Filed Pursuant to Rule 497(k)(1)(ii)
[PIE CHART WITH STOCKS EMPHASIS]
FUND PROFILE
July 22, 1998
THE STRONG 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 LOGO]
STRONG FUNDS
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THE STRONG VALUE FUND
WHAT IS THE FUND'S GOAL?
The STRONG VALUE FUND seeks capital growth.
WHAT ARE THE FUND'S PRINCIPAL INVESTMENT STRATEGIES?
The Fund's managers follow a four-step investment discipline. First, they
identify trends or events that may serve as catalysts to increase the value of
a company or group of companies. They then look for large- and mid-size
companies with strong balance sheets, experienced management, and competitive
positions. They generally avoid foreign firms and technology companies. Also,
they look for companies that are inexpensive relative to one or more valuation
measures. The fourth step is to take a disciplined approach to selling stocks.
If a stock's price declines 15% from its average cost and the outlook for the
company has deteriorated, the managers will sell the position.
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.
MEDIUM-SIZE COMPANIES: The Fund may invest a substantial portion of its assets
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.
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.
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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
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YEAR RETURN
1996 16.8%
1997 25.9%
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The returns shown above are for the Value Fund. The Fund's year-to-date return
through 6-30-98 was 11.9%.
AVERAGE ANNUAL TOTAL RETURNS
AS OF 6-30-98
1-year Since Inception
VALUE FUND 25.21% 22.04% (12-29-95)
Russell 3000 Index 28.81% 27.84%
The Russell 3000 Index is an unmanaged index generally representative of the
U.S. stock market.
BEST AND WORST QUARTERLY PERFORMANCE
FUND NAME BEST QUARTER RETURN WORST QUARTER RETURN
Value Fund 11.8% (2nd Q 1997) 0.6% (1st Q 1997)
WHAT ARE THE FUND'S FEES AND EXPENSES?
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.
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 0.34%
TOTAL FUND EXPENSES 1.34%
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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
$136 $425 $734 $1,613
WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
Strong Capital Management serves as the investment advisor for the Value Fund.
Sloate, Weisman, Murray and Company serves as the Fund's investment subadvisor.
Laura J. Sloate has co-managed the Fund since its inception in December 1995.
She is chairman and chief investment officer of Sloate Weisman, the firm she
co-founded in 1974. She has 30 years of investment experience. Jeffrey B. Cohen
is a senior portfolio manager at Sloate Weisman, which he joined in 1987. He
has co-managed the Fund since its inception, and has 14 years of investment
experience.
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.)
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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 stocks. The Fund intends to
declare income quarterly and capital gains annually. 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.
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 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
- - 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
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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. 7846E98 VA798P
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