STRONG SCHAFER VALUE FUND INC
497, 2001-01-18
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            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.





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