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PLEASE FILE THIS PROSPECTUS SUPPLEMENT WITH YOUR RECORDS.
STRONG HERITAGE MONEY FUND
STRONG MUNICIPAL MONEY MARKET FUND
STRONG MUNICIPAL ADVANTAGE FUND
STRONG ADVANTAGE FUND
Supplement to the Prospectus dated July 1, 1997
The following Financial Highlights replace the Financial Highlights for the
Strong Advantage Fund and the Strong Municipal Money Market Fund on pages I-7
and I-8 respectively.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEAR ENDED PERIOD ENDED YEAR ENDED
FEB. 28 FEB. 29 DEC.31
STRONG ADVANTAGE FUND 1997 1996(B) 1995
SELECTED PER-SHARE DATA(A)
---------- ---------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $10.03 $10.04 $9.98
INCOME FROM INVESTMENT OPERATIONS:
-------- -------- --------
Net Investment Income 0.62 0.10 0.67
Net Realized and Unrealized Gains
(Losses) on Investments 0.06 (0.01) 0.06
Total from Investment Operations 0.68 0.09 0.73
LESS DISTRIBUTIONS:
---------- ---------- ----------
From Net Investment Income (0.62) (0.10) (0.67)
In Excess of Net Realized Gains - - -
Total Distributions (0.62) (0.10) (0.67)
NET ASSET VALUE, END OF PERIOD $10.09 $10.03 $10.04
TOTAL RETURN +7.0% +0.9% +7.5%
RATIOS AND SUPPLEMENTAL DATA
- -------------------------------------------------- ------------- ----------- -----------
Net Assets, End of Period (In Thousands) $1,519,694 $999,780 $989,701
Ratio of Expenses to Average Net Assets 0.8% 0.8%* 0.8%
Ratio of Expenses to Average Net Assets
Without Waivers 0.8% 0.8%* 0.8%
Ratio of Net Investment Income to Average Net Assets 6.2% 6.3%* 6.6%
Portfolio Turnover Rate 154.9% 17.2% 183.7%
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
<S> <C> <C> <C>
STRONG ADVANTAGE FUND 1994 1993 1992
SELECTED PER-SHARE DATA(A)
---------- ---------- ---------
NET ASSET VALUE, BEGINNING OF PERIOD $10.19 $10.01 $9.90
INCOME FROM INVESTMENT OPERATIONS:
--------- -------- ---------
Net Investment Income 0.55 0.59 0.70
Net Realized and Unrealized Gains
(Losses) on Investments (0.19) 0.18 0.11
Total from Investment Operations 0.36 0.77 0.81
LESS DISTRIBUTIONS:
---------- ---------- ---------
From Net Investment Income (0.55) (0.59) (0.70)
In Excess of Net Realized Gains (0.02) - -
Total Distributions (0.57) (0.59) (0.70)
NET ASSET VALUE, END OF PERIOD $9.98 $10.19 $10.01
TOTAL RETURN +3.6% +7.9% +8.4%
RATIOS AND SUPPLEMENTAL DATA
- -------------------------------------------------- ----------- ----------- -----------
Net Assets, End of Period (In Thousands) $910,508 $415,465 $272,348
Ratio of Expenses to Average Net Assets 0.8% 0.9%* 1.0%
Ratio of Expenses to Average Net Assets
Without Waivers 0.8% 0.9%* 1.0%
Ratio of Net Investment Income to Average Net Assets 5.6% 5.8%* 7.0%
Portfolio Turnover Rate 221.0% 304.8% 316.1%
</TABLE>
1
<PAGE>
<TABLE>
YEAR ENDED DECEMBER 31
<S> <C> <C> <C> <C>
STRONG ADVANTAGE FUND 1991 1990 1989 1988(C)
SELECTED PER-SHARE DATA(A)
-------- -------- --------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $9.67 $9.87 $10.00 $9.99
INCOME FROM INVESTMENT OPERATIONS:
------- ------- ------- -------
Net Investment Income 0.76 0.83 1.03 0.09
Net Realized and Unrealized Gains
(Losses) on Investments 0.23 (0.20) (0.13) 0.01
Total from Investment Operations 0.99 0.63 0.90 0.10
LESS DISTRIBUTIONS:
-------- -------- -------- -------
From Net Investment Income (0.76) (0.83) (1.03) (0.09)
In Excess of Net Realized Gains - - - -
Total Distributions (0.76) (0.83) (1.03) (0.09)
NET ASSET VALUE, END OF PERIOD $9.90 $9.67 $9.87 $10.00
TOTAL RETURN +10.6% +6.6% +9.4% +1.0%
RATIOS AND SUPPLEMENTAL DATA
- ---------------------------------------------------- -------- -------- -------- ------
Net Assets, End of Period (In Thousands) $143,215 $119,189 $142,807 $7,544
Ratio of Expenses to Average Net Assets 1.2% 1.2% 1.1% 1.1%*
Ratio of Expenses to Average Net Assets
Without Waivers 1.2% 1.2% 1.2% 1.7%*
Ratio of Net Investment Income to Average Net Assets 7.8% 8.5% 10.0% 11.1%*
Portfolio Turnover Rate 503.0% 274.1% 211.3% 22.9%
</TABLE>
(*) Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the two month period ended February 29, 1996. Total return and
portfolio turnover rate are not annualized.
(c) Inception date is November 25, 1988. Total return and portfolio
turnover rate are not annualized.
2
<PAGE>
<TABLE>
<CAPTION>
PERIOD ENDED
YEAR ENDED FEB. 29
FEB. 28 YEAR ENDED DEC. 31
<S> <C> <C> <C> <C>
STRONG MUNICIPAL MONEY
MARKET FUND 1997 1996(B) 1995 1994
SELECTED PER-SHARE DATA(a)
-------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
Net Investment Income 0.03 0.01 0.04 0.03
Distributions from Net Investment Income(c) (0.03) (0.01) (0.04) (0.03)
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00
TOTAL RETURN +3.5% +0.6% +4.1% +2.9%
RATIOS AND SUPPLEMENTAL DATA
- ------------------------------------------- ---------- ------------ ---------- ----------
Net Assets, End of Period (In Thousands) $1,894,897 $1,608,905 $1,416,442 $1,260,617
Ratio of Expenses to Average Net Assets 0.6% 0.6%* 0.6% 0.6%
Ratio of Expenses to Average Net Assets
Without Waivers 0.6% 0.6%* 0.6% 0.6%
Ratio of Net Investment Income to Average 3.5% 3.6%* 4.0% 2.9%
Net Assets
</TABLE>
<TABLE>
<CAPTION>
PERIOD ENDED
YEAR ENDED FEB. 29
FEB. 28 YEAR ENDED DEC. 31
<S> <C> <C> <C> <C>
STRONG MUNICIPAL MONEY
MARKET FUND 1993 1992 1991 1990
SELECTED PER-SHARE DATA(a)
-------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
Net Investment Income 0.02 0.03 0.05 0.06
Distributions from Net Investment Income(c) (0.02) (0.03) (0.05) (0.06)
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00
TOTAL RETURN +2.5% +3.4% +5.2% +6.1%
RATIOS AND SUPPLEMENTAL DATA
- ----------------------------------------- ---------- ---------- -------- --------
Net Assets, End of Period (In Thousands) $1,172,560 $1,105,491 $782,482 $218,205
Ratio of Expenses to Average Net Assets 0.7% 0.7% 0.7% 0.8%
Ratio of Expenses to Average Net Assets
Without Waivers 0.7% 0.7% 0.7% 0.8%
Ratio of Net Investment Income to Average 2.5% 3.3% 5.0% 6.0%
Net Assets
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIOD ENDED
YEAR ENDED FEB. 29
FEB. 28 YEAR ENDED
DEC. 31
STRONG MUNICIPAL MONEY
MARKET FUND 1989 1988 1987
SELECTED PER-SHARE DATA(a)
-------- --------- --------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00
Net Investment Income 0.06 0.05 0.05
Distributions from Net Investment Income(c) (0.06) (0.05) (0.05)
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00
TOTAL RETURN +6.1% +5.2% +4.7%
RATIOS AND SUPPLEMENTAL DATA
- ----------------------------------------- --------- --------- ---------
Net Assets, End of Period (In Thousands) $73,802 $77,465 $59,085
Ratio of Expenses to Average Net Assets 0.9% 0.8% 0.6%
Ratio of Expenses to Average Net Assets
Without Waivers 0.9% 0.8% 1.0%
Ratio of Net Investment Income to Average 5.9% 5.0% 4.7%
Net Assets
</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 two month period ended February 29, 1996. Total return is not
annualized.
(c) Tax-exempt for regular Federal income tax purposes.
STRONG MUNICIPAL ADVANTAGE FUND
Effective January 1, 1998, the Strong Municipal Advantage Fund intends to
invest up to 10% of its net assets in non-investment grade debt obligations
(otherwise known as high-yield (high-risk) securities or "junk bonds") that are
rated in the fifth-highest rating category (e.g., BB by Standard & Poor's
Ratings Group) or unrated securities of comparable quality. BB securities
compose the tier immediately below investment grade and are considered the
least speculative non-investment grade security. Please see pages I-17 through
I-18 of the Fund's prospectus for information on high-yield (high-risk)
securities.
This Prospectus Supplement is dated January 13, 1998.
4
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