[PIE CHART WITH STOCKS EMPHASIS]
FUND PROFILE
JULY 8, 1998
THE STRONG DISCOVERY FUND
THE STRONG GROWTH FUND
THE STRONG GROWTH 20 FUND
THE STRONG STRATEGIC GROWTH FUND
This profile summarizes key information about the Funds that is included in the
Funds' prospectus. The Funds' prospectus includes additional information about
the Funds, including a more detailed description of the risks associated with
investing in the Funds that you may want to consider before you invest. You may
obtain the prospectus and other information about the Funds at no cost by
calling 1-800-368-3863 or visiting our web site at www.strong-funds.com.
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STRONG FUNDS
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WHAT ARE THE FUNDS' GOALS?
The STRONG DISCOVERY FUND, the STRONG GROWTH FUND, the STRONG GROWTH 20 FUND,
and the STRONG STRATEGIC GROWTH FUND all seek capital growth.
WHAT ARE THE FUNDS' INVESTMENT STRATEGIES?
The DISCOVERY FUND invests in securities that its managers believe offer
attractive opportunities for growth. The Fund usually invests in a diversified
portfolio of stocks from small, mid-size, and large companies. These are chosen
through a combination of in-depth analysis and direct, on-site research. The
Fund may also invest in S&P 500 futures to increase or reduce equity exposure
more quickly and efficiently than investing in actual stocks. When the managers
believe conditions favor fixed-income investments, they may invest a portion of
the Fund's assets in bonds. The managers may sell a holding if its growth
potential or fundamental qualities change.
The GROWTH FUND focuses on stocks of companies that the manager believes are
reasonably priced and have above-average growth potential. The portfolio can
include stocks of any size. The manager may decide to sell a stock when the
company's growth prospects become less attractive. The GROWTH 20 FUND follows a
similar investment style, but in a concentrated portfolio of just 20 to 30
stocks.
The STRATEGIC GROWTH FUND invests primarily in the stocks of medium- and
large-size companies, looking for those that offer attractive prospects for
growth at an inexpensive price. The Fund's manager focuses on firms that
produce needed or proven products, and are market leaders in growing
industries. The portfolio generally holds 50 or fewer stocks. The manager may
sell a holding if its growth prospects diminish, or if better opportunities
become available.
Additional information about each Fund's investments is available in annual and
semiannual reports to shareholders. Each Fund's reports discuss the market
conditions and investment strategies that significantly affected performance
during the past fiscal year. You may obtain these reports at no cost by calling
1-800-368-3863.
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WHAT ARE THE MAIN RISKS OF INVESTING IN THE FUNDS?
GENERAL STOCK RISKS: The Funds' major risks are those of investing in the
stock market and in stock futures. That means they may experience sudden,
unpredictable declines in value, 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.
SMALLER COMPANIES: The Funds may invest in the stocks of small and medium-size
companies. Small-company stocks have limited products, markets, or financial
resources and present more risks than larger-company stocks. Mid-size company
stocks are generally more volatile than stocks of large companies, but tend to
be less volatile than small-company stocks.
CONCENTRATED PORTFOLIO: As a nondiversified Fund, the GROWTH 20 FUND may take
large positions in individual stocks. As a result, the value of the shares of
this Fund is likely to fluctuate more than those of a fund investing in a
broader range of securities.
FOREIGN SECURITIES: To a limited degree, the Funds 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.
ACTIVE TRADING: The active, opportunistic stock-trading approach of the
DISCOVERY, GROWTH, and GROWTH 20 FUNDS will increase the brokerage costs the
Funds incur. It may also increase the amount of capital gains tax you pay on
the Funds' returns.
BOND RISKS: At times, the DISCOVERY FUND may invest in bonds. To the extent it
does so, it is exposed to the risks of bond investing. The market value of a
bond is affected by changes in interest rates-when interest rates rise, the
market value of a bond declines. Generally, the longer a bond's maturity, the
greater this risk. A bond's value can also be affected by changes in the credit
rating or financial condition of its issuer.
Continued..
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MAIN RISKS OF INVESTING IN THE FUNDS, CONTINUED..
These Funds are appropriate for investors who have financial goals five years
or more in the future, and who are comfortable with the risks described here.
They are not appropriate for investors concerned primarily with principal
stability.
The return information provided illustrates how the Funds' performance can
vary, which is one indication of the risks of investing in the Funds. Please
keep in mind that the Funds' past performance does not represent how they will
perform in the future. Only Funds that have at least a full calendar year's
returns appear below.
CALENDAR YEAR TOTAL RETURNS
[BAR GRAPH]
Discovery Growth
Fund Fund
- ---- ------- -----
1988 24.5% -
- ---- ------- -----
1989 24.0% -
- ---- ------- -----
1990 -2.7% -
- ---- ------- -----
1991 67.6% -
- ---- ------- -----
1992 1.9% -
- ---- ------- -----
1993 22.2% -
- ---- ------- -----
1994 -5.7% 17.3%
- ---- ------- -----
1995 34.8% 41.0%
- ---- ------- -----
1996 1.5% 19.5%
- ---- ------- -----
1997 10.9% 19.1%
- ---- ------- -----
BEST AND WORST QUARTERLY PERFORMANCE
FUND NAME BEST QUARTER RETURN WORST QUARTER RETURN
- ----------------- ------------------- ---------------------
Discovery 28.0% (1st Q 1991) -10.3% (3rd Q 1990)
- ----------------- ------------------- ---------------------
Growth 17.7% (2nd Q 1997) -6.8% (1st Q 1997)
- ----------------- ------------------- ---------------------
AVERAGE ANNUAL TOTAL RETURNS
As of 3-31-98
FUND/INDEX 1-YEAR 5-YEAR 10-YEAR
- ---------- -------- -------- --------
Discovery 37.36% 13.39% 15.40%
- ---------- -------- -------- --------
Growth 41.53% - -
- ---------- -------- -------- --------
S&P 500 48.00% 22.40% 18.94%
- ---------- -------- -------- --------
THE STANDARD & POOR'S 500 STOCK INDEX IS AN UNMANAGED INDEX GENERALLY
REPRESENTATIVE OF THE MARKET FOR THE STOCKS OF LARGE-SIZED U.S. COMPANIES.
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WHAT ARE THE FUNDS' FEES AND EXPENSES?
This section describes the fees and expenses that you may pay if you buy and
hold shares of the Funds.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
The Funds are 100% no-load, so you pay no fees to buy or sell shares. There
also are no 12b-1 marketing fees.
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
You do pay the costs of operating each Fund, which are deducted from Fund
assets. 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. Because the GROWTH
20 FUND began operations on June 30, 1997, and the STRATEGIC GROWTH FUND began
operations on June 30, 1998, in the chart below their expenses other than
management fees are estimated.
ANNUAL FUND OPERATING EXPENSES
(as a percent of average net assets)
FUND MANAGEMENT FEES OTHER EXPENSES TOTAL EXPENSES
- ----------------- ---------------- ---------------- ----------------
Discovery 1.00% 0.37% 1.37%
- ----------------- ---------------- ---------------- ----------------
Growth 1.00% 0.30% 1.30%
- ----------------- ---------------- ---------------- ----------------
Growth 20 1.00% 0.44% 1.44%
- ----------------- ---------------- ---------------- ----------------
Strategic Growth 1.00% 0.90% 1.90%
- ----------------- ---------------- ---------------- ----------------
EXAMPLE: This example is intended to help you compare the cost of investing in
the Funds with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 in the Funds 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 Funds' operating
expenses remain the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
FUND 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------------- --------- --------- --------- ---------
Discovery $139 $434 $750 $1,646
- ------------- --------- --------- --------- ---------
Growth $132 $412 $713 $1,568
- ------------- --------- --------- --------- ---------
Growth 20 $147 $456 $787 $1,724
- ------------- --------- --------- --------- ---------
Strategic Growth $193 $597 $1,026 $2,222
- ------------- --------- --------- --------- ---------
WHO ARE THE FUNDS' INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
Strong Capital Management serves as the investment advisor for the Funds.
Richard S. Strong is co-manager of the DISCOVERY FUND, which he has managed
since its inception in December 1987. He is the chairman and chief investment
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officer of Strong Capital Management, which he founded in 1974, and has 30
years of investment experience. Charles A. Paquelet was named co-manager of the
DISCOVERY FUND in 1996. He joined Strong as an investment analyst in 1988, and
has 11 years of investment experience.
Ronald C. Ognar is the manager of the GROWTH FUND and the GROWTH 20 FUND. He
joined Strong as a portfolio manager in April 1993, and has 30 years of
investment experience.
Scott Sindelar is the manager of the STRATEGIC GROWTH FUND. He joined Strong in
April 1998. He has 18 years of investment experience, most recently at
Mid-Continent Capital, where he managed balanced and equity portfolios for 12
years.
HOW CAN I BUY FUND SHARES?
There are several ways you can open a new account in the Funds.
- - 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 ($250 for the
Asset Allocation Fund), $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 redeem (sell) shares from the Fund.
- - 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.
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- - 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.
DO THE FUNDS PAY OUT DIVIDENDS OR CAPITAL GAINS? HOW ARE THEY TAXED?
The Funds may earn income from dividends on the stocks and interest on the
bonds in their portfolios, and may realize capital gains from appreciation on
their holdings. The Funds intend to declare income and capital gains annually.
Unless you elect otherwise, distributions of income and capital gains will be
automatically reinvested in the Fund that paid them. These distributions are
taxable regardless of whether you reinvest them or take them in cash.
Income is taxable at ordinary federal income tax rates. Capital-gains
distributions 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 Funds' 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.
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[PICTURE OF TELEPHONE]
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
[PICTURE OF STRONG WEB SITE ON COMPUTER]
Strong On-Line
www.strong-funds.com
[STRONG LOGO]
STRONG FUNDS
P.O. Box 2936 Milwaukee, Wisconsin 53201
Strong Funds Distributors, Inc. 7845E98 G2798P
