30,154)
Futures Contracts and Options (301) (81)
-------- --------
Net Change in Unrealized Appreciation/Depreciation (1,511) (30,235)
-------- --------
Net Loss on Investments (5,158) (32,355)
-------- --------
Net Increase in Net Assets Resulting from Operations $ 46,870 $ 56,880
======== ========
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
STATEMENTS OF OPERATIONS (continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Heritage Money Fund
------------------------------------
Period Ended Year Ended
October 31, 2000 February 29, 2000
---------------- -----------------
(Note 1)
<S> <C> <C>
Interest Income $68,338 $80,858
Expenses:
Investment Advisory Fees 2,029 7,536
Administrative Fees - Investor Class 2,896 --
Administrative Fees - Institutional Class 18 --
Custodian Fees 17 27
Shareholder Servicing Costs - Investor Class 307 401
Shareholder Servicing Costs - Institutional Class 14 --
Reports to Shareholders - Investor Class 87 120
Reports to Shareholders - Institutional Class 3 --
Transfer Agency Banking Charges - Investor Class 120 240
Transfer Agency Banking Charges - Institutional Class 2 --
Other 174 151
------- -------
Total Expenses before Waivers and Absorptions 5,667 8,475
Voluntary Expense Waivers and Absorptions by Advisor (1,700) (2,774)
------- -------
Expenses, Net 3,967 5,701
------- -------
Net Investment Income and Net Increase in Net Assets
Resulting from Operations $64,371 $75,157
======= =======
<CAPTION>
Strong Investors Money Fund
------------------------------------
Period Ended Year Ended
October 31, 2000 February 29, 2000
---------------- -----------------
(Note 1)
<S> <C> <C>
Interest Income $25,933 $20,319
Expenses:
Investment Advisory Fees 1,990 1,853
Custodian Fees 6 8
Shareholder Servicing Costs 767 727
Reports to Shareholders 185 194
Other 102 132
------- -------
Total Expenses before Waivers and Absorptions 3,050 2,914
Voluntary Expense Waivers and Absorptions by Advisor (2,522) (2,753)
------- -------
Expenses, Net 528 161
------- -------
Net Investment Income and Net Increase in Net Assets
Resulting from Operations $25,405 $20,158
======= =======
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
STATEMENTS OF OPERATIONS (continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Money Market Fund
--------------------------------------
Period Ended Year Ended
October 31, 2000 February 29, 2000
---------------- -----------------
(Note 1)
<S> <C> <C>
Interest Income $88,624 $102,948
Expenses:
Investment Advisory Fees 6,827 9,555
Custodian Fees 21 36
Shareholder Servicing Costs 3,421 4,888
Reports to Shareholders 598 1,154
Other 478 489
------- --------
Total Expenses before Waivers and Absorptions 11,345 16,122
Voluntary Expense Waivers and Absorptions by Advisor (2,469) (3,693)
------- --------
Expenses, Net 8,876 12,429
------- --------
Net Investment Income and Net Increase in Net Assets
Resulting from Operations $79,748 $ 90,519
======= ========
<CAPTION>
Strong Municipal Money Market Fund
--------------------------------------
Period Ended Year Ended
October 31, 2000 February 29, 2000
---------------- -----------------
(Note 1)
<S> <C> <C>
Interest Income $87,491 $ 92,906
Expenses:
Investment Advisory Fees 9,199 11,638
Custodian Fees 22 43
Shareholder Servicing Costs 591 842
Reports to Shareholders 208 277
Other 564 575
-------- --------
Total Expenses 10,584 13,375
-------- --------
Net Investment Income and Net Increase in Net Assets
Resulting from Operations $76,907 $ 79,531
======== ========
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
STATEMENTS Of CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Advantage Fund
-----------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
-------------- -------------- ---------------
(Note 1)
<S> <C> <C> <C>
Operations:
Net Investment Income $ 108,372 $ 154,708 $ 148,100
Net Realized Gain (Loss) (15,776) (3,266) 2,494
Net Change in Unrealized Appreciation/Depreciation 17,965 (18,129) (36,915)
---------- ---------- ----------
Net Increase in Net Assets Resulting from Operations 110,561 133,313 113,679
Distributions:
From Net Investment Income:
Investor Class (93,386) (149,282) (148,100)
Institutional Class (15,209) (5,480) --
Advisor Class (1) (1) --
---------- ---------- ----------
Total Distributions (108,596) (154,763) (148,100)
Capital Share Transactions (Note 5):
Net Increase (Decrease) in Net Assets from Capital Share Transactions 87,062 (329,956) 637,114
---------- ---------- ----------
Total Increase (Decrease) in Net Assets 89,027 (351,406) 602,693
Net Assets:
Beginning of Period 2,414,933 2,766,339 2,163,646
---------- ---------- ----------
End of Period $2,503,960 $2,414,933 $2,766,339
========== ========== ==========
<CAPTION>
Strong Municipal Advantage Fund
-----------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
-------------- -------------- ---------------
(Note 1)
<S> <C> <C> <C>
Operations:
Net Investment Income $ 52,028 $ 89,235 $ 60,111
Net Realized Gain (Loss) (3,647) (2,120) 134
Net Change in Unrealized Appreciation/Depreciation (1,511) (30,235) 2,602
---------- ---------- ----------
Net Increase in Net Assets Resulting from Operations 46,870 56,880 62,847
Distributions:
From Net Investment Income:
Investor Class (47,279) (89,235) (60,111)
Institutional Class (4,749) -- --
---------- ---------- ----------
Total Distributions (52,028) (89,235) (60,111)
Capital Share Transactions (Note 5):
Net Increase (Decrease) in Net Assets from Capital Share Transactions (171,867) (346,395) 1,156,146
---------- ---------- ----------
Total Increase (Decrease) in Net Assets (177,025) (378,750) 1,158,882
Net Assets:
Beginning of Period 1,792,172 2,170,922 1,012,040
---------- ---------- ----------
End of Period $1,615,147 $1,792,172 $2,170,922
========== ========== ==========
</TABLE>
See Notes to Financial Statements
56
<PAGE>
STATEMENTS Of CHANGES IN NET ASSETS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Heritage Money Fund
-----------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
-------------- -------------- ---------------
(Note 1)
<S> <C> <C> <C>
Operations:
Net Investment Income and Net Increase in Net
Assets Resulting from Operations $ 64,371 $ 75,157 $ 79,313
Distributions:
From Net Investment Income:
Investor Class (58,439) (75,157) (79,313)
Institutional Class (5,931) -- --
Advisor Class (1) -- --
---------- ---------- ----------
Total Distributions (64,371) (75,157) (79,313)
Capital Share Transactions (Note 5):
Net Increase (Decrease) in Net Assets from Capital Share Transactions 239,962 (402,911) 353,144
---------- ---------- ----------
Total Increase (Decrease) in Net Assets 239,962 (402,911) 353,144
Net Assets:
Beginning of Period 1,433,773 1,836,684 1,483,540
---------- ---------- ----------
End of Period $1,673,735 $1,433,773 $1,836,684
========== ========== ==========
<CAPTION>
Strong Investors Money Fund
-----------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
-------------- -------------- ---------------
(Note 1)
<S> <C> <C> <C>
Operations:
Net Investment Income and Net Increase in Net
Assets Resulting from Operations $ 25,405 $ 20,158 $ 5,670
Distributions From Net Investment Income (25,405) (20,158) (5,670)
Capital Share Transactions (Note 5):
Net Increase in Net Assets from Capital Share Transactions 144,267 261,476 248,176
---------- ---------- ----------
Total Increase in Net Assets 144,267 261,476 248,176
Net Assets:
Beginning of Period 517,120 255,644 7,468
---------- ---------- ----------
End of Period $ 661,387 $ 517,120 $ 255,644
========== ========== ==========
</TABLE>
See Notes to Financial Statements
57
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Money Market Fund
---------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
------------- ------------- -------------
(Note 1)
<S> <C> <C> <C>
Operations:
Net Investment Income and Net Increase in
Net Assets Resulting from Operations $ 79,748 $ 90,519 $ 29,179
Distributions From Net Investment Income (79,748) (90,519) (29,179)
Capital Share Transactions (Note 5):
Net Increase in Net Assets from Capital Share Transactions 36,496 72,836 2,365
---------- ---------- ----------
Total Increase in Net Assets 36,496 72,836 2,365
Net Assets:
Beginning of Period 1,999,025 1,926,189 1,923,824
---------- ---------- ----------
End of Period $2,035,521 $1,999,025 $1,926,189
========== ========== ==========
<CAPTION>
Strong Municipal Money Market Fund
---------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
------------- ------------- -------------
(Note 1)
<S> <C> <C> <C>
Operations:
Net Investment Income and Net Increase in
Net Assets Resulting from Operations $ 76,907 $ 79,531 $ 69,441
Distributions From Net Investment Income (76,907) (79,531) (69,441)
Capital Share Transactions (Note 5):
Net Increase in Net Assets from Capital Share Transactions 278,131 362,874 233,273
---------- ---------- ----------
Total Increase in Net Assets 278,131 362,874 233,273
Net Assets:
Beginning of Period 2,467,379 2,104,505 1,871,232
---------- ---------- ----------
End of Period $2,745,510 $2,467,379 $2,104,505
========== ========== ==========
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
OCTOBER 31, 2000
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. Shares held prior to September 1, 1999 were
designated as Investor Class shares.
/(3)/ Effective April 1, 2000, the Strong Heritage Money Fund has issued
three classes of shares: Investor Class, Institutional Class and
Advisor Class. Shares held prior to April 1, 2000 were designated
as Investor Class shares.
/(4)/ Effective August 1, 2000, the Strong Municipal Advantage Fund has
issued two classes of shares: Investor Class and Institutional
Class. Shares held prior to August 1, 2000 were designated as
Investor Class shares. Effective October 3, 2000, the Strong
Municipal Advantage Fund has issued an additional class of shares:
Advisor Class.
/*/ Each class of shares is subject to an administrative fee and the
Advisor Class shares are subject to an annual distribution fee as
described in Note 3. Each class of shares has identical rights and
privileges except with respect to voting rights on matters
pertaining to that class.
During 2000, the Board of Directors of the Funds approved changing the Fund's
fiscal year-end from February 28th to October 31st. Accordingly, the activity of
the Funds are presented for the period from March 1, 2000 to October 31, 2000.
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 restricted
securities held at October 31, 2000 which are either Section 4(2)
commercial paper or are eligible for resale pursuant to Rule 144A
under the Securities Act of 1933 and have been determined to be
illiquid by the Advisor based upon guidelines established by the
Fund's Board of Directors were as follows:
Aggregate Aggregate Percent of
Cost Fair Value Net Assets
------------ ------------ ----------
Strong Advantage Fund $105,990,272 $101,602,313 4.1%
(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)
--------------------------------------------------------------------------------
October 31, 2000
(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, which approximates fair value. 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 period ended October 31, 2000, the
Strong Municipal Money Market Fund paid $7,517 through expense offset
arrangements. For the year ended February 29, 2000, the Strong Municipal
Money Market Fund paid $4,498 through expense offset arrangements.
60
<PAGE>
--------------------------------------------------------------------------------
(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.
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
administrative fees, which are established by terms of the advisory and
administrative agreements, are based on the following annualized rates of the
average daily net assets of the respective Fund:
<TABLE>
<CAPTION>
For the Period Ended October 31, 2000
--------------------------------------------------------------------------------------------
Administrative Administrative Administrative
Fees - Fees - Fees -
Advisory Fees Advisory Fees Investor Class Institutional Class Advisor Class
Mar. 1, 2000- Aug. 1, 2000- Aug. 1, 2000- Mar. 1, 2000- Aug. 1, 2000-
July 31, 2000 Oct. 31, 2000 Oct. 31, 2000 Oct. 31, 2000 Oct. 31, 2000
/(1)/ /(2)/ /(2)/ /(2)(3)/ /(2)(4)/
------------- ------------- -------------- ------------------ ---------------
<S> <C> <C> <C> <C> <C>
Strong Advantage Fund 0.35% 0.30% 0.30% 0.02% 0.30%
Strong Municipal Advantage Fund 0.60% 0.30% 0.30% 0.02% 0.30%
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.
/(1)/ Effective 3-01-00 to 3-31-00 for Strong Heritage Money Fund.
/(2)/ Effective 4-01-00 to 10-31-00 for Strong Heritage Money Fund.
/(3)/ Effective 8-01-00 to 10-31-00 for Strong Municipal Advantage Fund.
/(4)/ Effective 10-03-00 to 10-31-00 for Strong Municipal Advantage Fund.
<TABLE>
<CAPTION>
For the Year Ended February 29, 2000
-----------------------------------------------------------------------------------------
Administrative Administrative Administrative
Fees - Fees - Fees -
Advisory Fees Advisory Fees Investor Class Institutional Class Advisor Class
Mar. 1, 1999- Sept. 1, 1999- Sept. 1, 1999- Sept. 1, 1999- Sept. 1, 1999-
Aug. 31, 1999 Feb. 29, 2000 Feb. 29, 2000 Feb. 29, 2000 Feb. 29, 2000
------------- ------------- -------------- ------------------ ---------------
<S> <C> <C> <C> <C> <C>
Strong Advantage Fund 0.60% 0.35% 0.25% 0.02% 0.25%
Strong Municipal Advantage Fund 0.60% 0.60% * * *
Strong Heritage Money Fund 0.50% 0.50% * * *
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 Municipal Advantage Fund, Strong Heritage Money Fund, 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.
Based on the terms of the advisory and administrative 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 for the Investor Class are based on contractually established rates
for each open and closed shareholder account. Shareholder recordkeeping and
related service fees for the Institutional and Advisor Classes are paid at an
annual rate of 0.015% and 0.20%, respectively, of the average daily net asset
value of each respective class, except for the Advisor Class of Strong Heritage
Money Fund which pays a rate of 0.015% of the average daily net asset value. 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' Statements 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' Statements of Operations. The Advisor is also compensated for certain
other services related to costs incurred for reports to shareholders.
61
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
October 31, 2000
Strong Advantage Fund, Strong Municipal 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. For the period
ended October 31, 2000 the Strong Advantage Fund, Strong Municipal
Advantage Fund and Strong Heritage Money Fund, incurred 12b-1 fees of $43,
$16 and $22, respectively. For the year ended February 29, 2000, the Strong
Advantage Fund incurred 12b-1 fees of $35.
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, is as follows:
<TABLE>
<CAPTION>
For the Period Ended October 31, 2000
-------------------------------------------------------------------
Payable to Shareholder Servicing Transfer Agency Unaffiliated
Advisor at and Other Expenses Banking Directors'
Oct. 31, 2000 Paid to Advisor Charges Fees
------------- ----------------------- ----------------- --------------
<S> <C> <C> <C> <C>
Strong Advantage Fund $254,450 $ 1,875,042 $ 77,551 $ 5,331
Strong Municipal Advantage Fund 47,141 270,450 17,461 3,877
Strong Heritage Money Fund 42,633 321,474 121,811 3,034
Strong Investors Money Fund 50,041 769,738 3,234 998
Strong Money Market Fund 147,061 3,428,487 349,142 4,164
Strong Municipal Money Market Fund 127,638 592,183 354,710 5,007
</TABLE>
<TABLE>
<CAPTION>
For the Year Ended February 29, 2000
-------------------------------------------------------------------
Shareholder Servicing Transfer Agency Unaffiliated
and Other Expenses Banking Directors'
Paid to Advisor Charges Fees
------------------------- ----------------- ---------------
<S> <C> <C> <C>
Strong Advantage Fund $ 2,877,252 $ 68,862 $ 54,451
Strong Municipal Advantage Fund 399,958 71,962 39,530
Strong Heritage Money Fund 402,237 240,074 30,999
Strong Investors Money Fund 730,319 6,713 9,189
Strong Money Market Fund 4,904,704 362,400 41,680
Strong Municipal Money Market Fund 845,869 341,818 47,626
</TABLE>
The Advisor owns 56%, 14% and 100% of the outstanding Advisor Class shares
of the Strong Advantage Fund, Strong Municipal Advantage Fund and Strong
Heritage Money Fund, respectively. One shareholder owns 86% of the
outstanding Advisor Class shares of the Strong Municipal Advantage Fund.
The Strong Growth Fund and Strong Opportunity Fund own 15% and 13% of the
outstanding Institutional Class shares of the Strong Heritage Money Fund,
respectively.
4. 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 Funds' 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 0.09%
per annum is incurred on the unused portion of the LOC and is allocated to
all participating Strong Funds. At October 31, 2000, there were no
borrowings by the Funds outstanding under the LOC.
62
<PAGE>
--------------------------------------------------------------------------------
5. Capital Share Transactions
<TABLE>
<CAPTION>
Strong Advantage Fund
-------------------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
----------------- ------------------ ----------------
(Note 1)
<S> <C> <C> <C>
Capital Share Transactions of Each Class of Shares of
the Funds Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold $ 986,671,111 $ 1,638,747,425 $ 2,946,300,339
Proceeds from Reinvestment of Distributions 83,290,280 137,003,912 131,622,405
Payment for Shares Redeemed (1,123,270,714) (2,313,175,285) (2,440,807,929)
--------------- --------------- ---------------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions (53,309,323) (537,423,948) 637,114,815
INSTITUTIONAL CLASS
Proceeds from Shares Sold 260,200,387 243,835,593 --
Proceeds from Reinvestment of Distributions 14,211,504 4,394,921 --
Payment for Shares Redeemed (134,053,329) (40,778,287) --
--------------- --------------- ---------------
Net Increase in Net Assets from Capital Share Transactions 140,358,562 207,452,227 --
ADVISOR CLASS
Proceeds from Shares Sold 12,000 260,337 --
Proceeds from Reinvestment of Distributions 347 -- --
Payment for Shares Redeemed -- (244,333) --
--------------- --------------- ---------------
Net Increase in Net Assets from Capital Share Transactions 12,347 16,004 --
--------------- --------------- ---------------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions $ 87,061,586 ($ 329,955,717) $ 637,114,815
=============== =============== ===============
Transactions in Shares of Each Class of the Funds
Were as Follows:
INVESTOR CLASS
Sold 99,923,438 165,265,116 293,642,636
Issued in Reinvestment of Distributions 8,436,140 13,816,153 13,122,722
Redeemed (113,791,858) (233,361,689) (243,494,052)
--------------- --------------- ---------------
Net Increase (Decrease) in Shares (5,432,280) (54,280,420) 63,271,306
INSTITUTIONAL CLASS
Sold 26,379,467 24,672,726 --
Issued in Reinvestment of Distributions 1,440,030 445,245 --
Redeemed (13,577,777) (4,132,796) --
--------------- --------------- ---------------
Net Increase in Shares 14,241,720 20,985,175 --
ADVISOR CLASS
Sold 1,218 26,376 --
Issued in Reinvestment of Distributions 35 -- --
Redeemed -- (24,755) --
--------------- --------------- ---------------
Net Increase in Shares 1,253 1,621 --
--------------- --------------- ---------------
Net Increase (Decrease) in Shares of the Fund 8,810,693 (33,293,624) 63,271,306
=============== =============== ===============
</TABLE>
63
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
October 31, 2000
<TABLE>
<CAPTION>
Strong Municipal Advantage Fund
--------------------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
---------------- ----------------- -----------------
(Note 1)
<S> <C> <C> <C>
Capital Share Transactions of Each Class of Shares of
the Funds Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold $ 707,594,042 $ 1,615,970,724 $ 2,486,040,369
Proceeds from Reinvestment of Distributions 41,323,571 80,780,433 51,810,239
Payment for Shares Redeemed (1,342,693,241) (2,043,146,413) (1,381,704,800)
----------------- ----------------- -----------------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions (593,775,628) (346,395,256) 1,156,145,808
INSTITUTIONAL CLASS
Proceeds from Shares Sold 459,998,060 -- --
Proceeds from Reinvestment of Distributions 2,187,381 -- --
Payment for Shares Redeemed (40,385,702) -- --
----------------- ----------------- -----------------
Net Increase in Net Assets from Capital Share Transactions 421,799,739 -- --
ADVISOR CLASS
Proceeds from Shares Sold 108,776 -- --
Proceeds from Reinvestment of Distributions -- -- --
Payment for Shares Redeemed -- -- --
----------------- ----------------- -----------------
Net Increase in Net Assets from Capital Share Transactions 108,776 -- --
----------------- ----------------- -----------------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions $ 171,867,113) ($ 346,395,256) $ 1,156,145,808
================= ================= =================
Transactions in Shares of Each Class of the Funds
Were as Follows:
INVESTOR CLASS
Sold 143,040,459 322,494,889 493,758,859
Issued in Reinvestment of Distributions 8,352,158 16,123,911 10,289,604
Redeemed (271,285,437) (408,229,221) (274,412,765)
----------------- ----------------- -----------------
Net Increase (Decrease) in Shares (119,892,820) (69,610,421) 229,635,698
INSTITUTIONAL CLASS
Sold 92,928,903 -- --
Issued in Reinvestment of Distributions 441,895 -- --
Redeemed (8,158,728) -- --
----------------- ----------------- -----------------
Net Increase in Shares 85,212,070 -- --
ADVISOR CLASS
Sold 22,017 -- --
Issued in Reinvestment of Distributions -- -- --
Redeemed -- -- --
----------------- ----------------- -----------------
Net Increase in Shares 22,017 -- --
----------------- ----------------- -----------------
Net Increase (Decrease) in Shares of the Fund (34,658,733) (69,610,421) 229,635,698
================= ================= =================
</TABLE>
64
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Strong Heritage Money Fund
--------------------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
---------------- ----------------- -----------------
(Note 1)
<S> <C> <C> <C>
Capital Share Transactions of Each Class of Shares of
the Funds Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold $ 1,301,364,234 $ 1,819,792,681 $ 2,304,385,615
Proceeds from Reinvestment of Distributions 53,772,624 70,333,240 74,363,330
Payment for Shares Redeemed (1,350,555,342) (2,293,036,089) (2,025,604,899)
---------------- ----------------- -----------------
Net Increase (Decrease) in Net Assets from Capital
Share Transactions 4,581,516 (402,910,168) 353,144,046
INSTITUTIONAL CLASS
Proceeds from Shares Sold 589,273,439 -- --
Proceeds from Reinvestment of Distributions 2,553,228 -- --
Payment for Shares Redeemed (356,461,234) -- --
---------------- ----------------- -----------------
Net Increase in Net Assets from Capital Share Transactions 235,365,433 -- --
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 $ 239,961,949 ($ 402,910,168) $ 353,144,046
================ ================= =================
Transactions in Shares of Each Class of the Funds
Were as Follows:
INVESTOR CLASS
Sold 1,301,364,234 1,819,792,681 2,304,385,615
Issued in Reinvestment of Distributions 53,772,624 70,333,240 74,363,330
Redeemed (1,350,555,342) (2,293,036,089) (2,025,604,899)
---------------- ----------------- -----------------
Net Increase (Decrease) in Shares 4,581,516 (402,910,168) 353,144,046
INSTITUTIONAL CLASS
Sold 589,273,439 -- --
Issued in Reinvestment of Distributions 2,553,228 -- --
Redeemed (356,461,234) -- --
---------------- ----------------- -----------------
Net Increase in Shares 235,365,433 -- --
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 239,961,949 (402,910,168) 353,144,046
================ ================= =================
</TABLE>
65
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
October 31 2000
<TABLE>
<CAPTION>
Strong Investors Money Fund
----------------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
-------------- -------------- --------------
(Note 1)
<S> <C> <C> <C>
Capital Share Transactions of Each of the Funds
Were as Follows:
Proceeds from Shares Sold $ 438,746,974 $ 562,665,205 $ 337,627,943
Proceeds from Reinvestment of Distributions 23,006,077 17,714,045 4,440,854
Payment for Shares Redeemed (317,486,636) (318,902,590) (93,893,642)
-------------- ------------- -------------
Net Increase in Net Assets from Capital
Share Transactions $ 144,266,415 $ 261,476,660 $ 248,175,155
============== ============== ==============
Transactions in Shares of Each of the Funds
Were as Follows:
Sold 438,746,974 562,665,205 337,627,943
Issued in Reinvestment of Distributions 23,006,077 17,714,045 4,440,854
Redeemed (317,486,636) (318,902,590) (93,893,642)
-------------- ------------- -------------
Net Increase in Shares of the Fund 144,266,415 261,476,660 248,175,155
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Strong Money Market Fund
--------------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
---------------- -------------- ----------------
(Note 1)
<S> <C> <C> <C>
Capital Share Transactions of Each of the Funds
Were as Follows:
Proceeds from Shares Sold $1,814,689,668 $2,712,343,984 $1,042,350,631
Proceeds from Reinvestment of Distributions 75,419,738 85,586,423 29,873,664
Payment for Shares Redeemed (1,853,613,524) (2,725,094,594) (1,069,859,038)
-------------- ------------- -------------
Net Increase in Net Assets from Capital
Share Transactions $ 36,495,882 $ 72,835,813 $ 2,365,257
============== ============= =============
Transactions in Shares of Each of the Funds
Were as Follows:
Sold 1,814,689,668 2,712,343,984 1,042,350,631
Issued in Reinvestment of Distributions 75,419,738 85,586,423 29,873,664
Redeemed (1,853,613,524) (2,725,094,594) (1,069,859,038)
-------------- ------------- -------------
Net Increase in Shares of the Fund 36,495,882 72,835,813 2,365,257
============== ============= =============
</TABLE>
<TABLE>
<CAPTION>
Strong Municipal Money Market Fund
-----------------------------------------------------
Period Ended Year Ended Year Ended
Oct. 31, 2000 Feb. 29, 2000 Feb. 28, 1999
-------------- ------------- ----------------
(Note 1)
<S> <C> <C> <C>
Capital Share Transactions of Each of the Funds
Were as Follows:
Proceeds from Shares Sold $3,565,573,346 $5,697,775,929 $5,262,564,730
Proceeds from Reinvestment of Distributions 67,740,629 69,705,320 63,080,172
Payment for Shares Redeemed (3,355,182,040) (5,404,607,866) (5,092,371,532)
-------------- ------------- --------------
Net Increase in Net Assets from Capital
Share Transactions $ 278,131,935 $ 362,873,383 $ 233,273,370
============== ============= =============
Transactions in Shares of Each of the Funds
Were as Follows:
Sold 3,565,573,346 5,697,775,929 5,262,564,730
Issued in Reinvestment of Distributions 67,740,629 69,705,320 63,080,172
Redeemed (3,355,182,040) (5,404,607,866) (5,092,371,532)
-------------- ------------- -------------
Net Increase in Shares of the Fund 278,131,935 362,873,383 233,273,370
============== ============= =============
</TABLE>
66
<PAGE>
--------------------------------------------------------------------------------
6. Investment Transactions
The aggregate purchases and sales of long-term securities were as follows:
<TABLE>
<CAPTION>
Period Ended October 31, 2000
--------------------------------------------------------------------------
Purchases Sales
----------------------------------- ----------------------------------
U.S. Government U.S. Government
and Agency Other and Agency Other
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Strong Advantage Fund $ 102,173,304 $ 907,346,614 $ 147,783,971 $ 759,171,557
Strong Municipal Advantage Fund -- 365,092,204 -- 331,323,475
</TABLE>
<TABLE>
<CAPTION>
Year Ended February 29, 2000
--------------------------------------------------------------------------
Purchases Sales
----------------------------------- ----------------------------------
U.S. Government U.S. Government
and Agency Other and Agency Other
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Strong Advantage Fund $ 83,812,789 $ 1,115,289,973 $ 134,000,876 $ 1,418,764,560
Strong Municipal Advantage Fund -- 410,983,780 -- 387,164,740
</TABLE>
7. Income Tax Information
At October 31, 2000 the investment cost and gross unrealized appreciation
and depreciation on investments for federal income tax purposes were as
follows:
<TABLE>
<CAPTION>
Federal Tax Unrealized Unrealized Net
Cost Appreciation Depreciation Depreciation
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Strong Advantage Fund $ 2,562,036,577 $ 12,239,574 $ 35,094,166 $ 22,854,592
Strong Municipal Advantage Fund 1,602,303,226 2,301,568 23,449,436 21,147,868
</TABLE>
At February 29, 2000 (the tax year-end of the Funds), the capital loss
carryovers (expiring in varying amounts through 2007) for federal income
tax purposes for Strong Advantage Fund and Strong Municipal Advantage Fund
were $11,445,097 and $4,856,542, respectively.
For corporate shareholders in Strong Advantage Fund and Strong Municipal
Advantage Fund, the percentages of dividend income distributed for the
period ended October 31, 2000, which is designated as qualifying for the
dividends-received deduction, are 3.4% and 0.0%, respectively (unaudited).
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 period ended October 31, 2000 and year ended February 29, 2000
is as follows:
<TABLE>
<CAPTION>
Balance of Gross Gross Sales Balance of
Shares Held Purchases and Shares Held
Mar. 1, 2000 and Additions Reductions Oct. 31, 2000
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Strong Municipal Advantage Fund
-------------------------------
Strong Municipal Money Market Fund 71,400,000 685,300,000 729,200,000 27,500,000
<CAPTION>
Value Dividend Income Dividend Income
Oct. 31, Mar. 1, 2000 - Mar. 1, 1999 -
2000 Oct. 31, 2000 Feb. 29, 2000
------------ ------------------ ------------------
<S> <C> <C> <C>
Strong Municipal Advantage Fund
-------------------------------
Strong Municipal Money Market Fund $ 27,500,000 $ 3,124,308 $ 1,985,396
</TABLE>
67
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND -- INVESTOR CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
-----------------------------------------------------------------------
Oct. 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 0.43 0.59 0.59 0.62 0.62 0.10 0.67
Net Realized and Unrealized Gains (Losses) on Investments 0.01 (0.08) (0.13) (0.01) 0.06 (0.01) 0.06
-----------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.44 0.51 0.46 0.61 0.68 0.09 0.73
Less Distributions:
From Net Investment Income (0.43) (0.59) (0.59) (0.62) (0.62) (0.10) (0.67)
-----------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.43) (0.59) (0.59) (0.62) (0.62) (0.10) (0.67)
-----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.88 $ 9.87 $ 9.95 $10.08 $10.09 $10.03 $10.04
===================================================================================================================================
Ratios and Supplemental Data
-----------------------------------------------------------------------------------------------------------------------------------
Total Return +4.6% +5.2% +4.6% +6.3% +7.0% +0.9% +7.5%
Net Assets, End of Period (In Millions) $2,156 $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 6.5%* 5.9% 5.8% 6.2% 6.2% 6.3%* 6.6%
Portfolio Turnover Rate/(d)/ 38.4% 48.1% 79.3% 109.6% 154.9% 17.2% 183.7%
</TABLE>
STRONG ADVANTAGE FUND -- INSTITUTIONAL CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
-------------------------
Oct. 31, Feb. 29,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000/(e)/
-------------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Beginning of Period $ 9.87 $ 9.89
Income From Investment Operations:
Net Investment Income 0.46 0.32
Net Realized and Unrealized Losses on Investments -- (0.02)
-------------------------------------------------------------------------------------
Total from Investment Operations 0.46 0.30
Less Distributions:
From Net Investment Income (0.46) (0.32)
-------------------------------------------------------------------------------------
Total Distributions (0.46) (0.32)
-------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.87 $ 9.87
=====================================================================================
Ratios and Supplemental Data
-------------------------------------------------------------------------------------
Total Return +4.8% +3.1%
Net Assets, End of Period (In Millions) $ 348 $ 207
Ratio of Expenses to Average Net Assets Without
Fees Paid Indirectly by Advisor 0.4%* 0.4%*
Ratio of Expenses to Average Net Assets 0.4%* 0.4%*
Ratio of Net Investment Income to Average Net Assets 7.0%* 6.5%*
Portfolio Turnover Rate/(d)/ 38.4% 48.1%
</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) In 2000, the Fund changed its fiscal year-end from February to October
(Note 1).
(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.
See Notes to Financial Statements.
68
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG ADVANTAGE FUND -- ADVISOR CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
--------------------
Oct.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 0.41 0.27
Net Realized and Unrealized Gains (Losses) on Investments 0.01 (0.02)
-------------------------------------------------------------------------------------
Total from Investment Operations 0.42 0.25
Less Distributions:
From Net Investment Income (0.41) (0.27)
-------------------------------------------------------------------------------------
Total Distributions (0.41) (0.27)
-------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.88 $ 9.87
=====================================================================================
Ratios and Supplemental Data
-------------------------------------------------------------------------------------
Total Return +4.4% +2.6%
Net Assets, End of Period (In Millions) $ 0/(d)/ $ 0/(d)/
Ratio of Expenses to Average Net Assets Without Waivers
and Absorptions 1.1%* 1.1%*
Ratio of Expenses to Average Net Assets 1.1%* 1.1%*
Ratio of Net Investment Income to Average Net Assets 6.2%* 5.7%*
Portfolio Turnover Rate/(e)/ 38.4% 48.1%
</TABLE>
STRONG MUNICIPAL ADVANTAGE FUND -- INVESTOR CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
--------------------------------------------------------------------
Oct. 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 0.16 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 0.15 0.13 0.22 0.24 0.25 0.07
Less Distributions:
From Net Investment Income/(h)/ (0.16) (0.21) (0.21) (0.22) (0.25) (0.06)
From Net Realized Gains -- -- -- -- (0.00)/(f)/ --
-------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.16) (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 +3.0% +2.7% +4.5% +5.0% +5.1% +1.4%
Net Assets, End of Period (In Millions) $1,193 $1,792 $2,171 $1,012 $ 644 $ 132
Ratio of Expenses to Average Net Assets Without Waivers,
Absorptions and Fees Paid Indirectly by Advisor 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 4.7%* 4.3% 4.1% 4.5% 5.0% 4.9%*
Portfolio Turnover Rate/(e)/ 36.5% 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) In 2000, the Fund changed its fiscal year-end from February to October
(Note 1).
(c) For the period from September 1, 1999 (Commencement of Class) to February
29, 2000.
(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.
(g) For the period from November 30, 1995 (inception) to February 29, 1996.
(h) Tax-exempt for regular federal income tax purposes.
See Notes to Financial Statements.
69
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG MUNICIPAL ADVANTAGE FUND -- INSTITUTIONAL CLASS
--------------------------------------------------------------------------------
Period Ended
------------
Oct.31,
Selected Per-Share Data/(a)/ 2000/(b)/
----------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 4.95
Income From Investment Operations:
Net Investment Income 0.06
----------------------------------------------------------------------
Total from Investment Operations 0.06
Less Distributions:
From Net Investment Income/(c)/ (0.06)
----------------------------------------------------------------------
Total Distributions (0.06)
----------------------------------------------------------------------
Net Asset Value, End of Period $ 4.95
======================================================================
Ratios and Supplemental Data
----------------------------------------------------------------------
Total Return +1.3%
Net Assets, End of Period (In Millions) $ 422
Ratio of Expenses to Average Net Assets Without
Waivers and Absorptions 0.3%*
Ratio of Expenses to Average Net Assets 0.3%*
Ratio of Net Investment Income to Average Net Assets 5.0%*
Portfolio Turnover Rate/(d)/ 36.5%
STRONG MUNICIPAL ADVANTAGE FUND -- ADVISOR CLASS
--------------------------------------------------------------------------------
Period Ended
------------
Oct. 31,
Selected Per-Share Data/(a)/ 2000/(e)/
--------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 4.94
Income From Investment Operations:
Net Investment Income 0.02
--------------------------------------------------------------------------
Total from Investment Operations 0.02
Less Distributions:
From Net Investment Income/(c)/ (0.02)
--------------------------------------------------------------------------
Total Distributions (0.02)
--------------------------------------------------------------------------
Net Asset Value, End of Period $ 4.94
==========================================================================
Ratios and Supplemental Data
--------------------------------------------------------------------------
Total Return +0.4%
Net Assets, End of Period (In Millions) $ 0/(f)/
Ratio of Expenses to Average Net Assets Without
Waivers and Absorptions 1.1%*
Ratio of Expenses to Average Net Assets 1.0%*
Ratio of Net Investment Income to Average Net Assets 4.4%*
Portfolio Turnover Rate/(d)/ 36.5%
* 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 October 31,
2000 (Note 1).
(c) Tax-exempt for regular federal income tax purposes.
(d) Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
(e) For the period from October 3, 2000 (Commencement of Class) to October 31,
2000 (Note 1).
(f) Amount is less than $500,000.
See Notes to Financial Statements.
70
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND -- INVESTOR CLASS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
--------------------------------------------------------------------
Oct. 31, Feb. 29, Feb. 28, Feb. 28, Feb. 28, Feb. 29,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999 1998 1997 1996/c)/
------------------------------------------------------------------------------------------------------------------------------
<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 0.04 0.05 0.05 0.05 0.06 0.04
Net Realized and Unrealized Losses on Investments -- -- -- -- (0.01) --
------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.04 0.05 0.05 0.05 0.05 0.04
Less Distributions:
From Net Investment Income/(b)/ (0.04) (0.05) (0.05) (0.05) (0.06) (0.04)
------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.04) (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 +4.2% +5.1% +5.3% +5.6% 5.7%/(d)/ +4.1%
Net Assets, End of Period (In Millions) $ 1,438 $ 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%*/(e)/
Ratio of Net Investment Income to Average Net Assets 6.1%* 5.0% 5.2% 5.4% 5.6% 5.9%*
</TABLE>
STRONG HERITAGE MONEY FUND -- INSTITUTIONAL CLASS
--------------------------------------------------------------------------------
Period Ended
------------
Oct. 31,
Selected Per-Share Data/(a)/ 2000/(f)/
---------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 1.00
Income From Investment Operations:
Net Investment Income 0.04
---------------------------------------------------------------------------
Total from Investment Operations 0.04
Less Distributions:
From Net Investment Income (0.04)
---------------------------------------------------------------------------
Total Distributions (0.04)
---------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00
===========================================================================
Ratios and Supplemental Data
---------------------------------------------------------------------------
Total Return +3.8%
Net Assets, End of Period (In Millions) $ 235
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%*
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) In 2000, the Fund changed its fiscal year-end from February to October
(Note 1).
(c) For the period from June 29, 1995 (inception) to February 29, 1996.
(d) 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.
(e) Amount calculated is less than 0.01%.
(f) For the period from April 1, 2000 (Commencement of Class) to October 31,
2000 (Note 1).
See Notes to Financial Statements.
71
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
-------------------------------------------------------------------------------
STRONG HERITAGE MONEY FUND-- ADVISOR CLASS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
------------
Oct. 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 0.04
-----------------------------------------------------------------------------------
Total from Investment Operations 0.04
Less Distributions:
From Net Investment Income (0.04)
-----------------------------------------------------------------------------------
Total Distributions (0.04)
-----------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00
===================================================================================
Ratios and Supplemental Data
-----------------------------------------------------------------------------------
Total Return +3.6%
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>
STRONG INVESTORS MONEY FUND
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
---------------------------------------------------
Oct. 31, Feb. 29, Feb. 28, Feb. 28,
Selected Per-Share Data/(a)/ 2000/(d)/ 2000 1999 1998/(e)/
--------------------------------------------------------------------------------------------------------------------------------
<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 0.04 0.05 0.06 0.00/(f)/
--------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.04 0.05 0.06 0.00/(f)/
Less Distributions:
From Net Investment Income/(f)/ (0.04) (0.05) (0.06) --
--------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.04) (0.05) (0.06) --
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00
================================================================================================================================
Ratios and Supplemental Data
--------------------------------------------------------------------------------------------------------------------------------
Total Return +4.4% +5.5% +5.7% +0.5%
Net Assets, End of Period (In Millions) $ 661 $ 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%/(f)/ 0.0% 0.0%*
Ratio of Net Investment Income to Average Net Assets 6.4%* 5.4% 5.4% 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 October 31,
2000 (Note 1).
(c) Amount is less than $500,000.
(d) In 2000, the Fund changed its fiscal year-end from February to October
(Note 1).
(e) For the period from January 31, 1998 (inception) to February 28, 1998.
(f) Amount calculated is less than $0.01 or 0.1%.
See Notes to financial Statements.
72
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
--------------------------------------------------------------------------------
STRONG MONEY MARKET FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
----------------------------------------------------------------
Oct. 31, Feb. 29, Feb. 28, Oct. 31, Oct. 31, Oct. 31,
Selected Per-Share Data/(a)/ 2000/(b)/ 2000 1999/(c)/ 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------
<S> <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 0.04 0.05 0.02 0.05 0.05 0.05
Net Realized and Unrealized Losses on Investments -- -- -- -- (0.01) --
------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.04 0.05 0.02 0.05 0.04 0.05
Less Distributions:
From Net Investment Income (0.04) (0.05) (0.02) (0.05) (0.05) (0.05)
------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.04) (0.05) (0.02) (0.05) (0.05) (0.05)
------------------------------------------------------------------------------------------------------------------------------
Capital Contribution -- -- -- -- 0.1 --
------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 1.00 $ 1.00 $ 1.00 $ 1.00
==============================================================================================================================
Ratios and Supplemental Data
------------------------------------------------------------------------------------------------------------------------------
Total Return +4.0% +4.8% +1.5% +5.3% +5.3%/(d)/ +5.4%
Net Assets, End of Period (In Millions) $2,036 $1,999 $1,926 $1,924 $1,838 $1,949
Ratio of Expenses to Average Net Assets Without
Waivers and Absorptions 0.8%* 0.8% 0.9%* 0.9% 0.9% 0.8%
Ratio of Expenses to Average Net Assets 0.7%* 0.7% 0.6%* 0.5% 0.5% 0.4%
Ratio of Net Investment Income to Average Net Assets 5.8%* 4.7% 4.6%* 5.2% 5.2% 5.3%
</TABLE>
STRONG MUNICIPAL MONEY MARKET FUND
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
----------------------------------------------------------------------
Oct. 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/(e)/ 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 0.03 0.03 0.03 0.04 0.03 0.01 0.04
-----------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations 0.03 0.03 0.03 0.04 0.03 0.01 0.04
Less Distributions:
From Net Investment Income/(f)/ (0.03) (0.03) (0.03) (0.04) (0.03) (0.01) (0.04)
-----------------------------------------------------------------------------------------------------------------------------------
Total Distributions (0.03) (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 +2.8% +3.5% +3.4% +3.6% +3.5% +0.6% +4.1%
Net Assets, End of Period (In Millions) $ 2,746 $ 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 4.2%* 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) In 2000, the Fund changed its fiscal year-end from February to October
(Note 1).
(c) In 1999, the Fund changed its fiscal year-end from October to February.
(d) 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.
(e) In 1996, the Fund changed its fiscal year-end from December to February.
(f) Tax-exempt for regular federal income tax purposes.
See Notes to Financial Statements.
73
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Shareholders and Board of Directors of
Strong Cash Management Funds
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments in securities, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Strong Municipal
Advantage Fund and Strong Municipal Money Market Fund (two of the portfolios
constituting the Strong Municipal Funds, Inc.), Strong Heritage Money Fund and
Strong Investors Money Fund (two of the portfolios constituting the Strong
Heritage Reserve Series, Inc.), Strong Advantage Fund, Inc., and Strong Money
Market Fund, Inc. (all six collectively referred to herein as the "Strong Cash
Management Funds") at October 31, 2000, the results of each of their operations,
the changes in each of their net assets and their financial highlights for the
periods indicated, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
hightlights (hereafter referred to as "financial statements") are the
responsibility of the Strong Management Funds' management; our responsibility is
to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America which require that
we plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at October 31, 2000 by correspondence with the custodian and
brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
December 5, 2000
<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. RT8693-1200
Strong Investments
P.O. Box 2936 | Milwaukee, WI 53201
www.eStrong.com
--------------------------------------------------------------------------------
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.com
[LOGO HERE] STRONG
