PLEASE FILE THIS PROSPECTUS SUPPLEMENT WITH YOUR RECORDS.
STRONG SCHAFER VALUE FUND
Supplement to the Prospectus dated February 1, 2000
On January 10, 2001, Strong Capital Management, Inc. ("Strong") notified Schafer
Capital Management, Inc. ("Schafer") of the exercise, subject to receipt of all
necessary approvals, including those of the Board of Directors and shareholders
of the Fund, of Strong's option to purchase the membership interest of Schafer
in Strong Schafer Capital Management, LLC ("LLC"), the Fund's investment
advisor. Strong obtained this option pursuant to the limited liability company
agreement dated September 7, 1997 between Strong and Schafer. When available, we
will send all Fund shareholders a proxy statement explaining the proposed
transaction and notifying them of the time and date of the shareholder meeting
to be called to consider approval of the transaction.
It is expected that following the necessary approvals and the closing of the
transaction, Mr. I. Charles Rinaldi will become the portfolio manager of the
fund. Mr. Rinaldi has over 25 years of investment experience. He joined Strong
as a portfolio manager in November 1997. Prior to joining Strong, Mr. Rinaldi
was employed by Mutual of America Capital Management Corporation (MOA) as a Vice
President from November 1989 to January 1994 and as a Senior Vice President from
January 1994 to November 1997. While at MOA, Mr. Rinaldi managed the equity
portion of a balanced fund and managed the value and growth portfolios of an
aggressive equity fund. Prior to joining MOA, he was employed by Glickenhaus &
Co. Mr. Rinaldi received his bachelors degree in Biology from St. Michael's
College in 1965 and his Masters of Business Administration in Finance from
Babson College in 1970.
The date of this Prospectus Supplement is January 18, 2001.