Filed Pursuant to Rule 497(k)(1)(ii)
[PIE CHART WITH STOCKS EMPHASIS]
FUND PROFILE
July 22, 1998
THE STRONG SCHAFER VALUE FUND
This profile summarizes key information about the Fund that is included in the
Fund's prospectus. The Fund's prospectus includes additional information about
the Fund, including a more detailed description of the risks associated with
investing in the Fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the Fund at no cost by
calling 1-800-368-3863 or visiting our web site at www.strong-funds.com.
[STRONG FUNDS LOGO]
STRONG FUNDS
1
<PAGE>
THE STRONG SCHAFER VALUE FUND
WHAT IS THE FUND'S GOAL?
The STRONG SCHAFER VALUE FUND seeks long-term capital growth. Current income is
a secondary objective.
WHAT ARE THE FUND'S PRINCIPAL INVESTMENT STRATEGIES?
The Fund invests primarily in common stocks of medium- and large-size
companies. The portfolio manager selects stocks of companies that have
above-average growth, but also are inexpensive relative to market averages. The
Fund invests approximately equal amounts of its assets in each stock in the
portfolio, and generally invests all of its assets in stocks. The manager sells
holdings when they are no longer attractive based on their growth potential or
price.
Additional information about the Fund's investments is available in the Fund's
annual and semiannual reports to shareholders. These reports discuss the market
conditions and investment strategies that significantly affected the Fund's
performance during the past fiscal year. You may obtain these reports at no
cost by calling 1-800-368-3863.
WHAT ARE THE MAIN RISKS OF INVESTING IN THIS FUND?
GENERAL STOCK RISKS: The Fund's major risks are those of investing in the stock
market. That means the Fund may experience sudden, unpredictable declines in
the value of its shares, as well as periods of poor performance. Because stock
values fluctuate, when you sell your investment you may receive more or less
money than you originally invested.
FOREIGN SECURITIES: To a limited degree, the Fund may invest in foreign
securities. Foreign investments involve additional risks, including currency
fluctuations, political instability, differences in financial reporting
standards, and less stringent regulation of securities markets.
MEDIUM-SIZE COMPANIES: The Fund may invest in the stocks of medium-size
companies. Medium-size companies often have narrower markets and more limited
managerial and financial resources than larger, more established companies. As
a result, their performance can be more volatile and they face greater risk of
business failure, which could increase the volatility of the Fund's portfolio.
2
<PAGE>
This Fund is appropriate for investors who have financial goals five years or
more in the future, and who are comfortable with the risks described here. This
Fund is not appropriate for investors concerned primarily with principal
stability.
The return information provided illustrates how the Fund's performance can
vary, which is one indication of the risks of investing in the Fund. Please
keep in mind that the Fund's past performance does not represent how the Fund
will perform in the future.
CALENDAR YEAR TOTAL RETURNS
[BAR GRAPH]
1988 18.0%
1989 30.1%
1990 -10.1%
1991 40.9%
1992 18.7%
1993 24.0%
1994 -4.3%
1995 34.2%
1996 23.2%
1997 29.3%
THE RETURNS SHOWN ABOVE ARE FOR THE SCHAFER VALUE FUND. THE FUND'S YEAR-TO-DATE
RETURN THROUGH 6-30-98 WAS 3.4%.
BEST AND WORST QUARTERLY PERFORMANCE
BEST QUARTER RETURN:22.5% (1st Q 1991) WORST QUARTER RETURN:-16.6% (3rd Q 1990)
AVERAGE ANNUAL TOTAL RETURNS
AS OF 6-30-98
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FUND/INDEX 1-YEAR 5-YEAR 10-YEAR SINCE INCEPTION
- ------------------ ------ ------ ------- ----------------
SCHAFER VALUE FUND 14.72% 18.97% 17.95% 16.40%(10-22-85)
- ------------------ ------ ------ ------- ----------------
S&P 500 Index 30.16% 23.08% 18.56% 18.66%
- ------------------ ------ ------ ------- ----------------
</TABLE>
THE STANDARD & POOR'S 500 STOCK INDEX IS AN UNMANAGED INDEX GENERALLY
REPRESENTATIVE OF THE MARKET FOR THE STOCKS OF LARGE-SIZE U.S. COMPANIES.
WHAT ARE THE FEES AND EXPENSES OF THIS FUND?
This section describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment)
The Fund is 100% no-load, so you pay no fees to buy or sell shares.
3
<PAGE>
ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from fund assets)
The costs of operating the Fund are deducted from the Fund's assets, which
means you pay them indirectly. These costs are deducted before computing the
daily share price or making distributions. As a result, they don't appear on
your account statement, but instead reduce the amount of total return you
receive.
ANNUAL FUND OPERATING EXPENSES (AS A PERCENT OF AVERAGE NET ASSETS)
Management fee 1.00%
Other expenses 0.22%
TOTAL FUND EXPENSES 1.22%
Example: This example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 in the Fund for the time periods indicated, and then
redeem all of your shares at the end of those periods. The example also assumes
that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
1 year 3 years 5 years 10 years
$124 $387 $670 $1,477
WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGER?
Schafer Capital Management serves as the investment advisor for the Schafer
Value Fund. David K. Schafer is the Fund's portfolio manager. He has managed
the Fund since its inception in October 1985, and has more than 30 years of
investment experience. He is president of Schafer Capital Management. Schafer
Capital Management and Strong Capital Management have formed a jointly-owned
company which, subject to shareholder approval, will become the Fund's
investment advisor in late 1998. Mr. Schafer will continue in his role as the
Fund's portfolio manager after this change occurs.
4
<PAGE>
HOW CAN I BUY FUND SHARES?
There are several ways you can open a new account in the Fund.
- - BY MAIL: Complete and sign the application. Make your check or money order
payable to Strong Funds. Mail it to Strong Funds, P.O. Box 2936, Milwaukee,
WI 53201.
- - BY PHONE OR BY INTERNET: If you are a current Strong Funds shareholder and
choose exchange privileges, you can exchange shares from one Strong account
to open another.
You can also open an account in person or through a broker-dealer.
The minimum initial investment is $2,500 for a regular account, $500 for an
Education IRA, and $250 for an IRA or transfer or gift to minor account. If you
establish an Automatic Investment Plan (not available for Education IRAs) of
$50 or more per month, these minimums are waived. In all cases, the minimum for
subsequent investments is $50. (For minimums on other retirement plans, call
1-800-368-2882.)
HOW CAN I SELL FUND SHARES?
There are several ways you can sell (redeem) your Fund shares.
- - BY MAIL: You can write a letter of instruction, including your account
number, the dollar amount or number of shares you wish to redeem, each
owner's name, your street address, and the signature of each owner. Mail it
to Strong Funds, P.O. Box 2936, Milwaukee, WI 53201.
- - BY PHONE OR BY INTERNET: If you choose redemption privileges, you can sell
shares by phone or through our web site.
You can also redeem shares in person, through a systematic withdrawal plan, or
through a broker-dealer.
DOES THIS FUND PAY OUT DIVIDENDS OR CAPITAL GAINS? HOW ARE THEY TAXED?
The Fund may earn income from dividends on the stocks in the portfolio, and may
realize capital gains from appreciation on its holdings. The Fund intends to
declare income and capital gains once a year. Unless you elect otherwise, all
distributions of income and capital gains will be automatically reinvested in
the Fund. These distributions are taxable regardless of whether you reinvest
them or take them in cash.
Continued..
5
<PAGE>
Dividend income is taxable at ordinary federal income tax rates. Distributions
of capital gains are taxed at rates based on how long the assets were held by
the Fund. After the end of each calendar year, Strong sends shareholders a
statement of the Fund's income and capital-gains distributions to assist in tax
preparation.
WHAT SERVICES DOES STRONG FUNDS PROVIDE?
Strong offers you a variety of ways to get information, monitor your
investments, and buy and sell shares.
- - Personal service 24 hours a day, 7 days a week
- - Automated telephone service
- - Online transaction services
- - Automatic investment plans
- - Payroll direct deposit
- - Automatic exchange services
- - Systematic withdrawal plans
- - Retirement plans for individuals and corporations
Strong representatives can tell you more about each of these services, and can
also give you further information about buying and selling shares. Just call
1-800-368-3863 anytime, day or night.
- --------------------------------------------------------------------------------
[STRONG LOGO]
STRONG FUNDS
P.O. Box 2936 Milwaukee, Wisconsin 53201
Strong Funds Distributors, Inc. 7751E98 SV798P
6
<PAGE>
