Strong Conservative Equity Funds, Inc.

N-CSRS 1 dncsrs.htm STRONG CONSERVATIVE EQUITY FUNDS, INC. Strong Conservative Equity Funds, Inc.


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-7656

Strong Conservative Equity Funds, Inc., on behalf of Strong Advisor U.S. Value Fund, Strong Blue Chip Fund, Strong Dividend Income Fund, Strong Energy Fund and Strong Growth and Income Fund

(Exact name of registrant as specified in charter)


P.O. Box 2936 Milwaukee, WI		53201
(Address of principal executive offices)		(Zip code)

Richard Smirl, Strong Capital Management, Inc.

P.O. Box 2936 Milwaukee, WI 53201

(Name and address of agent for service)

Registrant’s telephone number, including area code: (414) 359-3400

Date of fiscal year end: December 31

Date of reporting period: June 30, 2004

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. (S) 3507.

Item 1. Reports to Shareholders

Semiannual Report | June 30, 2004

Strong

Advisor Equity

Funds

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Strong Advisor Common Stock Fund

Strong Advisor Mid Cap Growth Fund

Strong Advisor Small Cap Value Fund

Strong Advisor U.S. Value Fund

Strong Advisor Endeavor Large Cap Fund

Strong Advisor Focus Fund

Strong Advisor International Core Fund

Strong Advisor Select Fund

Strong Advisor Technology Fund

Strong Advisor U.S. Small/Mid Cap Growth Fund

Strong Advisor Utilities and Energy Fund

Strong Advisor Large Company Core Fund

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Semiannual Report | June 30, 2004

Strong

Advisor Equity

Funds

Table of Contents


Investment Reviews

Strong Advisor Common Stock Fund		2

Strong Advisor Mid Cap Growth Fund		4

Strong Advisor Small Cap Value Fund		6

Strong Advisor U.S. Value Fund		8

Strong Advisor Endeavor Large Cap Fund		10

Strong Advisor Focus Fund		12

Strong Advisor International Core Fund		14

Strong Advisor Select Fund		16

Strong Advisor Technology Fund		18

Strong Advisor U.S. Small/Mid Cap Growth Fund		20

Strong Advisor Utilities and Energy Fund		22

Strong Advisor Large Company Core Fund		24

Financial Information

Schedules of Investments in Securities

Strong Advisor Common Stock Fund		26

Strong Advisor Mid Cap Growth Fund		27

Strong Advisor Small Cap Value Fund		29

Strong Advisor U.S. Value Fund		33

Strong Advisor Endeavor Large Cap Fund		35

Strong Advisor Focus Fund		37

Strong Advisor International Core Fund		37

Strong Advisor Select Fund		39

Strong Advisor Technology Fund		40

Strong Advisor U.S. Small/Mid Cap Growth Fund		41

Strong Advisor Utilities and Energy Fund		42

Strong Advisor Large Company Core Fund		43

Statements of Assets and Liabilities		45

Statements of Operations		53

Statements of Changes in Net Assets		59

Financial Highlights		64

Notes to Financial Statements		85

Directors and Officers		108

Market Update From Dick Weiss

January 1, 2004, to June 30, 2004

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Uncertainty is the Enemy

In our last report back in January, the overall U.S. economy displayed definite signs of strengthening — job growth was gaining momentum, and consumer confidence was on the rise. There was some muffled muttering about deflation, but it lacked enough conviction to cause alarm. All in all, it looked like a relatively promising picture.

Six months out, things seem not quite so sanguine. Fears of inflation have replaced the whispers of deflation, and the Federal Reserve has begun what doubtless will be a series of rate hikes well into 2005. While the overall economy has exceeded expectations, the good news on that front has not been sufficient to overshadow a host of uncertainties in the military and political worlds.

Before we address those uncertainties, let’s devote a moment to the topic of inflation. In the history of markets, there seems to be a point at which a rising rate of inflation causes the market’s price-to-earnings ratios to contract. Historically, that point would be around seven percent. While it seems highly unlikely that the inflation rate is going to get anywhere near that mark in the foreseeable future, there is some suggestion that nowadays, because of the way the Consumer Price Index is calculated, that number could be closer to five percent. If that is indeed a more realistic calculation, it’s possible that we could hit five percent inflation and a negative impact on stock valuations.

In my estimation though, the prospect for serious inflation pales in comparison to other uncertainties currently plaguing the market (e.g., the outcome of the U.S. presidential race this fall and the continuing political fallout surrounding Iraq).

With regard to the War on Terrorism and the issue of Iraq, investors are faced every day with news that can give them pause. While the war seems to be on track, the outcome in Iraq is dependent on how rapidly that nation can defeat the insurgents and restore the rule of law now that the Iraqis themselves have taken charge. We believe that expectations may be too low in that regard.

On the political front, the market seemed to peak around the moment when Democratic candidate Senator John Kerry pulled even with President George W. Bush in the polls. Nothing makes the prospects for economic prosperity harder to decipher than a presidential race featuring two candidates with widely differing views on virtually every issue domestically and internationally. For the stock market, that spells uncertainty with a capital U.

We believe stock valuations today are neither cheap, nor particularly overvalued based upon earnings projections for 2005. They are, rather, sort of stuck somewhere in the middle. In order for stocks to start moving in a positive direction, the market needs an injection of confidence. So the relevant question becomes, in short: What needs to happen in order to inspire that sense of confidence?

The answer? In a word — clarity.

On the inflation front, we anticipate clarity will not come for some time. We expect the Federal Reserve will continue to raise rates until it gets ahead of the inflation curve. It’s unclear just how many hikes and of what magnitude will accomplish that. Nonetheless, if inflationary fears were the single biggest element of uncertainty out there today, we would feel confident that the problem could be contained.

The fate of Iraq and the outcome of the presidential election loom larger and seem far more complicated. If the public perceives that progress is being made in Iraq and democracy will indeed triumph, the market will likely anticipate the reelection of President Bush. If the daily diagnosis on Iraq is less favorable, the political uncertainty weighing on the market will continue for the next several months.

Notwithstanding all the ambiguity, we are beginning to see corners of the market where good values are emerging. Energy has been one of the more promising areas and should continue to benefit from strong fundamentals. Even in the areas of the technology sector, where we believe stocks have been chronically overvalued, values have begun to return to earth. There are even some computer software companies that look attractive to us.

In order for stocks to start moving in a positive direction, the market needs an injection of confidence.

In stock-picker parlance, what we have today is a market of individual stocks rather than — as we saw in 2003 — a rising stock market. In the former, money is a lot harder to make; in the latter, the rising tide seems to lift all issues almost indiscriminately.

We believe the market should continue this year’s trend, which is a much more value- and fundamentals-oriented market. Make no mistake: this is not a “story” market where people dream about distant possibilities and, on the strength of those illusions, stocks soar to 100 times earnings. This is a market where, if you do your homework and stick to what is real rather than imagined, we think you can discover common stocks worth owning.

Given all the uncertainty that exists in the world, there are practical limits to just how high the market can go. But with an economy that continues to show strength and interest rates still on the low side, there are also practical limits to how low the market can go. That environment should favor professional investors who exhibit good discipline in both their buy and sell decisions.

One final piece of practical advice: when uncertainty is the order of the day, resist doing anything dramatic with your money. Sometimes the “muddle-through” approach proves best.

…if you do your homework and stick to what is real rather than imagined, we think you can uncover common stocks worth owning.

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Richard T. Weiss

Vice Chairman

Strong Financial Corporation

Strong Advisor Common Stock Fund

We entered 2004 hopeful that the equity market would benefit from an improving economy and that the companies the Strong Advisor Common Stock Fund holds would outperform the broader market. Although we are disappointed that the Fund is lagging the market through the first half of the year, we remain confident in our private market value (PMV) process and the Fund’s ability to outperform over the long term. For the six months ended June 30, 2004, the Fund’s Class Z shares returned 2.26%, compared with a 6.67% return for our broad-based benchmark, the Russell Midcap Index.

Uncertain environment hurt results

The market has been clouded with uncertainty throughout the first part of the year. There are many signs that the economy continues to be strong, yet the conflict in Iraq, rising interest rates, and high fuel prices have caused the equity markets to trade in a narrow range. We had a sizable overweighting, relative to the benchmark, in the energy sector, which posted strong returns over the period.

The Fund was hurt over the period by its overweighting in the media and technology sectors. These are two areas in which there have been mixed signals, rather than clear signs of growth. Within media, our long-standing positions in cable television stocks had a disappointing first half due to market concerns of increasing competition from satellite and telecom companies. Weakness among our technology positions resulted from concerns over the viability of the tech upturn, which impacted even some of our niche companies in the space.

An intensive research process

The Fund’s over- and under-weightings relative to the benchmark are the result of where our investment process finds value in the market. A key step in this process is determining a PMV for a company we are considering — that is, determining the price we would be willing to pay if we were acquiring the whole company. We look for companies whose current stock valuations are between 50% and 60% of their PMV.

We spend much of our time talking to and visiting with the management teams of the companies we own or in which we are interested in investing. These conversations help us to understand the company, its management strategy, and the industry in which it competes.

An example of private market value at work

American Eagle Outfitters is one example of a stock that we bought late in 2003 based on our PMV approach. This teen apparel retailer had experienced mediocre financial performance for the past several years in the face of a crowded field chasing the same fickle teen customer. Through a comprehensive qualitative and quantitative analysis of the company, we established a PMV in the mid 20’s for the stock. In November 2003, the company announced a management reorganization and communicated a new product strategy that appeared to offer a catalyst for future growth. At that time, the stock was near $15, or 60% of our PMV. Given the combination of a future catalyst and appropriate stock price, we made an investment. Sales for Christmas 2003 were less disappointing than had been expected, and spring 2004 sales were quite strong.

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As it appeared the company’s new strategy was working, earnings estimates for American Eagle rose. Our estimate of the company’s PMV also increased as its financial results improved. By early April, the company reported strong March sales and our PMV for the company’s stock had risen to over $30 for 2005. The actual stock price had risen to $28, a gain of 71% for the year — and 90% of our new PMV. Given that the stock’s price was very close to our estimate of its full value, we decided to sell the stock at that time. Three months later, at the end of the second quarter, the stock’s price was still below $29. Thus, we would have gained very little by continuing to hold the stock, and by selling it we gave the Fund the benefit of three months in which we were able to redirect those assets toward more advantageous opportunities.

Optimism tempered by uncertainty

We remain optimistic about the economy and the equity market in general, though one certainty we have is that the uncertain environment will continue throughout 2004. There are many questions on the economic, international, and political front, but unfortunately, no quick answers.

While we wait, we will remain focused on the factors we can control: sticking to our time-tested investment style, diversifying the Fund within industry groups to manage our risk, and striving to bring you investment results that we will be proud of.

We thank you for your continued investment and confidence in the Strong Advisor Common Stock Fund.


Richard T. Weiss		Ann M. Miletti
Portfolio Co-Manager		Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	14.25	%
5-year	3.91	%
10-year	11.92	%
Since Fund Inception (12-29-89)	14.42	%

Class A, excluding sales load
1-year	21.22	%
5-year	5.15	%
10-year	12.59	%
Since Fund Inception (12-29-89)	14.89	%

Class B¹
1-year	15.25	%
5-year	4.15	%
10-year	12.16	%
Since Fund Inception (12-29-89)	14.60	%

Class C¹
1-year	19.25	%
5-year	4.49	%
10-year	11.98	%
Since Fund Inception (12-29-89)	14.30	%

Class Z²
1-year	21.45	%
5-year	5.45	%
10-year	12.95	%
Since Fund Inception (12-29-89)	15.28	%

Performance is historical and does not guarantee future results. Investment returns and principal value will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be lower or higher than the quoted performance. Call us or visit www.Strong.com for the most recent month-end performance.

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Because smaller companies often have narrower markets and limited financial resources, investments in these stocks present more risk than investments in those of larger, more established companies.

Growth of an Assumed $10,000 Investment^†

from 12-29-89 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell Midcap^® Index and the Lipper Mid-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class Z shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C. The performance of the Class A, B, and C shares is based on the performance of the Fund’s Class Z shares (formerly Retail Class shares) prior to 11-30-00. The performance of the Class A shares is restated to reflect the load and the different expenses of the Class A shares, as applicable. The performance of the Class B shares is restated to reflect the contingent deferred sales charge, the different expenses of the Class B shares, and the conversion to Class A shares after eight years, as applicable. The performance of the Class C shares is restated to reflect the contingent deferred sales charge and the different expenses of the Class C shares, as applicable. Please consult a prospectus for information about all share classes.

From time to time, the Fund’s performance was significantly enhanced through investments in initial public offerings (IPOs). In addition, the effect of IPOs purchased when the Fund’s asset base was small may have been magnified. Given these circumstances, you should not expect that such enhanced returns can be consistently achieved. Please consider this before investing.

Fee Waivers: From time to time, the Fund’s advisor and/or administrator has waived fees and/or absorbed Fund expenses, which has resulted in higher returns. As of 6-30-04, there are waivers and/or absorptions in effect.

Percentage Restrictions: The Fund’s prospectus and statement of additional information may describe restrictions on the percentage of a particular type or quality of security in which the Fund may invest (“Percentage Restrictions”). Percentage Restrictions apply at the time the Fund purchases a security. Circumstances subsequent to the purchase of the security, such as a change in: (1) the Fund’s assets (e.g., due to cash inflows and redemptions); (2) the market value of the security; or (3) the pricing, liquidity, or rating of the security, may cause the Fund to exceed or fall short of the Percentage Restriction. If this happens, the Fund’s continued holding of the security will not constitute a violation of the Percentage Restriction.

General: ²The Class Z shares are closed to new accounts, though the Fund may continue to offer its shares to certain company-sponsored retirement plans, institutional investors meeting specific eligibility requirements, and other limited groups as described in the prospectus.

Definitions: **The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Mid-Cap Core Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Advisor Mid Cap Growth Fund

For the first six months of 2004, growth stocks participated in the stock market’s modest upward move. The Strong Advisor Mid Cap Growth Fund was no exception, with the Class Z shares recording a return of 5.31% for the six months ended June 30, 2004. This figure did, however, lag the return of the Fund’s broad-based benchmark, the Russell Midcap Index, which returned 6.67% over the same period. For the six months, the value style of investing slightly outperformed the Fund’s growth style.

Sectors driving performance

Positive contributors to the Fund’s performance came from the energy and consumer sectors of the market. Energy stocks benefited from a strong pricing environment in the face of rising fuel costs. Performance within the consumer area was particularly strong among the Internet, education, and retail industries.

Holdings that were weaker for the Fund came primarily from the health care and technology sectors. Within health care, generic drug stocks were particularly hit hard; over the course of the six months, the environment for some of these companies held by the Fund became more competitive. Weakness among technology stocks was most notable within the software and communications industries.

Studying companies closely

We believe that earnings and revenue growth are key factors in determining stock prices. Therefore, we focus a great deal of our stock-selection process on finding stocks that are experiencing — or have solid potential to experience — above-average growth in revenue and earnings. While identifying stocks that are experiencing this growth is essential, what matters even more in our investment strategy is determining which companies have growth trends that are sustainable versus those which will only be short-lived.

To sort out the long-term winners from the disappointments, we employ thorough, hands-on research. We specifically focus on a company’s history of success in executing its strategy and the potential profitability of its business model. We also carefully consider whether the company’s strategy and operations mesh well with our overall economic view and if it is being helped or hurt by any broader secular trends.

eResearch is a company that met the previously mentioned criteria — and it proved to be an excellent holding for the Fund during the first six months of the year. eResearch sells technology that digitizes clinical data for pharmaceutical, biotechnology, and medical device companies looking to get government approval for their products. We were attracted to eResearch because we recognized its element of sustainable, above average growth, driven mostly by government guidance to digitize certain types of clinical data. We met with management on several occasions and were impressed with their positioning within the industry as well as their outstanding execution history.

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When we decide to sell a stock, our decision-making criteria are essentially the opposite of our buying criteria. We may sell a stock when we see deterioration in its fundamental qualities that may threaten the sustainability of a company’s existing or prospective growth. Conditions that could give us grounds for concern may include, but are not limited to, changes we see in the economy, a new competitive threat, or a change in management personnel or direction.

Our approach to the second half

Our outlook for the next few months remains upbeat. We anticipate that interest rates and inflation will both remain relatively low and that growth in jobs and corporate earnings are likely to remain at healthy levels. We will, however, expect to be carefully monitoring these factors. The outcome of the presidential election in November could have important investment implications, so we anticipate closely watching developments on that front. In the meantime, we intend to continue to seek out the fastest-growing companies that we believe fit within the framework of our investment process.

We thank you for your continued investment in the Strong Advisor Mid Cap Growth Fund.

Brandon Nelson

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	10.56	%
5-year	–4.55	%
Since Fund Inception (12-31-96)	3.58	%

Class A, excluding sales load
1-year	17.28	%
5-year	–3.42	%
Since Fund Inception (12-31-96)	4.41	%

Class B¹
1-year	11.34	%
5-year	–4.51	%
Since Fund Inception (12-31-96)	3.82	%

Class C¹
1-year	15.34	%
5-year	–4.04	%
Since Fund Inception (12-31-96)	3.82	%

Class Z²
1-year	17.14	%
5-year	–3.40	%
Since Fund Inception (12-31-96)	4.54	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 12-31-96 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell Midcap^® Index and the Lipper Mid-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class Z shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C. The performance of the Class A, B, and C shares is based on the performance of the Fund’s Class Z shares (formerly Retail Class shares) prior to 11-30-00. The performance of Class A shares is restated to reflect the load and the different expenses of the Class A shares, as applicable. The performance of the Class B and Class C shares are restated to reflect the contingent deferred sales charge and the different expenses of the Class B and Class C shares, as applicable. Please consult a prospectus for information about all share classes.

Definitions: **The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Lipper Mid-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Mid-Cap Growth Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Advisor Small Cap Value Fund

The Strong Advisor Small Cap Value Fund Class Z rose 6.01% during the six months ending June 30, 2004. The performance fell short of the Fund’s broad-based benchmark, the Russell 2000 Index, which had a return of 6.76% during the same time span.

Stock selection in sectors such as health care, industrials, and energy helped lead to the Fund’s year-to-date performance. In health care, two particularly strong contributors to results were US Oncology, which delivers cancer-treatment services to health care providers, and Beverly Enterprises, an elder care company that owns and operates 373 facilities in the U.S. and has been aggressively reorganizing its business by shedding unprofitable properties.

An overweighted position in energy stocks also helped returns, with companies such as Range Resources Corporation benefiting from rising prices and increased production. The oil and gas explorer, primarily located in the southwest and Gulf Coast, reported improved net income. Our investment team believes the portfolio’s energy stocks are undervalued, and therefore, anticipate improved performance in the latter half of 2004.

The less-successful performance from certain names in the materials and financials sectors counterbalanced those positive results. Much of the Fund’s underperformance in materials happened in the second quarter of 2004, when we saw particularly sluggish results from metals and mining stocks. We believe, however, that many of our metals and mining holdings are undervalued and could rebound in the second half of the year.

In the processing sector, despite excellent end-market demand, shares of GrafTech International underperformed because sharply higher costs for energy and petroleum-based raw materials caused some moderation in 2004 earnings expectations. However, supply for GrafTech’s graphite electrodes remains tight and the prospects for further price increases in 2005 are good. Also, shares of Apex Silver Mines and other metals-related companies faltered, in response to news that China was increasing interest rates and, therefore, throttling back demand for resources and raw materials. Contrary to this, we believe that China’s action should help to maintain more sustainable growth in demand for raw material inputs, for a longer period of time than might otherwise be the case.

At the end of the period, we remained significantly underweighted in the financials area because we believed that many of these stocks, especially banks, could face a difficult business environment if interest rates continue to rise. The interest rate hike at the end of June caused pressure on financial firms with interest rate exposure. In a rising rate environment, traditional banks and mortgage companies tend to experience reduced profitability.

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Quantitative and fundamental analysis

In managing the Fund, we follow a multidimensional screening process. We use quantitative analysis to narrow the field but spend most of our time on fundamental research. In particular, we try to identify some dynamics for change that are not already reflected in the price of the stocks. This can be a new management team, new business plan, a new product, industry consolidation, or any number of other developments that could favorably influence a company’s prospects.

Future challenges

Equity markets are likely to be challenged by a variety of factors, including geopolitics and the continued threat of terrorism, the prospect of further interest-rate hikes from the Federal Reserve Board, and the November presidential election. We do, however, believe the Fund is well positioned to perform favorably in this type of market climate. Many of the sectors that have added value to the Fund in the past, such as energy and materials, could be poised to perform well in the upcoming market environment because of their low valuations relative to their peers. We also are looking for small caps to continue to outperform, as we believe that they remain underrepresented in most investors’ portfolios.

Thank you for your investment in the Strong Advisor Small Cap Value Fund.

I. Charles Rinaldi

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	29.74	%
5-year	17.99	%
Since Fund Inception (12-31-97)	17.08	%

Class A, excluding sales load
1-year	37.66	%
5-year	19.40	%
Since Fund Inception (12-31-97)	18.15	%

Class B¹
1-year	31.64	%
5-year	18.45	%
Since Fund Inception (12-31-97)	17.47	%

Class C¹
1-year	35.57	%
5-year	18.68	%
Since Fund Inception (12-31-97)	17.49	%

Class Z²
1-year	37.88	%
5-year	19.64	%
Since Fund Inception (12-31-97)	18.41	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Because smaller companies often have narrower markets and limited financial resources, investments in these stocks present more risk than investments in those of larger, more established companies.

Growth of an Assumed $10,000 Investment^†

from 12-31-97 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell 2000^® Index and the Lipper Small-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class Z shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C. The performance of the Class A, B, and C shares is based on the performance of the Fund’s Class Z shares (formerly Retail Class shares) prior to 11-30-00. The performance of the Class A shares is restated to reflect the load and the different expenses of the Class A shares, as applicable. The performance of the Class B and Class C shares are restated to reflect the contingent deferred sales charge and the different expenses of the Class B and Class C shares, as applicable. Please consult a prospectus for information about all share classes.

Percentage Restrictions: The Fund’s prospectus and statement of additional information may describe restrictions on the percentage of a particular type or quality of security in which the Fund may invest (“Percentage Restrictions”). Percentage Restrictions apply at the time the Fund purchases a security. Circumstances subsequent to the purchase of the security, such as a change in: (1) the Fund’s assets (e.g., due to cash inflows and redemptions); (2) the market value of the security; or (3) the pricing, liquidity, or rating of the security, may cause the Fund to exceed or fall short of the Percentage Restriction. If this happens, the Fund’s continued holding of the security will not constitute a violation of the Percentage Restriction.

Definitions: **The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Core Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Advisor U.S. Value Fund

The Strong Advisor U.S. Value Fund was able to outperform its broad-based index, the S&P 500 Index, during the past six months. The Fund’s Class Z shares returned 4.57%, while the S&P 500 Index returned 3.44%.

For the first half of 2004, most sectors of the stock market performed positively, thanks to an improving economy and better company fundamentals. Both trends proved more influential than the negative influences of higher interest rates, higher oil prices, and continued terrorist threats. Against this backdrop, small-cap stocks outperformed mid-cap stocks, and mid caps outperformed large caps. Also, value stocks outperformed their growth counterparts during the past six months. Because the market tended to favor value stocks, and because we were willing to own mid-cap stocks not generally found in the S&P 500, the Fund was able to beat its benchmark.

“At the right price and at the right time”

In managing the Strong Advisor U.S. Value Fund, our philosophy is to buy “the right company at the right price and at the right time.” Using this philosophy, we spend the majority of our management time and effort conducting thorough company-by-company research. Such a process served us well during the past six months, as a significant portion of the Fund’s gains could be attributed to the strength of our individual stock selection — especially in the financial sector and, more specifically, the insurance industry.

Although the Fund’s sector weightings are generated not by design, but as a direct result of the individual companies we choose for the portfolio, in hindsight we can detect some interesting trends from the past six months. For example, we see that the Fund was most significantly underweighted in the information technology and financial sectors. We pared back our technology weighting starting in 2003, when we believed that investors were becoming excessively optimistic about the sector’s growth potential and bidding up valuations to unwarranted levels. This underweighting helped the Fund’s performance during the first half of 2004 after tech stocks significantly underperformed the broad market during the year.

Meanwhile, we de-emphasized the companies in the financial sector because of our belief that very few investments in this area of the market offered compelling valuations. For example, regional banks enjoyed strong performance during the bear market of 2001 and 2002 and kept pace during the 2003 bull market. As a result, it has become more difficult to find attractively valued companies in this space. In addition, Fund holdings Bank One, Charter One Financial, and Provident Financial Group all were acquired or agreed to be acquired during the past six months. These acquisitions helped performance, as well as caused our weighting in bank stocks to decline further.

LOGO

Value in utilities

Our bottom-up stock selection approach also generated an increased emphasis on utility stocks during the past six months. We saw the utility sector as one of the few attractively valued parts of the market. Furthermore, the sector was currently unpopular with many investors, who were concerned about rising interest rates — a concern we believe is overstated — and generally more interested in chasing higher-risk, higher-reward-potential names.

We also decreased the Fund’s weighting in energy stocks. As the period progressed and many of the energy holdings in the portfolio approached intrinsic value, we trimmed our position in the sector. Also contributing to this decision was our belief that oil and natural gas prices had risen faster than their long-term fundamentals warranted.

Focused on value

After the stock market’s impressive performance in 2003, it has become increasingly difficult to find companies available at attractive valuations. In keeping with our management philosophy, we will continue to conduct rigorous research to attempt to find the right companies at the right price and the right time. We believe that our emphasis on attractively valued stocks, as well as our focus on managing the portfolio’s risk, will continue to serve our shareholders well in 2004 and beyond.

Thank you for your investment in the Strong Advisor U.S. Value Fund.

Robert J. Costomiris

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	15.11	%
5-year	–0.29	%
Since Fund Inception (12-29-95)	9.50	%

Class A, excluding sales load
1-year	22.17	%
5-year	0.90	%
Since Fund Inception (12-29-95)	10.27	%

Class B¹
1-year	16.14	%
5-year	–0.19	%
Since Fund Inception (12-29-95)	9.60	%

Class C¹
1-year	20.12	%
5-year	0.22	%
Since Fund Inception (12-29-95)	9.55	%

Class K¹
1-year	22.60	%
5-year	1.32	%
Since Fund Inception (12-29-95)	10.70	%

Class Z²
1-year	22.13	%
5-year	0.96	%
Since Fund Inception (12-29-95)	10.47	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 12-29-95 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class Z shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C. The performance of the Class A, B, and C shares is based on the performance of the Fund’s Class Z shares (formerly Retail Class shares) prior to 11-30-00. The performance of the Class A shares is restated to reflect the load and the different expenses of the Class A shares. The performance of the Class B and Class C shares are restated to reflect the contingent deferred sales charge and the different expenses of the Class B and Class C shares, as applicable. The performance of Class K shares prior to December 31, 2001, is based on the Fund’s Class Z shares’ performance.

Please consult a prospectus for information about all share classes.

It is not possible to invest directly in an index.

Strong Advisor Endeavor Large Cap Fund

During the first half of 2004, the Strong Advisor Endeavor Large Cap Fund Class A gained 5.56%, outpacing its broad-based benchmark, the S&P 500 Index, which rose 3.44%. The Fund was positioned to take advantage of the continued strength in economic and corporate profit growth. As a result, the Fund’s return was heavily influenced by solid stock picking among health care, industrial, and information technology sectors.

“Surrounding” our investments

Our approach to portfolio management relies on the careful selection of individual securities through collaborative research. We strive to “surround” each company that we consider for investment. In other words, our team of portfolio managers and analysts interviews not only the companies’ management, but also its competitors, suppliers, and customers. We want to acquire unique insights to support — or reject, in the cases of companies that do not meet our strict requirements — our investment thesis for each individual stock.

Our investment process also emphasizes financial analysis, including a careful review of corporate income statements, as well as the assets on corporate balance sheets. We believe that a company’s balance sheet provides the best way to forecast that business’s future results. We are especially interested in determining the sources of revenue and earnings. We also pay close attention to cash flow and how much investment will be required to generate future cash flow and earnings growth.

Opportunities in Teva and Tyco

Applying our approach, we reviewed a number of potential investment opportunities in the health care sector during the period. As our research progressed, we became concerned about the lack of new products forthcoming by many large-cap pharmaceutical companies, as well as about the considerable number of drugs due to lose their patent protection in the near future. Accordingly, we maintained little exposure to these “name-brand” pharmaceutical businesses. Instead we built a position in Teva Pharmaceutical, the world’s leading developer and manufacturer of generic drugs as well as a supplier of a growing line of branded drugs.

We believe Teva has an outstanding competitive position, as the company dominates the generic drug market in the United States. In addition, Teva’s management team has shown a consistent ability to execute its business strategy, made evident by the company’s track record of stable and diversified earnings. Furthermore, Teva has an impressive pipeline of upcoming products, with over 80 applications for new drugs pending regulatory approval in the U.S. alone. The company also has shown success with its branded drug offerings, such as Copaxone, well on its way to becoming the leading treatment for multiple sclerosis in the United States. Thanks to these strong business trends, Teva has been able to produce solid revenue and earnings growth, and the stock was a significant contributor to the Fund’s performance during the past six months.

LOGO

We used a similarly careful analysis to increase our position in Tyco International, a company recently beset by a number of questions about its accounting and corporate governance practices. As we started evaluating Tyco after the company installed a new senior management team, we began to see evidence of a significant cultural and financial transformation. Thanks to its new leadership, Tyco has moved from a struggling organization into a company that is increasingly recognized for its impressive cash-flow-generation potential. We grew confident in Tyco’s ability to generate growth through its market-leading positions in health care, fire and security products, and electronics. During the past six months, our position in this stock provided a strong contribution to the Fund’s returns.

Market shift ahead?

We are looking for the second half of 2004 to be a more challenging environment for the market than the first half was. As corporate profits continue to grow, the rate of growth will eventually slow down as companies find it more difficult to surpass prior results. Also, the expectation for further increases in interest rates will place a cap on equity valuations — leaving only limited additional upside potential, in our view. In this environment, we expect the market to begin to reward higher-quality companies with highly predictable earnings and recurring revenues.

Thank you for your investment in the Strong Advisor Endeavor Large Cap Fund. We sincerely appreciate the trust you have placed in us.

Thomas J. Pence

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	16.41	%
Since Fund Inception (9-28-01)	0.97	%

Class A, excluding sales load
1-year	23.58	%
Since Fund Inception (9-28-01)	3.17	%

Class B¹
1-year	17.86	%
Since Fund Inception (9-28-01)	1.20	%

Class C¹
1-year	21.86	%
Since Fund Inception (9-28-01)	2.60	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 9-28-01 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other share classes will vary due to differences in fee structures and sales charges.

Performance Information: ¹Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C. Please consult a prospectus for information about all share classes.

It is not possible to invest directly in an index.

Strong Advisor Focus Fund

The Strong Advisor Focus Fund Class A has had a very good start to 2004, returning 8.85% versus 3.44% for the S&P 500 Index, its broad-based benchmark.

Taking advantage of a dynamic market

The strongest impact on the market during the first half of the year was continued greater-than-anticipated corporate earnings growth. The other main variable influencing the market during the first half of the year was the anticipation of the Federal Reserve’s reversal of its current accommodative short-term interest rate stance. We feel the portfolio is positioned for this occurrence.

The Fund continued to have allocations in economically sensitive sectors such as technology and in specific long-term growth opportunities tied to the consumer. Moreover, as a hybrid of these two sectors, we have positions in stocks with dynamic growth prospects based on business models tied to the Internet. Within the health care sector, we have found some exciting individual stocks, but have found many of the larger-capitalization stocks to have lackluster growth prospects.

While value styles did outperform growth in the period, we were able to benefit from opportunistic investments in equities of high-quality, fast-growing growth stocks.

Research nets new stocks

Stock-specific, proprietary research continues to be at the heart of our portfolio process. We devote many hours to screening for the fastest growing public companies in the economy that also seem to have the best chances for sustained growth. Once we identify these companies on paper, we hit the phones and the road to accumulate data from meetings and conversations with the companies themselves, their customers, their suppliers, and their competitors.

Sometimes a better investment idea comes from this confirmatory research than the original stock idea that generated the analysis. Once a stock makes it into the portfolio this process doesn’t halt, it is dynamic. We constantly research to recheck our theses, while taking into account the opportunity cost of not owning other growth stocks. We do not ignore the macros as they can provide strong headwinds or tailwinds to company specific growth. We also monitor our portfolio risk on many levels including sector allocations.

LOGO

PETsMART is a good example of the fruits of this process. The company is addressing a growth area in the economy; consumer expenditures on pets. It is also taking market share within its category and its growth opportunities have been continually underestimated. Furthermore, while doing research on PETsMART’s growth potential and the duration of that growth, we have found other exciting growth stocks to add to the portfolio, including Tractor Supply Company.

Looking ahead

Our near-term outlook can be described as optimistic. While we expect short-term interest rates to rise to a more historic level, we are encouraged that the yield curve remains steep, signaling the market’s expectations for continued economic growth. Within this pretext, there are plenty of exciting opportunities to invest in growth stocks. We thank you for your continued support and investment.

Thomas C. Ognar

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	18.12	%
3-year	–7.62	%
Since Fund Inception (11-30-00)	–12.71	%

Class A, excluding sales load
1-year	25.38	%
3-year	–5.76	%
Since Fund Inception (11-30-00)	–11.26	%

Class B¹
1-year	19.85	%
3-year	–7.78	%
Since Fund Inception (11-30-00)	–12.97	%

Class C¹
1-year	23.85	%
3-year	–6.24	%
Since Fund Inception (11-30-00)	–11.80	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

The Fund is nondiversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility and market pressure than a fully diversified fund.

Growth of an Assumed $10,000 Investment^†

from 11-30-00 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Multi-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other classes will vary due to differences in fee structures and sales charges.

Strong Advisor International Core Fund

The Strong Advisor International Core Fund Class A returned 5.11% during the six months ended June 30, 2004. This result modestly beat the Fund’s benchmark, the MSCI EAFE Index, which returned 4.56% during the same time frame.

This relative outperformance can primarily be attributed to strong results from some of the Fund’s large holdings. As global investors became more risk-averse in the first half of 2004, they increasingly favored high-quality, defensive growth stocks. Those investments that did best tended to have consistent sales and earnings growth, strong balance sheets, and strong leadership — the same types of qualities we favor for the portfolio. Among the names that met these criteria and helped our performance during the past six months were Tesco, the United Kingdom-based food retailer; Essilor, a French optical-supplies manufacturer; Canon, the Japanese imaging solutions giant; and Autoliv, a Swedish maker of automotive-safety equipment.

These positive results were partially counterbalanced by weakness in the Fund’s country allocation. In particular, the Fund was hurt by exposure to Brazilian and South African metals and mining stocks, which fell sharply in response to commodity prices correcting from recent peaks. Overweight positions in Hong Kong and Singapore also detracted from performance, although the underweight exposure to the U.K. market did help results.

Change in investor sentiment

World stock market performance was mixed during the past six months, reflecting a shift from the “risk seeking” investor attitude in 2003. The first quarter of 2004 was characterized by continued optimism surrounding global economic expansion and corporate earnings growth. Asia — especially China and Japan — was the prime beneficiary of this sentiment.

During the second quarter, however, investors grew increasingly sensitive to geopolitical and economic risks. Continued tensions in the Middle East, high oil prices, and early signs of a slowdown in China dampened stock investors’ enthusiasm. Against this backdrop, Europe’s markets posted the stronger returns, while Asian stock markets tumbled as investors sold securities to lock in profits.

Asian opportunities

During the past year, Asia, especially China, has been a key region for global investors. China’s fast-growing economy has led to strong demand for goods and services, and the country’s low-cost manufacturing base and growing “middle class” of consumers has generated strong export growth from such countries as Japan and Germany. It also has generated new sources of demand for the world’s major multinational companies.

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Although the Fund had no direct investment in China, it did benefit from its economic growth by owning companies such as Japan’s Komatsu, a construction-equipment firm that supplies heavy machinery for China’s infrastructure development needs. We also had previously identified the metals and mining sector as a beneficiary of China’s demand for raw materials, leading to positions in companies including Australia-based BHP Billiton and Brazil-based Companhia Vale do Rio Doce (CVRD).

China’s high growth potential, however, comes with a high degree of risk. It was reasonable to assume that China’s economy would eventually slow down — as it did late in the period — and that companies and markets supplying the country would feel an eventual negative impact. In response to this concern, we reduced our holdings in Komatsu and eliminated our U.K.-based Anglo American position.

Japan was an important factor for the Fund’s performance during the past six months. Among the world’s largest stock markets, Japan’s turned in the best performance during the period, even after a second quarter correction. After a decade-long recession, the country’s economy has been enjoying a strong recovery as consumer and business spending, along with export growth, have increased. The Fund’s holdings in Japan were balanced among large exporters such as Toyota Motor and Hitachi, companies tied to increases in consumer spending such as department stores Hankyu and Daimaru, and economically sensitive industrials including Kansai Paint and East Japan Railway.

Moderate returns ahead?

Stocks are expected to deliver moderate returns in 2004, against a backdrop of continued economic expansion and moderate inflation. At current levels, global equities appear reasonably valued. Further gains are likely to come if corporate earnings can meet or exceed realistic investor expectations. In this environment, we continue to favor companies showing improved profitability and with the best prospects for increased sales growth. We also are favoring those companies offering investors an attractive valuation relative to their history and their competitors.

Thank you for your investment in the Strong Advisor International Core Fund.


Stacey Ho		Katherine Schapiro
Portfolio Co-Manager		Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A^1,2
1-year	19.56	%
Since Fund Inception (9-28-01)	5.23	%

Class A, excluding sales load
1-year	26.90	%
Since Fund Inception (9-28-01)	–11.26	%

Class B^1,2
1-year	22.08	%
Since Fund Inception (9-28-01)	6.19	%

Class C^1,2
1-year	26.27	%
Since Fund Inception (9-28-01)	7.50	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

An investment in this Fund entails the special risks of international investing, including currency exchange fluctuation, government regulations, and the potential for political and economic instability. The Fund’s share price is expected to be more volatile than that of a U.S.-only fund. These risks are generally intensified for investments in emerging markets.

Growth of an Assumed $10,000 Investment^†

from 9-28-01 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Morgan Stanley Capital International Europe, Australasia, and Far East Index (“MSCI EAFE”) and the Lipper International Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other share classes will vary due to differences in fee structures and sales charges.

² The Fund’s Class A, B, and C shares have a redemption fee of 1.00% against shares that are held 30 calendar days or fewer after purchase. Performance data does not reflect the deduction of this fee, which, if reflected, would reduce the performance.

Please consult a prospectus for information about all share classes.

Definitions: **The MSCI EAFE^® Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Lipper International Funds Index is the average of the 30 largest funds in the Lipper International Funds Category. These funds invest assets in securities with primary trading markets outside of the United States. Source of the MSCI EAFE Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Advisor Select Fund

During the first half of 2004, the Strong Advisor Select Fund Class A gained 9.45%, decisively outpacing its broad-based benchmark, the S&P 500 Index, which rose 3.44%. As the profit recovery continued, the Fund was positioned in holdings that delivered strong earnings growth relative to the broad market. Specifically, the Fund benefited from very strong security selection within health care, consumer discretionary, and information technology sectors.

Careful research and financial analysis

Our approach to portfolio management relies on the careful selection of individual securities through collaborative research. We strive to “surround” each company that we consider for investment. In other words, our team of portfolio managers and analysts interviews not only the companies’ management, but also their competitors, suppliers, and customers. We want to acquire unique insights to support — or reject, in the cases of companies that fail to meet our strict requirements — our investment thesis for each individual stock. The Fund takes particular advantage of this process, as we limit the number of portfolio holdings to what we believe are our best 30 to 40 investment ideas.

Our investment process also emphasizes financial analysis, including a careful review of corporate income statements, as well as the assets on corporate balance sheets. We believe that analyzing a company’s balance sheet provides the best way to forecast the business’s future results. We are especially interested in determining the sources of a company’s revenue and earnings. We also pay close attention to cash flow and how much investment will be required to generate future cash flow and earnings growth.

Opportunities in Yahoo! and Tyco

Applying our approach, we built a position in Yahoo!, a provider of Internet consumer and business services. Yahoo!’s business strength is driven by branded advertising. Our research led us to conclude that many companies plan to increase advertising spending in the near future. Furthermore, corporations appear to be particularly attracted to Internet advertising, especially since consumers now view 15% of their media content online. More and more advertisers, in fact, have been looking to the Internet as an effective alternative to traditional television advertising, which has been hurt by declining ratings and the proliferation of digital video recorders.

At the time of our research, we saw Yahoo! as very well positioned to take advantage of this shift in advertising spending. With 40% of Internet users using Yahoo!’s search function, the company enjoys strong brand recognition and a large user base. Yahoo! also is beginning to realize the benefit of offering a full suite of advertising products, including increasingly lucrative “paid search” advertising. Finally, we believed Yahoo! could continue to benefit from growth opportunities overseas; the company has been investing heavily to enter and take market share from less-sophisticated, regional Internet portals.

LOGO

We used a similarly careful analysis to increase our position in Tyco International, which was recently beset by a number of questions about its accounting and corporate governance practices. As we started evaluating Tyco after the company installed a new senior management team, we began to see evidence of a significant cultural and financial transformation. Thanks to its new leadership, Tyco has moved from a struggling organization into a company that is increasingly recognized for its impressive cash-flow-generation potential. We grew confident in Tyco’s ability to generate growth through its market-leading positions in health care, fire and security products, and electronics. During the past six months, our position in this stock provided a strong contribution to the Fund’s returns.

A tougher market ahead?

Although corporate earnings and profitability are expected to continue to rise, we believe that stock valuations are already reflecting these likely trends. Thus, we are looking for gains from this point to be produced by a select group of high-quality stocks with predictable earnings. Against this backdrop, we plan to focus on companies with promising opportunities to reinvest in their business to produce stable revenue and profit growth, and the ability to keep prices high in a competitive business environment.

Thank you for your investment in the Strong Advisor Select Fund. We sincerely appreciate the trust you have placed in us.


Thomas J. Pence		Erik J. Voss
Portfolio Co-Manager		Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	26.03	%
3-year	–1.25	%
Since Fund Inception (12-29-00)	–4.09	%

Class A, excluding sales load
1-year	33.77	%
3-year	0.72	%
Since Fund Inception (12-29-00)	–2.46	%

Class B¹
1-year	27.94	%
3-year	–1.37	%
Since Fund Inception (12-29-00)	–4.10	%

Class C¹
1-year	31.74	%
3-year	–0.01	%
Since Fund Inception (12-29-00)	–3.16	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 12-29-00 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TMreveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with a similar investment in the S&P 500 Index (“S&P 500”) and the Lipper Multi-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other classes will vary due to differences in fee structures and sales charges.

Performance Restrictions: The Fund’s prospectus and statement of additional information may describe restrictions on the percentage of a particular type or quality of security in which the Fund may invest (“Percentage Restrictions”). Percentage Restrictions apply at the time the Fund purchases a security. Circumstances subsequent to the purchase of the security, such as a change in: (1) the Fund’s assets (e.g., due to cash inflows and redemptions); (2) the market value of the security; or (3) the pricing, liquidity, or rating of the security, may cause the Fund to exceed or fall short of the Percentage Restriction. If this happens, the Fund’s continued holding of the security will not constitute a violation of the Percentage Restriction.

It is not possible to invest directly in an index.

Strong Advisor Technology Fund

After a strong year for technology stocks in 2003, the sector fell into the doldrums in the first half of 2004. Primarily for this reason, the Strong Advisor Technology Fund underperformed its broad-based benchmark, the S&P 500 Index. The Fund’s Class A shares posted a return of -7.40% for the six months ended June 30, 2004, while the Index returned 3.44% for the same period.

A weaker environment for technology

The overall market climate started the year with a strong tone, but soon moved into what was essentially a sideways trading pattern that persisted for the remainder of the first half. Concerns about the continued conflict in Iraq, the uncertainty surrounding a presidential election, higher than expected inflation rates (especially with respect to oil prices), and a sentiment that world economic growth may be slowing all weighed on the equity markets.

Technology stocks, which are cyclical in nature, typically perform best when macroeconomic political factors are positive, so the change in market temperament was especially difficult for stocks in the sector to weather. Semiconductor and software stocks were particularly weak toward the end of the six months.

Our larger emphasis on smaller-cap technology stocks during the first half of the year also contributed to the Fund’s underperformance. The fund was structured this way to benefit from a continuation of the strong economic environment we experienced in the second half of 2003. Our outlook continues to be positive for this area of the market as we believe smaller-caps currently present more attractive investment opportunities than large-caps in the tech sector.

Our approach to the tech sector

In the Fund, we seek to maintain a balance among the various subsectors that make up the technology universe: semiconductors and related equipment, software, computer hardware and storage, business services, and biotechnology. We seek to identify the companies within each subsector that we believe have the best fundamental qualities and are positioned to outperform. To this end, we look for companies with above-average growth prospects, strong intellectual property, excellent management teams, and achievable financing plans.

Although we do seek to keep a balanced representation of all major subsectors, our bottom-up, stock selection process, rather than a rigid, top-down asset allocation program, primarily drives the portfolio’s makeup. At this point, the software subsector is somewhat underrepresented in the portfolio, primarily because a severe downturn in that industry has left few companies that meet our rigorous fundamental criteria.

LOGO

In choosing stocks for the portfolio, we employ a relative valuation technique. The key element of this strategy is looking at a stock’s PEG ratio. This figure represents the relationship of a company’s price/earnings ratio — a key measure that indicates how expensive a stock is relative to the earnings the company generates — to its projected five-year compound annual growth rate. We are interested in finding companies with favorable PEG ratios — that is, those that are positioned to deliver attractive levels of growth and offer reasonable valuations.

One example of the type of company that meets our selection criteria is eBay, which was one of the best-performing stocks in the portfolio for the first half of the year. Since the company’s formation, eBay has been able to successfully execute its business plan and has now become the U.S. standard for online merchandise trading. Its management team is outstanding.

The company’s business model not only scales across different markets (for example, it is now the largest online wholesaler of cars), but also expands geographically — with similar success around the globe. The company continues to gain market share and has become a legitimate threat to conventional store-based retailers. The company is self-financed (which, among other things, should help to insulate it from rising interest rates). This array of strong fundamental qualities should, we believe, position the company for further success.

Our outlook for the coming months

In our view, the outlook for technology stocks for the remainder of the year is positive, assuming that the economic recovery continues into 2005. The outlook for the main technology end markets — PCs, wireless telephony, and the Internet — continues to be good with respect to the number of units sold.

The main technology supertrend that we see is the convergence of the personal computer and consumer electronics industries. The companies that master this climate of change should be able to dominate technology spending over the next five years. We believe we have already identified many of these companies. Given the rapidity of change in the technology realm, however, we will continue to vigilantly monitor the market and be prepared to make shifts as conditions warrant.

Thank you for your investment in the Strong Advisor Technology Fund.

James B. Burkart

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	15.63	%
3-year	–9.15	%
Since Fund Inception (11-30-00)	–11.35	%

Class A, excluding sales load
1-year	22.64	%
3-year	–7.33	%
Since Fund Inception (11-30-00)	–9.87	%

Class B¹
1-year	17.60	%
3-year	–9.08	%
Since Fund Inception (11-30-00)	–11.37	%

Class C¹
1-year	21.28	%
3-year	–7.52	%
Since Fund Inception (11-30-00)	–10.35	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

The Fund concentrates its assets in the technology market sector. As a result, the Fund’s shares are likely to fluctuate in value more than those of a fund investing in a broader range of securities.

Growth of an Assumed $10,000 Investment^†

from 11-30-00 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Science and Technology Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other classes will vary due to differences in fee structures and sales charges.

Strong Advisor U.S. Small/Mid Cap Growth Fund

After a very strong year for the Fund in 2003, the first half of 2004 was more difficult. For the six months ended June 30, 2004, the Strong Advisor U.S. Small/Mid Cap Growth Fund Class A returned -0.80%, placing it behind its broad-based benchmark, the Russell Midcap Index, which returned 6.67% for the same period. The Fund’s underperformance occurred primarily in the year’s first quarter. During the second quarter, the Fund’s performance was more closely in line with the benchmark.

Factors in our performance

There were two primary factors driving the Fund’s underperformance. The first reason was tied to the overall state of the economy. There was a general contraction of stock valuations that took place in January and February, as weak economic data caused many investors to question the strength of the recovery, and thus to lose some confidence in stocks’ growth prospects. Then, in the second quarter, the economy began to pick up steam. In response, the Federal Reserve signaled that it was ready to raise short-term interest rates to help keep the economy from overheating and to help keep inflation in check. Higher interest rates have traditionally hurt the fastest-growing companies — the type we favor for this portfolio — the most.

The other reason for the Fund’s underperformance was a result of certain stock selections we made with respect to the hospice services area, which accounted for two of our largest positions. One company that provided tremendous returns last year, Odyssey HealthCare, unexpectedly lowered its guidance on its fourth-quarter earnings. This event hurt not only this company’s stock price, but also those of other companies in the industry. The cost to our overall returns was over one percentage point. We have subsequently sold both of our holdings in this area, as the outlook remains uncertain.

On a broader note, the highest-growth areas of the market, such as technology, significantly underperformed more defensive sectors, such as energy. On the whole, value style stocks outperformed growth stocks.

Positioned for a stronger economy

Entering 2004, we did not make any substantial changes to our overall positioning from 2003; the portfolio remained poised to benefit from an improving business environment and increasing consumer confidence. This positioning appears to still be appropriate, as we are now seeing an American economy that continues to gain strength. Despite sluggish job growth early in 2004, recent data indicated the economy added more than 300,000 jobs in March alone. This continued into the second quarter.

LOGO

Manufacturing orders and retail spending have also been strong so far this year. The vast majority of companies we speak with are expressing solid optimism about their businesses. Although the potential for further interest-rate increases during the year remains, we believe this trend presents limited risk to the companies in the portfolio. This is because we look for companies with little debt, and we have also significantly underweighted stocks from the financial sector, which could face the most volatility from rising rates. In the short term, it is true that some stocks may fluctuate in value due to interest-rate concerns. In the longer view, however, we believe profit growth ultimately drives stock performance and that this Fund’s portfolio of high-quality, fast-growing companies should be able to do well in this environment.

Our outlook

Now that the Federal Reserve has raised short-term rates, we think the worst of the resulting volatility is behind us. Normally, small-cap growth stocks appreciate in value after one or two Federal Reserve rate hikes — and we anticipate that is all it will take to cool down the economy. We expect to see strong corporate earnings in the upcoming quarters as well. Given that we believe many stocks have been taken down to reasonable valuations, we believe such earnings improvements could help to drive prices higher, which could help the small-cap growth sector to perform well in the second half of the year.

Thank you for your investment in the Strong Advisor U.S. Small/Mid Cap Growth Fund.

Thomas L. Press

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	15.50	%
Since Fund Inception (3-28-02)	2.02	%

Class A, excluding sales load
1-year	22.52	%
Since Fund Inception (3-28-02)	4.73	%

Class B¹
1-year	17.41	%
Since Fund Inception (3-28-02)	3.00	%

Class C¹
1-year	21.38	%
Since Fund Inception (3-28-02)	4.73	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Because smaller companies often have narrower markets and limited financial resources, investments in these stocks present more risk than investments in those of larger, more established companies.

Growth of an Assumed $10,000 Investment^†

from 3-28-02 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell Midcap^® Index and the Lipper Small-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other classes will vary due to differences in fee structures and sales charges.

Definitions: **The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Lipper Small-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Growth Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Advisor Utilities and Energy Fund

The Strong Advisor Utilities and Energy Fund Class A returned 5.05% for the six months ended June 30, 2004. That placed slightly ahead of its broad-based benchmark, the S&P 500 Index, which returned 3.44% for the same period.

A mix of positives and negatives

Several market factors drove the Fund’s performance during the first half of the year. Positive investor sentiment was fueled by relatively attractive dividends paid by stocks that were among our portfolio holdings. We also benefited from holding stocks that were able to capitalize on rising natural gas and crude oil prices. Increasing demand for fuel in Asia, political instability in Venezuela and Nigeria, and Iraqi instability all contributed to the high price of oil.

With changes to the tax treatment of certain dividends paid by utility and energy companies, these stocks gained after-tax appeal to investors that helped to support their share prices.

Although there were many positive factors supporting the performance of stocks in the portfolio, stocks were overwhelmed by many forces. Robust economic news, especially favorable employment data, sparked fears accompanying interest-rate hikes. Four years of abnormally low rates were ushered out with a vengeance in April, which saw a sharp sell-off of bonds and stocks from interest-rate sensitive sectors, particularly utilities. The Fund was able to weather this interest-rate storm, however, as a consequence of having allocated more than half of its assets to cash and sectors that are less sensitive to rising interest rates, including energy and gas utilities.

A look at sectors

Our allocation of assets to various market sectors is based on fundamental research and remains crucial to the performance of this Fund. We adjusted the portfolio’s sector weightings to reflect what we believe are currently four important investment themes: rising interest rates, commodity price inflation, global terrorism, and proposed federal energy legislation. All of these themes influenced the market in the first half of 2004, though we anticipate that they will be less active in the remainder of the year.

A brief overview of these themes may be helpful. The widely anticipated quarter percentage point interest-rate increase by the Federal Reserve Board was, as we have noted, preceded by a reflexive sell-off in interest-rate sensitive sectors, including utilities. This somewhat emotional, but predictable market reaction gave us the opportunity to add to our holdings among financially strong companies at lower prices than we could have found earlier. It also allowed us to increase our holdings in the electric utility sector at reasonable valuations.

LOGO

Commodity price inflation was most evident in the oil and natural-gas sectors. The major integrated oil companies such as ExxonMobil and BP, exploration and production companies Devon Energy and Anadarko Petroleum, and particularly refiner Ashland, all contributed significantly to the Fund’s performance. Global crude oil prices exceeded $40 per barrel, with analysts estimating that $10 of that figure represents a premium attributable to fear of terrorist activity interrupting supply. The portfolio was overweighted, relative to the benchmark, in energy and gas utilities throughout the first half of the year; performance benefited accordingly.

The fourth theme, energy legislation — specifically the prospect of repeal of the Public Utility Holding Company Act — was not a factor over the period. The energy bill remained stalled in Congress.

We have encountered these types of unfavorable market forces in previous market cycles throughout our 44-year investment history. We do not allow our research focus to be distracted by the daily market concerns that make headlines. Rather, we keep our eye on dividends and dividend policy, which enables our analysts and portfolio managers to identify financially strong companies that are growing earnings with good positive cash flows and capable, shareholder-oriented management. These qualities will, in our opinion, continue to enhance investment performance over the coming quarters and the foreseeable future.

Looking ahead to the second half

With the market volatility and the initial Federal Reserve interest rate increase of the second quarter having passed, we may selectively increase the Fund’s exposure to downtrodden electric utilities and reduce our exposure to the high-flying energy sector. High-quality utilities, given their ability to improve their earnings and dividends, historically recover after adjusting to new interest-rate environments.

We thank you for your continued investment in the Strong Advisor Utilities and Energy Fund.


William A. Ferer		Mark D. Luftig
Portfolio Co-Manager		Portfolio Co-Manager

William H. Reaves		Ronald J. Sorenson
Portfolio Co-Manager		Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A¹
1-year	7.87	%
Since Fund Inception (7-31-02)	3.86	%

Class A, excluding sales load
1-year	14.45	%
Since Fund Inception (7-31-02)	7.12	%

Class B¹
1-year	8.99	%
Since Fund Inception (7-31-02)	4.63	%

Class C¹
1-year	13.02	%
Since Fund Inception (7-31-02)	6.62	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

The Fund concentrates its assets in the utilities and energy sectors. As a result, the Fund’s shares are likely to fluctuate in value more than those of a Fund investing in a broader range of securities.

Growth of an Assumed $10,000 Investment^†

from 7-31-02 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Utility Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other classes will vary due to differences in fee structures and sales charges.

Strong Advisor Large Company Core Fund

The S&P 500 generally marked time in the first half of 2004, trading in a fairly tight range. Various groups within the market also seemed aimless as value and growth stocks performed basically in-line with one another while small-cap stocks only slightly bested their large- and mid-cap counterparts. The Strong Advisor Large Company Core Fund Class A produced a year-to-date gain of 2.78% in this environment, moderately below the 3.44% return of its broad-based benchmark, the S&P 500 Index.

A three-step investment process

We believe that the foundation for long-term performance is best built one stock at a time from the bottom up. Our process evaluates each individual candidate for inclusion in the portfolio and emphasizes three main attributes. First, we look for improving company fundamentals and earnings quality, which we define as the proportion of earnings that are based on cash flow and not on management’s estimations and forecasts. Next, we look for a strategy that is trying to maximize the long-term value of the business, which we characterize as the present value of the future net cash flows available to the owners of the corporation. Finally, we want to buy securities at a discount to what we feel they are worth. In order to determine this fair value, we use multiple valuation tools, including both absolute and relative value metrics. After building the portfolio in this manner — from the ground up — we apply a suite of risk controls to better understand the portfolio exposures in order to reduce risk for our shareholders.

Applying this process, the Fund owned a position in Alcon, the world’s largest eye-care company and a stock that contributed to results during the past six months. Alcon makes and markets a wide variety of ophthalmic products, including pharmaceuticals, surgical equipment, and contact lens solutions. Since the company’s 2002 spin-off from food giant Nestlé, Alcon has taken advantage of its impressive research-and-development program and vast marketing presence in over 180 countries to earn a worldwide market share of more than 25%. The strength of the firm’s economic model has allowed for this growth while generating over $1 billion in free cash flow after research investments. Furthermore, the company plans to spend over $2 billion on new-product development over the next five years — cause for further optimism, we believe.

A stock we favored but that did not perform well during the past six months was Amdocs, a leading provider of billing and customer-relationship-management software and services to telecommunications companies. The market has punished this stock over short-term concerns that we feel are immaterial to the long-term value of the underlying business. In our view, industry fundamentals appear to be improving, and we believe Amdocs, given its market-leading technology and strong industry relationships, is well positioned to benefit. Also, the firm’s high profitability and low capital intensity allows it to kick off more than $300 million annually — free cash flow that should add to Amdocs value and help limit downside risk. Given these factors, we believe the stock offers a favorable risk-reward profile and thus, we have continued to hold this investment.

LOGO

Questions and opportunities

Many questions in the broad equity market remain unanswered. Will the new Iraqi government be able to establish order and strike a blow against organized terrorism? Can the Federal Reserve balance the need to subdue inflation without slowing the economy too much? What uncertainties will the election bring? What impact will higher energy prices have on consumers?

The good news is that uncertainties lower the multiple that must be paid to purchase Corporate America and can set the stage for better returns in the future. The fact of the matter remains that the economy is growing and corporate cash flow has been surging, strengthening balance sheets and possibly financing a coming capital spending cycle.

Whatever the future holds, the Fund will stand ready, searching for unappreciated opportunities, one company at a time. We thank you for your continued investment in the Strong Advisor Large Company Core Fund.

Eric F. Crigler

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Class A^1,2
1-year	8.50	%
5-year	0.48	%
Since Fund Inception (11-3-97)	3.89	%

Class A, excluding sales load
1-year	15.13	%
5-year	1.67	%
Since Fund Inception (11-3-97)	4.82	%

Class B¹
1-year	9.07	%
5-year	0.35	%
Since Fund Inception (11-3-97)	3.84	%

Class C¹
1-year	13.07	%
5-year	0.74	%
Since Fund Inception (11-3-97)	3.84	%

Class K¹
1-year	15.63	%
5-year	1.92	%
Since Fund Inception (11-3-97)	5.01	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 11-3-97 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Class A shares only and reflects the effect of the maximum sales charge of 5.75%; performance for other classes will vary due to differences in fee structures and sales charges.

To equalize time periods, the indices’ performances were prorated for the month of November 1997.

Performance Information: ¹Average annual total returns for Class A shares include the effect of the maximum sales charge of 5.75%, which was first charged on 9-17-99 and are based on the performance of the Rockhaven Fund’s Class A shares (the predecessor Fund) prior to 9-16-02. Average annual total returns for Class B shares include the effect of the applicable contingent deferred sales charge, which is 5.00% in year 1 and is eliminated after year 6, and are based on the performance of the Rockhaven Fund’s Class A shares from inception through 9-15-02, restated to reflect the contingent deferred sales charge and the different expenses of the Class B shares, as applicable, and the historical performance of the Fund’s Class A shares from 9-16-02 to 9-30-02. Average annual total returns for Class C shares include the effect of the applicable contingent deferred sales charge, which is 1.00%, and is eliminated after 12 months and are based on the performance of the Rockhaven Fund’s Class A shares from inception through 9-15-02, restated to reflect the contingent deferred sales charge and the different expenses of the Class C shares, as applicable, and the historical performance of the Fund’s Class A shares from 9-16-02 to 9-30-02. The performance of the Class K shares is based on the performance of the Rockhaven Fund’s Class A shares from inception through 9-15-02, and the historical performance of the Fund’s Class A shares from 9-16-02 to 9-30-02, and does not reflect the Fund’s maximum sales charge of 5.75%, which was charged from 9-17-99 through 9-30-02.

² The Fund’s Class A shares have a redemption fee of 1.00% against shares that are held 360 calendar days or fewer after purchase. Performance data does not reflect the deduction of this fee, which, if reflected, would reduce the performance.

Please consult a prospectus for information about all share classes.

SCHEDULES OF INVESTMENTS IN SECURITIES

June 30, 2004 (Unaudited)

STRONG ADVISOR COMMON STOCK FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 95.0%
Apparel - Shoes & Related Manufacturing 1.3%
Reebok International, Ltd.	540,000	$	19,429,200
Banks - Super Regional 2.0%
Fifth Third Bancorp	325,000		17,478,500
Marshall & Ilsley Corporation	300,000		11,727,000

			29,205,500
Banks - West/Southwest 1.6%
City National Corporation	350,000		22,995,000
Building - Heavy Construction 1.1%
Jacobs Engineering Group, Inc. (b) (f)	395,000		15,555,100
Chemicals - Specialty 1.5%
Lonza Group AG (CHF) (h)	425,000		21,625,031
Commercial Services - Leasing 1.6%
Ryder Systems, Inc.	570,000		22,839,900
Computer - Data Storage 1.4%
Seagate Technology (b) (f)	1,400,000		20,202,000
Computer - Integrated Systems 1.2%
Symbol Technologies, Inc. (f)	1,225,000		18,056,500
Computer - IT Services 4.0%
Affiliated Computer Services, Inc. Class A (b)	405,000		21,440,700
BearingPoint, Inc. (b)	1,940,000		17,207,800
Unisys Corporation (b)	1,400,000		19,432,000

			58,080,500
Computer - Software Design 1.8%
Mentor Graphics Corporation (b) (f)	1,675,000		25,912,250
Computer Software - Enterprise 2.2%
Business Objects SA Sponsored ADR (b) (f)	900,000		20,367,000
Citrix Systems, Inc. (b)	550,000		11,198,000

			31,565,000
Computer Software - Medical 1.1%
WebMD Corporation (b) (f)	1,685,000		15,704,200
Containers 1.8%
Pactiv Corporation (b)	1,040,000		25,937,600
Cosmetics - Personal Care 1.6%
International Flavors & Fragrances, Inc.	630,000		23,562,000
LIFE TIME FITNESS, Inc. (b)	2,700		56,700

			23,618,700
Diversified Operations 2.7%
Carlisle Companies, Inc. (f)	390,600		24,314,850
SPX Corporation (f)	325,000		15,093,000

			39,407,850
Electronics - Contract Manufacturing 1.6%
Solectron Corporation (b)	3,565,000		23,065,550
Electronics - Miscellaneous Components 0.7%
Rockwell Automation, Inc.	276,000		10,352,760
Electronics - Semiconductor Manufacturing 3.8%
Advanced Micro Devices, Inc. (b) (f)	1,175,000		18,682,500
Fairchild Semiconductor Corporation Class A (b)	1,080,000		17,679,600
SanDisk Corporation (b) (f)	920,000		19,954,800

			56,316,900
Finance - Equity REIT 0.8%
Apartment Investment & Management Company Class A	380,000		11,829,400
Finance - Publicly Traded Investment Funds - Equity (Non 40 Act) 1.4%
Biotech HOLDRs Trust (f)	145,000		21,235,250
Financial Services - Miscellaneous 0.2%
The Bisys Group, Inc. (b)	199,600		2,806,376
Household - Appliances 1.2%
Maytag Corporation (f)	710,000		17,402,100
Insurance - Brokers 1.3%
Arthur J. Gallagher & Company	630,000		19,183,500
Insurance - Diversified 1.3%
Genworth Financial, Inc. Class A (b) (f)	835,000		19,163,250
Insurance - Property/Casualty/Title 3.7%
MBIA, Inc.	290,000		16,564,800
RenaissanceRe Holdings, Ltd. (f)	370,000		19,961,500
The St. Paul Travelers Companies, Inc.	442,000		17,918,680

			54,444,980
Internet - E*Commerce 1.2%
InterActiveCorp (b) (f)	575,000		17,330,500
Internet - Software 1.1%
DoubleClick, Inc. (b) (f)	2,130,000		16,550,100
Leisure - Toys/Games/Hobby 1.5%
Mattel, Inc.	1,185,000		21,626,250
Machinery - General Industrial 1.5%
Roper Industries, Inc. (f)	375,000		21,337,500
Media - Cable TV 4.4%
Cablevision Systems New York Group Class A (b)	1,150,000		22,597,500
Cox Communications, Inc. Class A (b)	735,000		20,425,650
The DIRECTV Group, Inc. (b)	1,218,083		20,829,219

			63,852,369
Media - Newspapers 1.0%
Dow Jones & Company, Inc. (f)	340,000		15,334,000
Media - Radio/TV 1.3%
Liberty Media Corporation Class A (b)	2,105,000		18,923,950
Medical - Biomedical/Biotechnology 3.2%
Celgene Corporation (b) (f)	435,000		24,908,100
Medimmune, Inc. (b)	965,000		22,581,000

			47,489,100
Medical - Ethical Drugs 1.2%
Biovail Corporation International (b) (f)	935,000		17,746,300
Medical - Products 1.1%
Valeant Pharmaceuticals International (f)	775,000		15,500,000

STRONG ADVISOR COMMON STOCK FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Medical/Dental - Services 2.2%
Omnicare, Inc. (f)		490,000	$	20,976,900
Pharmaceutical Product Development, Inc. (b)		376,700		11,967,759

				32,944,659
Medical/Dental - Supplies 1.3%
Hillenbrand Industries, Inc.		310,000		18,739,500
Metal Ores - Miscellaneous 1.4%
Alcoa, Inc.		645,000		21,304,350
Oil & Gas - Drilling 3.3%
Nabors Industries, Ltd. (b)		423,000		19,128,060
Noble Corporation (b)		760,000		28,796,400

				47,924,460
Oil & Gas - Machinery/Equipment 1.8%
Smith International, Inc. (b)		485,000		27,043,600
Oil & Gas - United States Exploration & Production 5.4%
Apache Corporation		620,000		27,001,000
Burlington Resources, Inc.		775,000		28,039,500
EOG Resources, Inc.		405,000		24,182,550

				79,223,050
Pollution Control - Services 1.6%
Republic Services, Inc.		830,000		24,020,200
Retail - Department Stores 2.8%
Kohl’s Corporation (b)		445,000		18,814,600
Saks, Inc.		1,500,000		22,500,000

				41,314,600
Retail - Home Furnishings 1.4%
Design Within Reach, Inc. (b)		2,700		44,361
Williams-Sonoma, Inc. (b)		630,000		20,764,800

				20,809,161
Retail - Leisure Product 2.7%
Barnes & Noble, Inc. (b) (f)		610,000		20,727,800
The Sports Authority, Inc. (b) (f)		535,000		19,206,500

				39,934,300
Retail - Restaurants 1.3%
Outback Steakhouse, Inc.		455,000		18,818,800
Retail - Super/Mini Markets 1.6%
The Kroger Company (b)		1,270,000		23,114,000
Retail/Wholesale - Auto Parts 1.4%
Advanced Auto Parts, Inc. (b)		455,000		20,101,900
Telecommunications - Wireless Equipment 2.3%
Nokia Corporation Sponsored ADR		1,070,000		15,557,800
UTStarcom, Inc. (b) (f)		610,000		18,452,500

				34,010,300
Telecommunications - Wireless Services 1.7%
Sprint Corporation		1,388,900		24,444,640
Transportation - Airline 1.0%
Continental Airlines, Inc. Class B (b) (f)		1,315,000		14,951,550
Utility - Electric Power 1.4%
Reliant Resources, Inc. (b) (f)		1,925,000		20,847,750

Total Common Stocks (Cost $1,052,026,420)				1,391,171,286

Preferred Stocks 1.4%
Media - Cable TV
News Corporation, Ltd. Sponsored ADR		605,000		19,892,400

Total Preferred Stocks (Cost $18,689,044)				19,892,400

Short-Term Investments (a) 9.3%
Collateral Received for Securities Lending 6.2%
Navigator Prime Portfolio		91,631,247		91,631,247
Repurchase Agreements (c) 3.1%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $43,101,676); Collateralized by: United States Government & Agency Issues	$	43,100,000		43,100,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,916,940); Collateralized by: United States Government & Agency Issues		1,916,900		1,916,900

				45,016,900

Total Short-Term Investments (Cost $136,648,147)				136,648,147

Total Investments in Securities (Cost $1,207,363,611) 105.7%				1,547,711,833
Other Assets and Liabilities, Net (5.7%)				(83,840,613	)

Net Assets 100.0%			$	1,463,871,220


STRONG ADVISOR MID CAP GROWTH FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 96.7%
Auto/Truck - Original Equipment 1.1%
Eaton Corporation		11,000	$	712,140
Beverages - Soft Drinks 1.9%
Cott Corporation (b)		38,000		1,231,200
Building - Resident/Commercial 1.3%
Centex Corporation		13,400		613,050
Ryland Group, Inc.		3,000		234,600

				847,650
Chemicals - Specialty 0.6%
Airgas, Inc.		16,000		382,560
Commercial Services - Miscellaneous 1.0%
Jackson Hewitt Tax Service, Inc. (b)		36,500		638,750
Commercial Services - Schools 1.5%
Career Education Corporation (b)		21,000		956,760
Computer - IT Services 0.5%
Acxiom Corporation		12,000		297,960
Computer - Local Networks 3.1%
Juniper Networks, Inc. (b)		14,292		351,154
Polycom, Inc. (b)		72,300		1,620,243

				1,971,397
Computer - Manufacturers 1.5%
Apple Computer, Inc. (b)		30,000		976,200

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR MID CAP GROWTH FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Computer - Peripheral Equipment 2.1%
Silicon Storage Technology, Inc. (b)	18,000	$	185,400
Zebra Technologies Corporation (b)	13,500		1,174,500

			1,359,900
Computer Software - Desktop 0.7%
Adobe Systems, Inc.	10,000		465,000
Computer Software - Education/Entertainment 2.0%
Electronic Arts, Inc. (b)	24,000		1,309,200
Computer Software - Medical 2.4%
eResearch Technology, Inc. (b)	55,500		1,554,000
Computer Software - Security 0.5%
Symantec Corporation (b)	7,000		306,460
Cosmetics - Personal Care 0.0%
LIFE TIME FITNESS, Inc. (b)	100		2,100
Electronics - Contract Manufacturing 0.4%
Flextronics International, Ltd. (b)	16,000		255,200
Electronics - Military Systems 0.8%
L-3 Communications Corporation	8,000		534,400
Electronics - Scientific Measuring 4.0%
PerkinElmer, Inc.	62,600		1,254,504
Waters Corporation (b)	28,000		1,337,840

			2,592,344
Electronics - Semiconductor Manufacturing 2.8%
Broadcom Corporation Class A (b)	19,000		888,630
Marvell Technology Group, Ltd. (b)	32,800		875,760

			1,764,390
Energy - Other 3.1%
Arch Coal, Inc.	22,400		819,616
Massey Energy Company	41,000		1,156,610

			1,976,226
Finance - Consumer/Commercial Loans 2.1%
AmeriCredit Corporation (b)	53,000		1,035,090
Providian Financial Corporation (b)	19,000		278,730

			1,313,820
Finance - Investment Brokers 1.7%
Legg Mason, Inc.	12,000		1,092,120
Finance - Mortgage & Related Services 2.1%
Doral Financial Corporation	39,000		1,345,500
Finance - Savings & Loan 1.4%
Westcorp	20,000		909,000
Financial Services - Miscellaneous 2.1%
Alliance Data Systems Corporation (b)	8,000		338,000
CheckFree Corporation (b)	14,000		420,000
First Marblehead Corporation (b)	15,000		603,900

			1,361,900
Household - Consumer Electronics 1.5%
Harman International Industries, Inc.	10,200		928,200
Internet - E*Commerce 1.1%
University of Phoenix Online (b)	7,700		674,443
Internet - Internet Content 2.2%
Ask Jeeves, Inc. (b)	19,000		741,570
FindWhat.com (b)	5,000		115,700
InfoSpace, Inc. (b)	15,000		570,600

			1,427,870
Internet - Network Security/Solutions 0.8%
Digital River, Inc. (b)	15,000		489,450
Leisure - Gaming/Equipment 3.3%
International Game Technology	29,000		1,119,400
Station Casinos, Inc.	20,000		968,000

			2,087,400
Leisure - Hotels & Motels 0.7%
Marriott International, Inc. Class A	9,000		448,920
Machinery - General Industrial 1.0%
IDEX Corporation	19,500		669,825
Medical - Biomedical/Biotechnology 1.5%
Biogen Idec, Inc. (b)	15,000		948,750
Medical - Ethical Drugs 1.1%
Allergan, Inc.	6,000		537,120
Eyetech Pharmaceuticals, Inc. (b)	4,100		175,972

			713,092
Medical - Generic Drugs 1.4%
Impax Laboratories, Inc. (b)	12,000		232,560
Teva Pharmaceutical Industries, Ltd. ADR (f)	10,000		672,900

			905,460
Medical - Health Maintenance Organizations 4.9%
Coventry Health Care, Inc. (b)	13,000		635,700
Molina Healthcare, Inc. (b)	10,000		381,800
Sierra Health Services, Inc. (b)	29,000		1,296,300
WellChoice, Inc. (b)	20,500		848,700

			3,162,500
Medical - Products 4.2%
C.R. Bard, Inc.	6,000		339,900
INAMED Corporation (b)	15,000		942,750
Zimmer Holdings, Inc. (b)	16,000		1,411,200

			2,693,850
Medical/Dental - Services 4.9%
Caremark Rx, Inc. (b)	31,000		1,021,140
Inveresk Research Group, Inc. (b)	40,500		1,249,020
Quest Diagnostics, Inc.	10,000		849,500

			3,119,660
Medical/Dental - Supplies 1.8%
Kinetic Concepts, Inc. (b)	13,100		653,690
Mentor Corporation	14,000		480,060

			1,133,750
Oil & Gas - Drilling 0.8%
Precision Drilling Corporation (b)	11,300		542,513
Oil & Gas - Field Services 1.0%
BJ Services Company (b)	14,000		641,760
Oil & Gas - Machinery/Equipment 2.1%
Input/Output, Inc. (b)	42,400		351,496
Smith International, Inc. (b)	18,100		1,009,256

			1,360,752

STRONG ADVISOR MID CAP GROWTH FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Oil & Gas - United States Exploration & Production 4.4%
EOG Resources, Inc.		7,000	$	417,970
Ultra Petroleum Corporation (b)		37,000		1,381,210
XTO Energy, Inc.		32,957		981,789

				2,780,969
Retail - Clothing/Shoe 4.4%
Chicos FAS, Inc. (b)		18,000		812,880
Coach, Inc. (b)		28,000		1,265,320
The TJX Companies, Inc.		15,000		362,100
Urban Outfitters, Inc. (b)		6,000		365,460

				2,805,760
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)		100		1,643
Retail - Miscellaneous 3.0%
Michaels Stores, Inc.		20,000		1,100,000
PETsMART, Inc.		25,000		811,250

				1,911,250
Retail - Restaurants 3.2%
Starbucks Corporation (b)		47,000		2,043,560
Retail - Super/Mini Markets 0.5%
Whole Foods Marketing, Inc.		3,000		286,350
Retail/Wholesale - Office Supplies 0.8%
Staples, Inc.		17,000		498,270
Telecommunications - Fiber Optics 1.2%
Corning, Inc. (b)		59,000		770,540
Telecommunications - Wireless Equipment 1.0%
Research in Motion, Ltd. (b)		9,000		615,960
Telecommunications - Wireless Services 0.8%
Nextel Partners, Inc. (b)		31,000		493,520
Transportation - Truck 0.8%
J.B. Hunt Transport Services, Inc.		14,000		540,120
Trucks & Parts - Heavy Duty 1.6%
Cummins, Inc.		16,000		1,000,000

Total Common Stocks (Cost $47,691,297)				61,852,314

Short-Term Investments (a) 1.8%
Collateral Received for Securities Lending 0.2%
Navigator Prime Portfolio		112,131		112,131
Repurchase Agreements (c) 1.6%
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,024,221); Collateralized by: United States Government & Agency Issues	$	1,024,200		1,024,200

Total Short-Term Investments (Cost $1,136,331)				1,136,331

Total Investments in Securities (Cost $48,827,628) 98.5%				62,988,645
Other Assets and Liabilities, Net 1.5%				934,255

Net Assets 100.0%			$	63,922,900

STRONG ADVISOR SMALL CAP VALUE FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 93.6%
Aerospace - Defense Equipment 0.2%
Evans & Sutherland Computer Corporation (b) (d)		930,743	$	4,374,492
Auto/Truck - Original Equipment 0.7%
Dura Automotive Systems, Inc. (b)		807,000		7,384,050
Tower Automotive, Inc. (b)		1,678,700		6,110,468

				13,494,518
Auto/Truck - Replacement Parts 0.1%
LKQ Corporation (b)		139,700		2,588,641
Banks - Southeast 0.8%
The Colonial BancGroup, Inc.		424,100		7,705,897
Hibernia Corporation Class A		350,060		8,506,458

				16,212,355
Building - Air Conditioning & Heating Products 0.2%
York International Corporation		97,200		3,992,004
Building - Cement/Concrete/Aggregate 0.3%
U.S. Concrete, Inc. (b)		757,200		5,338,260
Building - Construction Products/Miscellaneous 0.7%
Royal Group Technologies, Ltd. (b)		1,493,100		13,482,693
Building - Heavy Construction 2.7%
Chicago Bridge & Iron Company NV		2,008,000		55,922,800
Building - Maintenance & Services 0.4%
ABM Industries, Inc.		378,510		7,369,590
Building - Paint & Allied Products 0.5%
H.B. Fuller Company		373,400		10,604,560
Chemicals - Basic 0.2%
FMC Corporation (b) (e)		117,200		5,052,492
Chemicals - Fertilizers 0.3%
Agrium, Inc.		475,300		6,915,615
Chemicals - Plastics 2.2%
Intertape Polymer Group, Inc. (b) (d)		2,640,800		20,096,488
Intertape Polymer Group, Inc. (Acquired 9/05/03; Cost $680,073) (CAD) (b) (g) (h)		93,000		717,263
PolyOne Corporation (b)		3,351,700		24,936,648

				45,750,399
Chemicals - Specialty 1.6%
OM Group, Inc. (b) (e)		976,300		32,227,663
Commercial Services - Advertising 1.2%
R.H. Donnelley Corporation (b) (e)		576,400		25,211,736
Commercial Services - Consulting 1.4%
Navigant Consulting, Inc. (b)		1,296,170		27,789,885
Commercial Services - Healthcare 0.9%
Healthcare Services Group, Inc.		620,550		9,494,415
US Oncology, Inc. (b)		659,200		9,703,424

				19,197,839
Commercial Services - Miscellaneous 0.2%
Providence Service Corporation (b)		188,150		3,535,339

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR SMALL CAP VALUE FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Commercial Services - Security/Safety 2.4%
Armor Holdings, Inc. (b)	301,900	$	10,264,600
DHB Industries, Inc. (b) (e)	376,600		5,716,788
The Geo Group, Inc. (b) (d)	990,210		20,200,284
OSI Systems, Inc. (b)	616,510		12,287,044

			48,468,716
Commercial Services - Staffing 2.6%
CDI Corporation	220,445		7,627,397
Cross Country Healthcare, Inc. (b)	443,100		8,042,265
Kforce.com, Inc. (b) (d)	1,921,685		18,140,706
MPS Group, Inc. (b)	1,561,815		18,929,198

			52,739,566
Computer - Data Storage 0.1%
Iomega Corporation	397,710		2,219,222
Computer - Manufacturers 0.3%
Cray, Inc. (b) (e)	849,900		5,626,338
Computer Software - Enterprise 2.2%
JDA Software Group, Inc. (b) (e)	1,119,500		14,743,815
Lightbridge, Inc. (b) (d)	2,380,200		13,329,120
TIBCO Software, Inc. (b)	2,101,300		17,755,985

			45,828,920
Computer Software - Medical 1.4%
IDX Systems Corporation (b)	887,300		28,295,997
Containers 0.8%
Chesapeake Corporation	530,880		14,163,878
Constar International, Inc. (b)	542,300		2,521,695

			16,685,573
Cosmetics - Personal Care 0.0%
LIFE TIME FITNESS, Inc. (b)	3,800		79,800
Electrical - Equipment 0.2%
Encore Wire Corporation (b)	153,200		4,223,724
Electronics - Contract Manufacturing 0.5%
Celestica, Inc. (b)	560,600		11,183,970
Electronics - Miscellaneous Components 0.7%
Coherent, Inc. (b) (e)	512,300		15,292,155
Electronics - Parts Distributors 0.4%
Richardson Electronics, Ltd. (d)	662,700		7,342,716
Electronics - Scientific Measuring 0.5%
Newport Corporation (b)	594,100		9,606,597
Electronics - Semiconductor Manufacturing 2.5%
ChipPAC, Inc. Class A (b)	1,588,000		9,956,760
Cirrus Logic, Inc. (b)	2,162,400		12,996,024
Credence Systems Corporation (b)	899,225		12,409,305
TriQuint Semiconductor, Inc. (b)	1,471,820		8,036,137
Zoran Corporation (b)	451,000		8,275,850

			51,674,076
Energy - Other 0.2%
Headwaters, Inc. (b)	137,800		3,573,154
Finance - Consumer/Commercial Loans 0.3%
World Acceptance Corporation (b)	346,200		6,345,846
Finance - Equity REIT 0.6%
American Financial Realty Trust	530,900		7,586,561
Government Properties Trust, Inc.	350,200		3,659,590

			11,246,151
Finance - Investment Brokers 0.3%
Labranche & Company, Inc.	755,000		6,357,100
Food - Miscellaneous Preparation 1.5%
Del Monte Foods Company (b)	2,909,185		29,557,320
Insurance - Accident & Health 0.0%
UnumProvident Corporation	19,100		303,690
Insurance - Diversified 0.2%
Assurant, Inc.	165,600		4,368,528
Insurance - Life 0.2%
Phoenix Companies, Inc.	277,400		3,398,150
Insurance - Property/Casualty/Title 3.5%
Argonaut Group, Inc. (b)	370,400		6,826,472
Bristol West Holdings, Inc.	443,200		8,061,808
Donegal Group, Inc. Class A	231,000		4,629,240
Endurance Specialty Holdings, Ltd.	455,710		15,858,708
Mercury General Corporation	598,610		29,720,987
Montpelier Re Holdings, Ltd.	194,200		6,787,290

			71,884,505
Internet - E*Commerce 0.4%
Stamps.com, Inc. (b)	705,800		7,192,102
Internet - Internet Service Provider 1.7%
EarthLink, Inc. (b)	2,549,800		26,390,430
Net2Phone, Inc. (b)	1,992,900		9,027,837

			35,418,267
Leisure - Services 0.3%
Pegasus Solutions, Inc. (b) (e)	483,800		6,352,294
Machinery - General Industrial 1.9%
Robbins & Myers, Inc.	359,800		8,077,510
UNOVA, Inc. (b)	1,459,500		29,554,875

			37,632,385
Medical - Biomedical/Biotechnology 0.3%
CV Therapeutics, Inc. (b)	380,500		6,377,180
Medical - Generic Drugs 0.9%
Andrx Group (b) (e)	686,600		19,176,738
Medical - Nursing Homes 2.7%
Beverly Enterprises, Inc. (b)	3,961,500		34,068,900
Manor Care, Inc.	617,000		20,163,560

			54,232,460
Medical - Outpatient/Home Care 0.6%
Gentiva Health Services, Inc. (b)	756,100		12,294,186
Medical - Products 1.7%
Allied Healthcare Products, Inc. (b) (d)	926,840		4,643,468
Discovery Partners International, Inc. (b) (d)	1,872,600		9,550,260
OraSure Technologies, Inc. (b) (e)	2,093,850		20,373,161

			34,566,889
Medical - Systems/Equipment 0.9%
Applera Corporation-Applied Biosystems Group (e)	831,300		18,080,775

STRONG ADVISOR SMALL CAP VALUE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Medical/Dental - Services 0.6%
Covalent Group, Inc. (b)		184,533	$	706,761
Omnicare, Inc.		263,000		11,259,030

				11,965,791
Metal Ores - Gold/Silver 7.8%
Apex Silver Mines, Ltd. (b) (e)		2,334,500		39,803,225
Glamis Gold, Ltd. (b)		3,110,600		54,528,818
Goldcorp, Inc.		1,852,000		21,612,840
Harmony Gold Mining Company, Ltd. Sponsored ADR		2,260,500		23,938,695
Meridian Gold, Inc. (b) (e)		1,478,400		19,174,848

				159,058,426
Metal Ores - Miscellaneous 0.1%
Cleveland-Cliffs, Inc. (b) (e)		27,300		1,539,447
Metal Processing & Fabrication 0.1%
Webco Industries, Inc. (b) (d)		446,260		1,682,400
Mining - Gems 0.1%
Quadra Mining, Ltd. (CAD) (b) (h)		269,000		998,987
Oil & Gas - Drilling 3.4%
Grey Wolf, Inc. (b)		1,729,600		7,333,504
Helmerich & Payne, Inc.		599,480		15,676,402
Parker Drilling Company (b)		1,257,000		4,801,740
Pride International, Inc. (b)		1,334,000		22,824,740
Transocean, Inc. (b)		625,600		18,104,864

				68,741,250
Oil & Gas - Field Services 7.7%
BJ Services Company (b) (e)		249,200		11,423,328
Global Industries, Ltd. (b)		4,496,700		25,721,124
Key Energy Services, Inc. (b)		2,188,000		20,654,720
Layne Christensen Company (b) (d)		1,408,998		23,318,917
Matrix Service Company (b) (d)		1,536,400		14,058,060
Newpark Resources, Inc. (b)		3,098,460		19,210,452
Oceaneering International, Inc. (b) (e)		722,160		24,733,980
Petroleum Helicopters, Inc. (b)		115,245		2,218,466
Petroleum Helicopters, Inc. (non-voting) (b) (d)		178,172		3,458,319
Willbros Group, Inc. (b)		826,500		12,455,355

				157,252,721
Oil & Gas - Machinery/Equipment 1.0%
Input/Output, Inc. (b)		1,049,390		8,699,443
Smith International, Inc. (b)		206,400		11,508,864

				20,208,307
Oil & Gas - Refining/Marketing 0.1%
Frontier Oil Corporation		69,100		1,464,229
Oil & Gas - United States Exploration & Production 10.1%
Forest Oil Corporation (b) (e)		1,932,000		52,782,240
McMoRan Exploration Company (b) (d) (e)		970,300		15,117,274
Newfield Exploration Company (b)		239,800		13,366,452
Noble Energy, Inc.		485,600		24,765,600
PetroQuest Energy, Inc. (b)		467,300		1,995,371
Pioneer Natural Resources Company		374,200		13,126,936
Range Resources Corporation (d)		4,262,000		62,225,200
Remington Oil & Gas Corporation (b)		407,300		9,612,280
Stone Energy Corporation (b)		282,300		12,895,464

				205,886,817
Paper & Paper Products 1.4%
Wausau-Mosinee Paper Corporation		1,677,700		29,024,210
Pollution Control - Services 0.9%
Calgon Carbon Corporation (d)		2,621,300		17,562,710
Retail - Clothing/Shoe 1.8%
Foot Locker, Inc.		522,800		12,724,952
Payless ShoeSource, Inc. (b)		290,900		4,337,319
Too, Inc. (b)		803,800		13,423,460
The Wet Seal, Inc. Class A (b) (d)		1,304,420		6,822,117

				37,307,848
Retail - Consumer Electronics 0.4%
Circuit City Stores, Inc.		664,500		8,605,275
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)		3,900		64,077
Retail - Major Discount Chains 0.3%
Shopko Stores, Inc. (b)		489,180		6,917,005
Retail - Miscellaneous 0.8%
Barbeques Galore, Ltd. Sponsored ADR (d)		419,931		3,632,403
Sharper Image Corporation (b)		414,200		13,001,738

				16,634,141
Steel - Producers 4.4%
IPSCO, Inc.		897,500		20,220,675
Roanoke Electric Steel Corporation		527,550		7,174,680
Steel Dynamics, Inc. (b) (e)		1,016,410		29,099,818
United States Steel Corporation (e)		944,600		33,174,352

				89,669,525
Steel - Specialty Alloys 2.1%
Carpenter Technology Corporation		556,950		18,964,148
GrafTech International, Ltd. (b) (e)		2,368,100		24,770,326

				43,734,474
Telecommunications - Equipment 0.3%
ADC Telecommunications, Inc. (b)		2,072,600		5,886,184
Telecommunications - Services 0.6%
Cincinnati Bell, Inc. (b)		2,671,200		11,860,128
Transportation - Airline 1.1%
Linea Aerea Nacional Chile SA Sponsored ADR		1,119,200		21,600,560
Transportation - Services 0.3%
EGL, Inc. (b)		266,360		7,085,176
Transportation - Truck 0.8%
Covenant Transport, Inc. Class A (b) (d)		887,700		15,170,793
Overnite Corporation		61,000		1,793,400

				16,964,193

Total Common Stocks ($1,353,925,760)				1,908,399,852

Short-Term Investments (a) 6.3%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $126,104,904); Collateralized by: United States Government & Agency Issues	$	126,100,000		126,100,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $2,192,446); Collateralized by: United States Government & Agency Issues		2,192,400		2,192,400

Total Short-Term Investments (Cost $128,292,400)				128,292,400

Total Investments in Securities (Cost $1,482,218,160) 99.9%				2,036,692,252
Other Assets and Liabilities, Net 0.1%				2,956,755

Net Assets 100.0%			$	2,039,649,007

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

WRITTEN OPTIONS ACTIVITY


	Contracts		Premiums
Options outstanding at beginning of period	23,272		$	7,981,388
Options written during the period	35,209			10,557,723
Options closed	(48,234	)		(16,316,559	)
Options expired	(1,600	)		(276,258	)
Options exercised	(1,772	)		(689,115	)

Options outstanding at end of period	6,875		$	1,257,179

WRITTEN CALL OPTIONS DETAIL


	Contracts (100 shares per contract)	Value (Note 2)
Andrx Group
(Strike Price is $30.00. Expiration date is 8/20/04. Premium received is $13,700.)	100	$	(7,000	)
(Strike Price is $25.00. Expiration date is 9/17/04. Premium received is $40,699.)	100		(37,000	)
Apex Silver Mines, Ltd.
(Strike Price is $17.50. Expiration date is 8/20/04. Premium received is $18,300.)	150		(16,875	)
(Strike Price is $17.50. Expiration date is 10/15/04. Premium received is $9,100.)	50		(9,125	)
(Strike Price is $20.00. Expiration date is 10/15/04. Premium received is $21,899.)	150		(12,375	)
(Strike Price is $22.50. Expiration date is 10/15/04. Premium received is $10,200.)	100		(3,500	)
Applera Corporation-Applied Biosystems Group
(Strike Price is $20.00. Expiration date is 9/17/04. Premium received is $9,400.)	100		(23,250	)
BJ Services Company
(Strike Price is $47.50. Expiration date is 10/15/04. Premium received is $93,198.)	350		(92,750	)
Cleveland-Cliffs, Inc.
(Strike Price is $55.00. Expiration date is 7/16/04. Premium received is $10,950.)	50		(13,000	)
Coherent, Inc.
(Strike Price is $30.00. Expiration date is 8/20/04. Premium received is $17,861.)	200		(29,500	)
Cray, Inc.
(Strike Price is $7.50. Expiration date is 9/17/04. Premium received is $45,499.)	500		(16,250	)
DHB Industries, Inc.
(Strike Price is $12.50. Expiration date is 7/16/04. Premium received is $96,798.)	400		(109,000	)
(Strike Price is $15.00. Expiration date is 7/16/04. Premium received is $33,599.)	400		(39,000	)
FMC Corporation
(Strike Price is $35.00. Expiration date is 7/16/04. Premium received is $109,396.)	200		(163,000	)
(Strike Price is $30.00. Expiration date is 10/15/04. Premium received is $102,696.)	100		(132,500	)
Forest Oil Corporation
(Strike Price is $25.00. Expiration date is 8/20/04. Premium received is $38,548.)	150		(39,750	)
GrafTech International, Ltd.
(Strike Price is $10.00. Expiration date is 9/17/04. Premium received is $16,800.)	200		(26,500	)
JDA Software Group, Inc.
(Strike Price is $12.50. Expiration date is 8/20/04. Premium received is $11,700.)	100		(12,250	)
McMoRan Exploration Company
(Strike Price is $15.00. Expiration date is 8/20/04. Premium received is $30,517.)	200		(27,500	)
(Strike Price is $17.50. Expiration date is 11/19/04. Premium received is $11,248.)	100		(9,250	)
Meridian Gold, Inc.
(Strike Price is $15.00. Expiration date is 10/15/04. Premium received is $11,100.)	150		(7,125	)
OM Group, Inc.
(Strike Price is $35.00. Expiration date is 10/15/04. Premium received is $25,199.)	225		(55,125	)
Oceaneering International, Inc.
(Strike Price is $30.00. Expiration date is 10/15/04. Premium received is $31,699.)	100		(52,000	)
(Strike Price is $35.00. Expiration date is 10/15/04. Premium received is $11,200.)	100		(22,250	)
OraSure Technologies, Inc.
(Strike Price is $10.00. Expiration date is 8/20/04. Premium received is $16,800.)	200		(13,500	)
(Strike Price is $10.00. Expiration date is 10/15/04. Premium received is $85,784.)	850		(89,250	)
Pegasus Solutions, Inc.
(Strike Price is $10.00. Expiration date is 7/16/04. Premium received is $15,247.)	100		(31,000	)
R.H. Donnelley Corporation
(Strike Price is $45.00. Expiration date is 11/19/04. Premium received is $63,398.)	200		(47,500	)
(Strike Price is $50.00. Expiration date is 11/19/04. Premium received is $37,550.)	300		(20,250	)
Steel Dynamics, Inc.
(Strike Price is $22.50. Expiration date is 8/20/04. Premium received is $84,248.)	250		(152,500	)
(Strike Price is $25.00. Expiration date is 8/20/04. Premium received is $48,399.)	200		(79,000	)
(Strike Price is $30.00. Expiration date is 8/20/04. Premium received is $22,099.)	200		(18,500	)
United States Steel Corporation
(Strike Price is $30.00. Expiration date is 7/16/04. Premium received is $13,350.)	50		(26,250	)
(Strike Price is $35.00. Expiration date is 8/20/04. Premium received is $22,699.)	100		(22,500	)
(Strike Price is $35.00. Expiration date is 10/15/04. Premium received is $26,299.)	150		(50,250	)

	6,875	$	(1,506,375	)

STRONG ADVISOR U.S. VALUE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.2%
Aerospace - Defense 3.0%
General Dynamics Corporation	9,000	$	893,700
Lockheed Martin Corporation	24,400		1,270,752
Raytheon Company	225,000		8,048,250

			10,212,702
Auto Manufacturer 0.5%
General Motors Corporation (f)	38,100		1,775,079
Banks - Midwest 0.3%
Provident Financial Group, Inc.	27,000		1,065,420
Banks - Money Center 4.3%
Bank of America Corporation	80,000		6,769,600
The Bank of New York Company, Inc.	35,000		1,031,800
Citigroup, Inc.	148,500		6,905,250

			14,706,650
Banks - Northeast 0.7%
Banknorth Group, Inc.	55,000		1,786,400
Peoples Bank (f)	17,100		532,665

			2,319,065
Banks - Southeast 0.5%
Compass Bancshares, Inc.	37,000		1,591,000
Banks - Super Regional 5.8%
Bank One Corporation	57,000		2,907,000
KeyCorp (f)	41,600		1,243,424
Mellon Financial Corporation	28,000		821,240
National City Corporation	36,500		1,277,865
Regions Financial Corporation (b)	46,000		1,681,300
SouthTrust Corporation	39,600		1,536,876
U.S. Bancorp	92,800		2,557,568
Wachovia Corporation	67,100		2,985,950
Wells Fargo & Company	81,000		4,635,630

			19,646,853
Beverages - Alcoholic 0.2%
Anheuser-Busch Companies, Inc.	13,000		702,000
Beverages - Soft Drinks 0.4%
Coca-Cola Enterprises, Inc.	43,000		1,246,570
Building - Maintenance & Services 1.8%
The ServiceMaster Company (f)	490,000		6,036,800
Building Products - Wood 0.7%
Georgia-Pacific Corporation	13,000		480,740
Weyerhaeuser Company	31,200		1,969,344

			2,450,084
Chemicals - Basic 0.8%
The Dow Chemical Company	40,000		1,628,000
PPG Industries, Inc.	15,300		956,097

			2,584,097
Commercial Services - Miscellaneous 0.5%
ARAMARK Corporation Class B	48,000		1,380,480
Automatic Data Processing, Inc.	9,000		376,920

			1,757,400
Computer - IT Services 1.5%
International Business Machines Corporation	48,400		4,266,460
Unisys Corporation (b)	70,100		972,988

			5,239,448
Computer - Manufacturers 0.9%
Hewlett-Packard Company	150,000		3,165,000
Computer Software - Desktop 1.5%
Microsoft Corporation	180,000		5,140,800
Computer Software - Enterprise 0.1%
Oracle Systems Corporation (b)	27,000		322,110
Cosmetics - Personal Care 1.0%
Kimberly-Clark Corporation	11,000		724,680
The Procter & Gamble Company	46,000		2,504,240

			3,228,920
Diversified Operations 5.6%
E.I. Du Pont de Nemours & Company	50,631		2,249,029
Emerson Electric Company	27,900		1,773,045
General Electric Company	260,000		8,424,000
ITT Industries, Inc.	16,000		1,328,000
Loews Corporation	40,000		2,398,400
SPX Corporation	25,000		1,161,000
United Technologies Corporation	17,200		1,573,456

			18,906,930
Finance - Equity REIT 1.2%
Apartment Investment & Management Company Class A	77,000		2,397,010
Equity Office Properties Trust	30,000		816,000
Equity Residential Properties Trust	27,000		802,710

			4,015,720
Finance - Investment Brokers 0.0%
Piper Jaffray Companies, Inc. (b) (f)	928		41,973
Finance - Savings & Loan 0.6%
Washington Mutual, Inc.	50,000		1,932,000
Financial Services - Miscellaneous 0.6%
American Express Company	38,000		1,952,440
Food - Meat Products 0.1%
Tyson Foods, Inc. Class A (f)	18,000		377,100
Food - Miscellaneous Preparation 5.7%
Campbell Soup Company	20,000		537,600
ConAgra, Inc.	60,000		1,624,800
Del Monte Foods Company (b)	733,000		7,447,280
Kraft Foods, Inc. Class A	221,900		7,029,792
Sara Lee Corporation	115,000		2,643,850

			19,283,322
Household - Housewares 0.1%
Newell Rubbermaid, Inc.	17,000		399,500
Insurance - Accident & Health 0.8%
AFLAC, Inc.	65,000		2,652,650
Insurance - Brokers 0.2%
Marsh & McLennan Companies, Inc.	12,600		571,788
Insurance - Diversified 2.3%
American International Group, Inc.	58,500		4,169,880
Manulife Financial Corporation (f)	29,039		1,176,080
Principal Financial Group, Inc.	25,300		879,934
Prudential Financial, Inc.	34,100		1,584,627

			7,810,521
Insurance - Life 0.3%
Lincoln National Corporation	25,000		1,181,250

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR U.S. VALUE FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Insurance - Property/Casualty/Title 3.8%
The Allstate Corporation	32,000	$	1,489,600
Chubb Corporation	16,500		1,124,970
Hartford Financial Services Group, Inc.	21,800		1,498,532
Old Republic International Corporation	37,000		877,640
SAFECO Corporation	71,000		3,124,000
The St. Paul Travelers Companies, Inc.	114,525		4,642,844

			12,757,586
Leisure - Hotels & Motels 0.3%
Marriott International, Inc. Class A	23,000		1,147,240
Leisure - Photo Equipment/Related 0.2%
Eastman Kodak Company (f)	24,200		652,916
Machinery - Construction/Mining 0.4%
Caterpillar, Inc.	16,000		1,271,040
Machinery - Farm 0.5%
Deere & Company	26,000		1,823,640
Media - Cable TV 1.1%
Comcast Corporation Class A (b)	102,300		2,867,469
Cox Communications, Inc. Class A (b)	25,400		705,866

			3,573,335
Media - Diversified 1.7%
Time Warner, Inc. (b)	325,000		5,713,500
Media - Newspapers 0.7%
Gannett Company, Inc.	26,200		2,223,070
Media - Periodicals 2.3%
The Readers Digest Association, Inc. (non-voting)	480,800		7,687,992
Media - Radio/TV 3.2%
Clear Channel Communications, Inc.	84,000		3,103,800
The Walt Disney Company	48,000		1,223,520
Liberty Media Corporation Class A (b)	374,000		3,362,260
Liberty Media International, Inc. Class A (b)	18,700		693,770
Viacom, Inc. Class B	69,400		2,478,968

			10,862,318
Medical - Biomedical/Biotechnology 0.8%
Serono SA ADR (f)	175,000		2,756,250
Medical - Ethical Drugs 4.7%
Bristol-Myers Squibb Company	340,000		8,330,000
Merck & Company, Inc.	76,000		3,610,000
Schering-Plough Corporation	220,000		4,065,600

			16,005,600
Medical - Hospitals 1.7%
HCA, Inc.	140,000		5,822,600
Medical/Dental - Services 0.1%
Medco Health Solutions, Inc. (b)	7,839		293,962
Medical/Dental - Supplies 0.9%
Sola International, Inc. (b)	170,000		2,929,100
Metal Ores - Gold/Silver 0.4%
Newmont Mining Corporation Holding Company	35,000		1,356,600
Metal Ores - Miscellaneous 0.5%
Alcoa, Inc.	52,100		1,720,863
Oil & Gas - Drilling 0.2%
Pride International, Inc. (b) (f)	45,000		769,950
Oil & Gas - International Integrated 8.0%
Amerada Hess Corporation	6,000		475,140
ChevronTexaco Corporation	48,000		4,517,280
ConocoPhillips	49,000		3,738,210
Exxon Mobil Corporation	395,000		17,541,950
Royal Dutch Petroleum Company - New York Shares	20,000		1,033,400

			27,305,980
Oil & Gas - United States Exploration & Production 0.9%
Devon Energy Corporation	16,000		1,056,000
Kerr McGee Corporation	7,000		376,390
Unocal Corporation	40,200		1,527,600

			2,959,990
Paper & Paper Products 0.8%
Boise Cascade Corporation (f)	10,000		376,400
MeadWestvaco Corporation	70,000		2,057,300
Smurfit-Stone Container Corporation (b) (f)	20,000		399,000

			2,832,700
Pollution Control - Services 1.3%
Waste Management, Inc.	147,000		4,505,550
Retail - Consumer Electronics 0.2%
Circuit City Stores, Inc.	61,000		789,950
Retail - Department Stores 0.7%
Federated Department Stores, Inc.	25,000		1,227,500
May Department Stores Company	44,793		1,231,360

			2,458,860
Retail - Drug Stores 0.3%
CVS Corporation	28,200		1,184,964
Retail - Leisure Product 0.3%
Toys ‘R’ Us, Inc. (b) (f)	67,000		1,067,310
Retail - Restaurants 1.2%
McDonald’s Corporation	163,000		4,238,000
Retail - Super/Mini Markets 2.5%
Albertson’s, Inc. (f)	20,000		530,800
The Kroger Company (b)	403,000		7,334,600
Safeway, Inc. (b)	27,000		684,180

			8,549,580
Retail/Wholesale - Office Supplies 0.1%
Office Depot, Inc. (b)	17,000		304,470
Telecommunications - Services 4.6%
ALLTEL Corporation	19,000		961,780
AT&T Corporation	47,000		687,610
BellSouth Corporation	98,000		2,569,560
CenturyTel, Inc.	9,000		270,360
Commonwealth Telephone Enterprises, Inc. (b) (f)	5,000		223,850
Qwest Communications International, Inc. (b)	60,000		215,400
SBC Communications, Inc.	174,000		4,219,500
Sprint Corporation	51,000		897,600
Verizon Communications, Inc.	155,000		5,609,450

			15,655,110
Telecommunications - Wireless Equipment 1.4%
Nokia Corporation Sponsored ADR	330,000		4,798,200

STRONG ADVISOR U.S. VALUE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Telecommunications - Wireless Services 0.1%
AT&T Wireless Services, Inc. (b)		34,000	$	486,880
Tobacco 1.3%
Altria Group, Inc.		55,000		2,752,750
Loews Corp - Carolina Group (f)		67,700		1,662,035

				4,414,785
Transportation - Air Freight 0.3%
FedEx Corporation		12,000		980,280
Transportation - Rail 0.6%
Burlington Northern Santa Fe Corporation		24,800		869,736
Norfolk Southern Corporation		50,000		1,326,000

				2,195,736
Utility - Electric Power 6.9%
Consolidated Edison, Inc.		27,000		1,073,520
DTE Energy Company		51,000		2,067,540
Dominion Resources, Inc.		28,000		1,766,240
Duke Energy Corporation		70,000		1,420,300
Entergy Corporation		23,500		1,316,235
Exelon Corporation		52,400		1,744,396
FPL Group, Inc.		26,600		1,701,070
FirstEnergy Corporation		169,500		6,340,995
Progress Energy, Inc.		14,000		616,700
Public Service Enterprise Group, Inc. (f)		31,000		1,240,930
SCANA Corporation		17,000		618,290
The Southern Company		42,000		1,224,300
TXU Corporation		60,000		2,430,600

				23,561,116
Utility - Gas Distribution 2.2%
CenterPoint Energy, Inc.		299,400		3,443,100
KeySpan Corporation		25,600		939,520
NiSource, Inc.		27,000		556,740
Sempra Energy		31,500		1,084,545
Vectren Corporation (f)		56,700		1,422,603

				7,446,508

Total Common Stocks (Cost $286,811,271)				337,418,723

Short-Term Investments (a) 3.2%
Collateral Received for Securities Lending 2.2%
Navigator Prime Portfolio		7,404,288		7,404,288
Repurchase Agreements (c) 1.0%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $700,027); Collateralized by: United States Government & Agency Issues	$	700,000		700,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $2,719,557); Collateralized by: United States Government & Agency Issues		2,719,500		2,719,500

				3,419,500

Total Short-Term Investments (Cost $10,823,788)				10,823,788

Total Investments in Securities (Cost $297,635,059) 102.4%				348,242,511
Other Assets and Liabilities, Net (2.4%)				(8,232,026	)

Net Assets 100.0%			$	340,010,485

WRITTEN OPTIONS ACTIVITY


	Contracts		Premiums
Options outstanding at beginning of period	—		$	—
Options written during the period	850			188,691
Options closed	(850	)		(188,691	)
Options expired	—			—
Options exercised	—			—

Options outstanding at end of period	—		$	—

STRONG ADVISOR ENDEAVOR LARGE CAP FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 98.5%
Apparel - Shoes & Related Manufacturing 1.0%
NIKE, Inc. Class B	5,420	$	410,565
Beverages - Alcoholic 2.0%
Anheuser-Busch Companies, Inc.	15,140		817,560
Commercial Services - Schools 1.6%
Corinthian Colleges, Inc. (b)	26,120		646,209
Computer - Data Storage 2.9%
EMC Corporation (b)	106,810		1,217,634
Computer - Local Networks 2.8%
Cisco Systems, Inc. (b)	35,705		846,208
Polycom, Inc. (b)	14,765		330,884

			1,177,092
Computer - Manufacturers 4.7%
Apple Computer, Inc. (b)	12,410		403,821
Dell, Inc. (b)	43,490		1,557,812

			1,961,633
Computer Software - Desktop 1.6%
Microsoft Corporation	22,510		642,886
Computer Software - Enterprise 4.0%
Mercury Interactive Corporation (b)	8,240		410,599
SAP AG Sponsored ADR	30,230		1,263,916

			1,674,515
Computer Software - Financial 0.8%
DST Systems, Inc. (b)	6,520		313,547
Diversified Operations 10.9%
General Electric Company	53,030		1,718,172
Honeywell International, Inc.	23,700		868,131
Tyco International, Ltd.	58,445		1,936,867

			4,523,170
Electronics - Semiconductor Manufacturing 2.9%
Intel Corporation	43,300		1,195,080
Finance - Mortgage & Related Services 1.8%
Countrywide Financial Corporation	10,530		739,733
Household - Consumer Electronics 1.7%
Harman International Industries, Inc.	7,570		688,870

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR ENDEAVOR LARGE CAP FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Insurance - Diversified 0.7%
American International Group, Inc.		3,870	$	275,854
Insurance - Property/Casualty/Title 3.2%
The Allstate Corporation		28,310		1,317,830
Internet - E*Commerce 0.8%
eBay, Inc. (b)		3,760		345,732
Internet - Internet Content 5.4%
Yahoo! Inc. (b)		61,280		2,226,302
Leisure - Toys/Games/Hobby 2.2%
Marvel Enterprises, Inc. (b)		46,912		915,722
Machinery - Farm 1.0%
Deere & Company		5,800		406,812
Media - Cable TV 0.7%
EchoStar Communications Corporation Class A (b)		9,740		299,505
Medical - Biomedical/Biotechnology 1.1%
Genzyme Corporation (b)		9,590		453,895
Medical - Ethical Drugs 3.0%
Medicis Pharmaceutical Corporation Class A		10,120		404,294
Pfizer, Inc.		24,294		832,798

				1,237,092
Medical - Generic Drugs 4.1%
Teva Pharmaceutical Industries, Ltd. ADR		24,890		1,674,848
Medical - Health Maintenance Organizations 2.9%
Anthem, Inc. (b)		13,415		1,201,447
Medical - Products 6.7%
Alcon, Inc.		7,950		625,268
Boston Scientific Corporation (b)		17,500		749,000
Medtronic, Inc.		15,570		758,570
Zimmer Holdings, Inc. (b)		7,290		642,978

				2,775,816
Medical - Systems/Equipment 2.2%
Fisher Scientific International, Inc. (b)		15,440		891,660
Medical - Wholesale Drugs/Sundries 2.0%
McKesson Corporation		23,800		817,054
Metal Ores - Gold/Silver 1.7%
Newmont Mining Corporation Holding Company		18,130		702,719
Metal Ores - Miscellaneous 2.3%
Phelps Dodge Corporation (b)		12,140		940,971
Oil & Gas - Canadian Exploration & Production 0.4%
Canadian Natural Resources, Ltd.		5,950		177,905
Oil & Gas - Canadian Integrated 1.3%
Suncor Energy, Inc.		21,060		539,347
Oil & Gas - Drilling 1.0%
Nabors Industries, Ltd. (b)		9,040		408,789
Oil & Gas - Field Services 2.1%
Schlumberger, Ltd.		13,880		881,519
Oil & Gas - Production/Pipeline 1.0%
The Williams Companies, Inc.		36,180		430,542
Oil & Gas - United States Exploration & Production 1.5%
Anadarko Petroleum Corporation		10,860		636,396
Retail - Drug Stores 1.0%
CVS Corporation		9,850		413,897
Retail - Major Discount Chains 2.0%
Target Corporation		9,240		392,423
Wal-Mart Stores, Inc.		8,520		449,515

				841,938
Retail/Wholesale - Office Supplies 1.5%
Staples, Inc.		21,470		629,286
Telecommunications - Fiber Optics 2.2%
Corning, Inc. (b)		69,050		901,793
Telecommunications - Wireless Equipment 3.6%
Research in Motion, Ltd. (b)		21,920		1,500,205
Telecommunications - Wireless Services 2.2%
Crown Castle International Corporation (b)		36,060		531,885
NII Holdings, Inc. Class B (b)		10,860		365,873

				897,758

Total Common Stocks (Cost $34,274,486)				40,751,128

Short-Term Investments (a) 1.2%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $200,008); Collateralized by: United States Government & Agency Issues	$	200,000		200,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $293,706); Collateralized by: United States Government & Agency Issues		293,700		293,700

Total Short-Term Investments (Cost $493,700)				493,700

Total Investments in Securities (Cost $34,768,186) 99.7%				41,244,828
Other Assets and Liabilities, Net 0.3%				142,921

Net Assets 100.0%			$	41,387,749

STRONG ADVISOR FOCUS FUND


	Shares or Principal Amount		Value (Note 2)
Common Stocks 96.2%
Commercial Services - Miscellaneous 4.3%
Jackson Hewitt Tax Service, Inc. (b)		600	$	10,500
Paychex, Inc.		2,900		98,252

				108,752
Commercial Services - Schools 7.7%
Apollo Group, Inc. Class A (b)		1,500		132,435
Corinthian Colleges, Inc. (b)		2,600		64,324

				196,759
Computer - Local Networks 7.0%
Cisco Systems, Inc. (b)		3,100		73,470
Polycom, Inc. (b)		4,700		105,327

				178,797
Computer - Manufacturers 5.6%
Dell, Inc. (b)		4,000		143,280
Computer Software - Education/Entertainment 3.2%
Electronic Arts, Inc. (b)		1,500		81,825
Computer Software - Enterprise 2.1%
Mercury Interactive Corporation (b)		1,100		54,813
Cosmetics - Personal Care 0.1%
LIFE TIME FITNESS, Inc. (b)		100		2,100
Electronics - Contract Manufacturing 2.8%
Flextronics International, Ltd. (b)		4,500		71,775
Electronics - Semiconductor Manufacturing 6.6%
Analog Devices, Inc.		1,400		65,912
Microchip Technology, Inc.		1,700		53,618
Silicon Laboratories, Inc. (b)		300		13,905
SiRF Technology Holdings, Inc. (b)		2,600		33,982

				167,417
Finance - Mortgage & Related Services 2.4%
Countrywide Financial Corporation		875		61,469
Financial Services - Miscellaneous 4.9%
First Marblehead Corporation (b)		3,100		124,806
Internet - E*Commerce 10.1%
Amazon.com, Inc. (b)		1,200		65,280
eBay, Inc. (b)		2,100		193,095

				258,375
Internet - Network Security/Solutions 2.0%
Digital River, Inc. (b)		1,600		52,208
Medical - Biomedical/Biotechnology 7.9%
Digene Corporation (b)		2,200		80,366
Gilead Sciences, Inc. (b)		1,800		120,600

				200,966
Medical - Products 2.3%
Boston Scientific Corporation (b)		600		25,680
C.R. Bard, Inc.		600		33,990

				59,670
Medical/Dental - Services 2.8%
Inveresk Research Group, Inc. (b)		2,300		70,932
Oil & Gas - Machinery/Equipment 3.1%
Smith International, Inc. (b)		1,400		78,064
Oil & Gas - United States Exploration & Production 2.6%
XTO Energy, Inc.		2,250		67,027
Retail - Clothing/Shoes 6.8%
Chicos FAS, Inc. (b)		1,000		45,160
Coach, Inc. (b)		1,800		81,342
Ross Stores, Inc.		1,800		48,168

				174,670
Retail - Home Furnishings 0.1%
Design Within Reach, Inc. (b)		100		1,643
Retail - Leisure 1.8%
Dick’s Sporting Goods, Inc. (b)		1,400		46,690
Retail - Miscellaneous 9.3%
Cabela’s, Inc. (b)		100		2,695
PETCO Animal Supplies, Inc. (b)		2,800		90,188
PETsMART, Inc.		4,500		146,025

				238,908
Retail/Wholesale - Building Products 0.7%
Tractor Supply Company (b)		400		16,728

Total Common Stocks (Cost $1,780,862)				2,457,674

Short-Term Investments (a) 2.9%
Repurchase Agreements (c)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase Proceeds $74,002); Collateralized by: United States Government & Agency Issues	$	74,000		74,000

Total Short-Term Investments (Cost $74,000)				74,000

Total Investments in Securities (Cost $1,854,862) 99.1%				2,531,674
Other Assets and Liabilities, Net 0.9%				23,611

Net Assets 100.0%			$	2,555,285

STRONG ADVISOR INTERNATIONAL CORE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 94.6%
Australia 1.8%
BHP Billiton, Ltd.	2,600	$	22,783
BlueScope Steel, Ltd.	1,800		8,553

			31,336
Belgium 0.9%
Fortis	700		15,604
Bermuda 0.5%
Jardine Matheson Holdings, Ltd.	765		8,425
Brazil 1.9%
Companhia Vale do Rio Doce Sponsored ADR	400		19,020
Petroleo Brasileiro SA Petrobras Sponsored ADR	500		14,035

			33,055
Canada 2.9%
Bank of Nova Scotia	600		16,124
Encana Corporation	800		34,583

			50,707
Finland 0.9%
UPM-Kymmene Oyj	800		15,253

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR INTERNATIONAL CORE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
France 10.2%
Aventis SA		300	$	22,783
BNP Paribas SA		400		24,800
Business Objects SA Sponsored ADR (b)		900		20,367
Essilor International SA		500		32,807
Groupe Danone Sponsored ADR		2,000		35,080
L’Oreal SA		300		24,129
Total SA Sponsored ADR		200		19,216

				179,182
Germany 5.7%
E.On AG		300		21,825
Fresenius Medical Care AG		250		18,717
Puma AG		70		17,941
Schering AG		280		16,589
Siemens AG		350		25,427

				100,499
Hong Kong 2.1%
Hutchison Whampoa, Ltd.		2,100		14,417
Swire Pacific, Ltd. A Shares		3,400		22,119

				36,536
Ireland 1.9%
Bank of Ireland		1,800		24,116
Ryanair Holdings PLC ADR (b)		300		9,834

				33,950
Italy 4.1%
Credito Italiano SA		3,400		16,872
ENI Spa		1,800		36,077
Telecom Italia Spa		5,951		18,609

				71,558
Japan 20.9%
Canon, Inc. ADR		600		32,040
The Daimaru, Inc.		2,000		18,283
Disco Corporation		500		21,397
East Japan Railway Company		3		16,907
Hankyu Department Stores, Inc.		2,000		17,539
Hitachi, Ltd.		3,500		24,431
House Foods Corporation		1,300		18,462
iShares MSCI Japan Index Fund		1,500		15,930
Kansai Paint Company, Ltd.		3,000		18,449
Komatsu, Ltd.		2,700		16,514
Lawson, Inc.		200		8,305
Matsumotokiyoshi Company, Ltd.		500		15,203
Mitsubishi Heavy Industries, Ltd.		6,100		16,679
Mitsui Marine and Fire Insurance Company, Ltd.		3,000		28,490
Nippon Telegraph and Telephone Corporation Sponsored ADR		1,000		26,840
Tokyo Gas Company, Ltd.		7,000		24,944
Toyota Motor Corporation		600		24,511
Uni-Charm Corporation		400		20,051

				364,975
Mexico 2.4%
America Movil ADR Series L		400		14,548
Cemex SA de CV Sponsored ADR		500		14,550
Wal-Mart de Mexico SA de CV		4,400		13,111

				42,209
Netherlands 4.9%
ING Groep NV		1,200		28,535
Koninklijke Ahold NV (b)		1,100		8,700
Koninklijke Philips Electronics NV Sponsored ADR - New York Registry Shares		700		19,040
Royal Dutch Petroleum Company - New York Shares		300		15,501
STMicroelectronics NV		600		13,285

				85,061
Singapore 3.9%
DBS Group Holdings, Ltd.		2,600		21,865
Flextronics International, Ltd. (b)		1,500		23,925
Singapore Technologies Engineering, Ltd.		18,000		21,840

				67,630
South Africa 1.3%
Gold Fields, Ltd. Sponsored ADR		2,100		22,071
South Korea 0.6%
Samsung Electronics		25		10,403
Spain 2.3%
Banco Santander Central Hispano SA		1,700		17,793
Telefonica SA Sponsored ADR		514		22,940

				40,733
Sweden 2.5%
Autoliv, Inc.		700		29,456
Sandvik AB		400		13,763

				43,219
Switzerland 5.6%
Nestle SA		115		30,792
Novartis AG Sponsored ADR		600		26,700
UBS AG Registered		320		22,709
Zurich Financial Services AG (b)		110		17,474

				97,675
United Kingdom 17.3%
BP PLC Sponsored ADR		450		24,107
Boots Group PLC		1,050		13,195
Diageo PLC		1,600		21,688
GlaxoSmithKline PLC Sponsored ADR		500		20,730
HBOS PLC		700		8,735
HSBC Holdings PLC		500		7,482
HSBC Holdings PLC (Hong Kong Regulated)		1,200		18,035
iShares Trust MSCI United Kingdom Index Fund		500		8,075
Kingfisher PLC		3,200		16,753
Lloyds TSB Group PLC		2,100		16,545
Reed Elsevier PLC		1,800		17,585
Royal Bank of Scotland PLC		1,000		29,022
Tesco PLC		7,900		38,413
United Utilities PLC		2,200		20,734
Vodafone Group PLC		18,700		41,230

				302,329

Total Common Stocks (Cost $1,323,823)				1,652,410

Short-Term Investments (a) 5.2%
Repurchase Agreements (c)
United States
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $91,202); Collateralized by: United States Government & Agency Issues	$	91,200		91,200

Total Short-Term Investments (Cost $91,200)				91,200

Total Investments in Securities (Cost $1,415,023) 99.8%				1,743,610
Other Assets and Liabilities, Net 0.2%				3,873

Net Assets 100.0%			$	1,747,483

STRONG ADVISOR SELECT FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 97.9%
Commercial Services - Schools 3.9%
Career Education Corporation (b)	9,650	$	439,654
Corinthian Colleges, Inc. (b)	105,900		2,619,966

			3,059,620
Computer - Data Storage 2.9%
EMC Corporation (b)	197,000		2,245,800
Computer - Local Networks 4.2%
Cisco Systems, Inc. (b)	64,760		1,534,812
Polycom, Inc. (b)	76,519		1,714,791

			3,249,603
Computer - Manufacturers 4.0%
Dell, Inc. (b)	86,465		3,097,176
Computer Software - Education/Entertainment 2.3%
Electronic Arts, Inc. (b)	32,410		1,767,965
Computer Software - Enterprise 5.3%
Mercury Interactive Corporation (b)	31,700		1,579,611
SAP AG Sponsored ADR	61,630		2,576,750

			4,156,361
Diversified Operations 5.3%
General Electric Company	24,300		787,320
Tyco International, Ltd.	100,930		3,344,820

			4,132,140
Electronics - Semiconductor Manufacturing 2.8%
Intel Corporation	79,430		2,192,268
Household - Consumer Electronics 4.5%
Harman International Industries, Inc.	38,420		3,496,220
Insurance - Property/Casualty/Title 1.5%
The Allstate Corporation	25,410		1,182,836
Internet - Internet Content 7.2%
Yahoo! Inc. (b)	153,540		5,578,108
Leisure - Toys/Games/Hobby 5.3%
Marvel Enterprises, Inc. (b)	213,755		4,172,498
Media - Cable TV 1.4%
EchoStar Communications Corporation Class A (b)	34,290		1,054,417
Medical - Biomedical/Biotechnology 1.3%
Genzyme Corporation (b)	21,640		1,024,221
Medical - Ethical Drugs 1.7%
Medicis Pharmaceutical Corporation Class A	33,830		1,351,509
Medical - Generic Drugs 3.7%
Teva Pharmaceutical Industries, Ltd. ADR	42,580		2,865,208
Medical - Health Maintenance Organizations 4.3%
Anthem, Inc. (b)	37,300		3,340,588
Medical - Products 5.0%
Alcon, Inc.	9,600		755,040
Cyberonics, Inc. (b)	29,650		989,124
Medtronic, Inc.	28,300		1,378,776
Zimmer Holdings, Inc. (b)	8,800		776,160

			3,899,100
Medical - Systems/Equipment 3.6%
Fisher Scientific International, Inc. (b)	28,700		1,657,425
Varian Medical Systems, Inc. (b)	14,315		1,135,895

			2,793,320
Metal Ores - Gold/Silver 1.9%
Newmont Mining Corporation Holding Company	37,500		1,453,500
Metal Ores - Miscellaneous 3.3%
Phelps Dodge Corporation (b)	33,560		2,601,236
Oil & Gas - Canadian Exploration & Production 0.9%
Canadian Natural Resources, Ltd.	22,300		666,770
Oil & Gas - Canadian Integrated 1.4%
Suncor Energy, Inc.	43,850		1,122,999
Oil & Gas - Drilling 1.9%
Nabors Industries, Ltd. (b)	32,185		1,455,406
Oil & Gas - Field Services 0.5%
Schlumberger, Ltd.	6,100		387,411
Oil & Gas - Machinery/Equipment 2.2%
Grant Prideco, Inc. (b)	94,500		1,744,470
Oil & Gas - United States Exploration & Production 0.7%
Chesapeake Energy Corporation	39,700		584,384
Retail/Wholesale - Office Supplies 1.5%
Staples, Inc.	39,400		1,154,814
Telecommunications - Fiber Optics 3.9%
Corning, Inc. (b)	235,600		3,076,936
Telecommunications - Wireless Equipment 5.8%
Research in Motion, Ltd. (b)	65,840		4,506,090
Telecommunications - Wireless Services 3.7%
Crown Castle International Corporation (b)	107,800		1,590,050
NII Holdings, Inc. Class B (b)	39,690		1,337,156

			2,927,206

Total Common Stocks (Cost $61,393,848)			76,340,180

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR SELECT FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 3.7%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $1,600,062); Collateralized by: United States Government & Agency Issues	$	1,600,000	$	1,600,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,243,926); Collateralized by: United States Government & Agency Issues		1,243,900		1,243,900

Total Short-Term Investments (Cost $2,843,900)				2,843,900

Total Investments in Securities (Cost $64,237,748) 101.6%				79,184,080
Other Assets and Liabilities, Net (1.6%)				(1,231,000	)

Net Assets 100.0%			$	77,953,080


STRONG ADVISOR TECHNOLOGY FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 100.7%
Commercial Services - Security/Safety 3.2%
Mine Safety Appliances Company		1,500	$	50,550
Computer - Data Storage 2.7%
Seagate Technology (b)		3,000		43,290
Computer - Integrated Systems 2.6%
Stratasys, Inc. (b)		1,650		40,854
Computer - Local Networks 5.0%
Brocade Communications Systems, Inc. (b)		6,200		37,076
Cisco Systems, Inc. (b)		1,100		26,070
Emulex Corporation (b)		1,200		17,172

				80,318
Computer - Software Design 4.4%
MSC Software Corporation (b)		3,000		26,850
Magma Design Automation (b)		1,600		30,768
Nassda Corporation (b)		1,900		7,866
Verisity, Ltd. (b)		800		4,800

				70,284
Computer Software - Desktop 2.5%
Microsoft Corporation		1,400		39,984
Computer Software - Education/Entertainment 3.1%
Electronic Arts, Inc. (b)		900		49,095
Computer Software - Enterprise 4.0%
Informatica Corporation (b)		5,200		39,676
Nuance Communications, Inc. (b)		5,100		23,256

				62,932
Computer Software - Financial 1.2%
Corillian Corporation (b)		3,900		19,656
Computer Software - Security 2.0%
VeriSign, Inc. (b)		1,600		31,840
Diversified Operations 4.9%
Agilent Technologies, Inc. (b)		1,500		43,920
Koninklijke Philips Electronics NV Sponsored ADR - New York Registry Shares		1,250		34,000

				77,920
Electronics - Contract Manufacturing 3.1%
TTM Technologies, Inc. (b)		4,100		48,585
Electronics - Miscellaneous Components 3.7%
Rogers Corporation (b)		850		59,415
Electronics - Scientific Measuring 2.3%
FEI Company (b)		1,500		35,865
Electronics - Semiconductor Manufacturing 23.0%
ASM International NV (b)		2,000		41,360
ATI Technologies, Inc. (b)		1,800		33,948
Cymer, Inc. (b)		900		33,696
LSI Logic Corporation (b)		6,200		47,244
Linear Technology Corporation		1,350		53,284
LogicVision, Inc. (b)		2,000		5,600
Mattson Technology, Inc. (b)		2,300		27,646
Photronics, Inc. (b)		2,600		49,244
Sigma Designs, Inc. (b)		2,600		20,748
Texas Instruments, Inc.		950		22,971
Xilinx, Inc.		900		29,979

				365,720
Internet - E*Commerce 3.5%
eBay, Inc. (b)		600		55,170
Internet - Software 4.3%
Ariba, Inc. (b)		16,400		32,472
BEA Systems, Inc. (b)		2,000		16,440
Online Resources & Communications Corporation (b)		2,900		19,662

				68,574
Leisure - Movies & Related 4.5%
Avid Technology, Inc. (b)		1,300		70,941
Medical - Biomedical/Biotechnology 3.6%
CYTOGEN Corporation (b)		1,300		20,670
Martek Biosciences Corporation (b)		400		22,468
Nymox Pharmaceutical Corporation (b)		3,700		13,912

				57,050
Medical - Genetics 4.5%
Diversa Corporation (b)		2,100		21,273
Genencor International, Inc. (b)		3,100		50,747

				72,020
Oil & Gas - Machinery/Equipment 2.4%
FMC Technologies, Inc. (b)		1,300		37,440
Telecommunications - Wireless Equipment 7.2%
Garmin, Ltd.		400		14,816
Motorola, Inc.		2,500		45,625
Trimble Navigation, Ltd. (b)		1,950		54,191

				114,632
Telecommunications - Wireless Services 3.0%
Nextel Communications, Inc. Class A (b)		1,800		47,988

Total Common Stocks (Cost $1,499,430)				1,600,123

STRONG ADVISOR TECHNOLOGY FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 1.3%
Repurchase Agreements (c)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $19,700); Collateralized by: United States Government & Agency Issues	$	19,700	$	19,700

Total Short-Term Investments (Cost $19,700)				19,700

Total Investments in Securities (Cost $1,519,130) 102.0%				1,619,823
Other Assets and Liabilities, Net (2.0%)				(31,406	)

Net Assets 100.0%			$	1,588,417


STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 98.9%
Commercial Services - Advertising 1.6%
aQuantive, Inc. (b)		9,350	$	92,378
Commercial Services - Market Research 1.9%
CoStar Group, Inc. (b)		2,360		108,395
Commercial Services - Schools 3.3%
Career Education Corporation (b)		1,037		47,246
Corinthian Colleges, Inc. (b)		5,530		136,812

				184,058
Commercial Services - Staffing 1.6%
Gevity HR, Inc.		3,520		92,189
Computer - IT Services 1.5%
Cognizant Technology Solutions Corporation (b)		3,350		85,123
Computer Software - Desktop 1.6%
Sonic Solutions (b)		4,380		93,075
Computer Software - Medical 3.3%
eResearch Technology, Inc. (b)		6,723		188,244
Electronics - Contract Manufacturing 0.8%
TTM Technologies, Inc. (b)		3,800		45,030
Electronics - Scientific Measuring 1.3%
Cognex Corporation		1,915		73,689
Electronics - Semiconductor Manufacturing 15.1%
Cree, Inc. (b)		2,445		56,920
Cymer, Inc. (b)		1,545		57,845
DSP Group, Inc. (b)		3,195		87,032
ESS Technology, Inc. (b)		6,625		70,954
Genesis Microchip, Inc. (b)		5,430		74,771
Integrated Silicon Solution, Inc. (b)		8,615		105,189
OmniVision Technologies, Inc. (b)		3,610		57,579
Rudolph Technologies, Inc. (b)		4,060		73,851
Silicon Laboratories, Inc. (b)		2,750		127,463
Trident Microsystems, Inc. (b)		7,692		86,227
Varian Semiconductor Equipment Associates, Inc. (b)		1,515		58,418

				856,249
Finance - Consumer/Commercial Loans 1.4%
United PanAm Financial Corporation (b)		4,720		80,476
Financial Services - Miscellaneous 2.1%
Investors Financial Services Corporation		2,735		119,191
Insurance - Property/Casualty/Title 1.5%
ProAssurance Corporation (b)		2,460		83,911
Internet - E*Commerce 2.8%
Netflix, Inc. (b)		2,645		95,088
University of Phoenix Online (b)		715		62,627

				157,715
Internet - Internet Content 1.3%
Ask Jeeves, Inc. (b)		1,910		74,547
Internet - Internet Service Provider 1.0%
United Online, Inc. (b)		3,195		56,264
Internet - Network Security/Solutions 3.0%
Blue Coat Systems, Inc. (b)		2,120		70,999
Packeteer, Inc. (b)		5,975		96,496

				167,495
Machinery - Construction/Mining 3.9%
A.S.V., Inc. (b)		3,080		96,435
Joy Global, Inc.		4,220		126,347

				222,782
Medical - Biomedical/Biotechnology 3.7%
Ciphergen Biosystems, Inc. (b)		7,330		53,656
Immunicon Corporation (b)		5,950		46,767
Martek Biosciences Corporation (b)		1,950		109,531

				209,954
Medical - Ethical Drugs 2.8%
Salix Pharmaceuticals, Ltd. (b)		4,815		158,654
Medical - Generic Drugs 0.7%
American Pharmaceutical Partners, Inc. (b)		1,365		41,469
Medical - Outpatient/Home Care 1.1%
LCA-Vision, Inc. (b)		2,220		64,669
Medical - Products 1.6%
EPIX Medical, Inc. (b)		4,350		91,785
Medical - Systems/Equipment 2.1%
Kyphon, Inc. (b)		4,125		116,242
Medical/Dental - Services 3.1%
American Healthways, Inc. (b)		6,590		175,426
Oil & Gas - United States Exploration & Production 9.9%
KCS Energy, Inc. (b)		4,350		57,942
Penn Virginia Corporation		6,020		217,382
Quicksilver Resources, Inc. (b)		1,930		129,445
Range Resources Corporation		4,410		64,386
Ultra Petroleum Corporation (b)		2,490		92,952

				562,107
Retail - Clothing/Shoes 4.5%
Hot Topic, Inc. (b)		2,060		42,209
Pacific Sunwear of California, Inc. (b)		2,612		51,117
Urban Outfitters, Inc. (b)		2,625		159,889

				253,215

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Retail - Home Furnishings 1.0%
Select Comfort Corporation (b)		1,885	$	53,534
Retail - Miscellaneous 3.6%
Gander Mountain Company (b)		3,730		85,603
Sharper Image Corporation (b)		3,790		118,968

				204,571
Retail - Restaurants 3.7%
The Cheesecake Factory, Inc. (b)		1,990		79,182
Chicago Pizza & Brewery, Inc. (b)		5,660		86,089
P.F. Chang’s China Bistro, Inc. (b)		1,060		43,619

				208,890
Retail/Wholesale - Building Products 2.8%
Tractor Supply Company (b)		3,750		156,825
Telecommunications - Wireless Equipment 0.9%
Sierra Wireless, Inc. (b)		1,320		48,880
Telecommunications - Wireless Services 5.1%
@Road, Inc. (b)		7,305		55,883
Alamosa Holdings, Inc. (b)		20,110		147,808
Nextel Communications, Inc. Class A (b)		3,160		84,246

				287,937
Transportation - Truck 3.3%
J.B. Hunt Transport Services, Inc.		3,250		125,385
Landstar Systems, Inc. (b)		1,115		58,950

				184,335

Total Common Stocks (Cost $4,770,633)				5,599,304

Short-Term Investments (a) 0.7%
Repurchase Agreements (c)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $36,001); Collateralized by: United States Government & Agency Issues	$	36,000		36,000

Total Short-Term Investments (Cost $36,000)				36,000

Total Investments in Securities (Cost $4,806,633) 99.6%				5,635,304
Other Assets and Liabilities, Net 0.4%				24,909

Net Assets 100.0%			$	5,660,213

STRONG ADVISOR UTILITIES AND ENERGY FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 95.6%
Building Products - Wood 0.7%
Whiting Petroleum Corporation (b)	2,000	$	50,300
Chemicals - Specialty 2.8%
Ashland, Inc.	4,000		211,240
Diversified Operations 1.6%
MDU Resources Group, Inc.	5,000		120,150
Oil & Gas - Canadian Integrated 0.3%
Suncor Energy, Inc.	1,000		25,610
Oil & Gas - Drilling 4.2%
Nabors Industries, Ltd. (b)	7,000		316,540
Oil & Gas - Field Services 1.7%
Schlumberger, Ltd.	2,000		127,020
Oil & Gas - International Integrated 10.0%
BP PLC Sponsored ADR	6,000		321,420
ChevronTexaco Corporation	1,000		94,110
ConocoPhillips	3,000		228,870
Exxon Mobil Corporation	1,500		66,615
Royal Dutch Petroleum Company - New York Shares	1,000		51,670

			762,685
Oil & Gas - United States Exploration & Production 8.6%
Anadarko Petroleum Corporation	2,500		146,500
Devon Energy Corporation	2,500		165,000
Occidental Petroleum Corporation	7,000		338,870

			650,370
Oil & Gas - United States Integrated 2.0%
Questar Corporation	4,000		154,560
Telecommunications - Services 2.1%
BellSouth Corporation	2,500		65,550
SBC Communications, Inc.	1,000		24,250
Verizon Communications, Inc.	2,000		72,380

			162,180
Telecommunications - Services Foreign 2.6%
BCE, Inc.	10,000		200,400
Telecommunications - Wireless Services 0.4%
Vodafone Group PLC Sponsored ADR	1,500		33,150
Transportation - Ship 2.0%
Teekay Shipping Corporation	4,000		149,520
Utility - Electric Power 42.1%
The AES Corporation (b)	2,000		19,860
CMS Energy Corporation (b)	2,000		18,260
Calpine Corporation (b)	60,000		259,200
Constellation Energy Group, Inc.	20,000		758,000
Dominion Resources, Inc.	4,000		252,320
Duke Energy Corporation	11,000		223,190
Exelon Corporation	10,000		332,900
FPL Group, Inc.	4,000		255,800
Great Plains Energy, Inc.	10,000		297,000
Public Service Enterprise Group, Inc.	3,000		120,090
TXU Corporation	7,000		283,570
WPS Resources Corporation	4,000		185,400
Wisconsin Energy Corporation	6,000		195,660

			3,201,250
Utility - Gas Distribution 14.5%
Energen Corporation	1,000		47,990
ONEOK, Inc.	24,000		527,760
Sempra Energy	10,000		344,300
South Jersey Industries, Inc.	2,000		88,000
Southwest Gas Corporation	4,000		96,520

			1,104,570

Total Common Stocks (Cost $6,267,060)			7,269,545

STRONG ADVISOR UTILITIES AND ENERGY FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 5.1%
Repurchase Agreements (c)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $389,308); Collateralized by: United States Government & Agency Issues	$	389,300	$	389,300

Total Short-Term Investments (Cost $389,300)				389,300

Total Investments in Securities (Cost $6,656,360) 100.7%				7,658,845
Other Assets and Liabilities, Net (0.7%)				(57,402	)

Net Assets 100.0%			$	7,601,443

STRONG ADVISOR LARGE COMPANY CORE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 96.8%
Aerospace - Defense 0.8%
The Boeing Company	17,750	$	906,847
Apparel - Shoes & Related Manufacturing 2.1%
NIKE, Inc. Class B	31,850		2,412,638
Auto Manufacturer 2.5%
Ford Motor Company	184,500		2,887,425
Auto/Truck - Original Equipment 2.2%
Eaton Corporation	39,400		2,550,756
Banks - Money Center 3.9%
Bank of America Corporation	32,300		2,733,226
Citigroup, Inc.	39,300		1,827,450

			4,560,676
Banks - Super Regional 2.1%
Wachovia Corporation	56,050		2,494,225
Beverages - Soft Drinks 2.4%
The Pepsi Bottling Group, Inc.	92,700		2,831,058
Building - Paint & Allied Products 2.4%
Sherwin Williams Company	68,700		2,854,485
Building Products - Wood 2.6%
Georgia-Pacific Corporation	82,000		3,032,360
Computer - IT Services 2.3%
Amdocs, Ltd. (b)	116,300		2,724,909
Computer - Local Networks 2.2%
Cisco Systems, Inc. (b)	109,000		2,583,300
Diversified Operations 1.2%
General Electric Company	5,010		162,324
3M Co.	13,850		1,246,639

			1,408,963
Electronics - Contract Manufacturing 1.9%
Sanmina-SCI Corporation (b)	251,300		2,286,830
Electronics - Military Systems 1.1%
L-3 Communications Corporation	19,300		1,289,240
Electronics - Semiconductor Manufacturing 3.5%
Intel Corporation	72,500		2,001,000
Texas Instruments, Inc.	86,100		2,081,898

			4,082,898
Finance - Consumer/Commercial Loans 4.5%
CIT Group, Inc.	73,200		2,802,828
MBNA Corporation	94,100		2,426,839

			5,229,667
Finance - Savings & Loan 2.5%
Golden West Financial Corporation	14,750		1,568,662
Washington Mutual, Inc.	34,750		1,342,740

			2,911,402
Financial Services - Miscellaneous 1.2%
American Express Company	28,100		1,443,778
Food - Flour & Grain 2.3%
Archer Daniels Midland Company	160,700		2,696,546
Food - Meat Products 2.5%
Tyson Foods, Inc. Class A	141,500		2,964,425
Insurance - Diversified 3.0%
American International Group, Inc.	24,450		1,742,796
Prudential Financial, Inc.	39,750		1,847,183

			3,589,979
Insurance - Life 1.3%
Lincoln National Corporation	32,000		1,512,000
Insurance - Property/Casualty/Title 1.6%
The Allstate Corporation	41,000		1,908,550
Leisure - Services 2.5%
Cendant Corporation	120,150		2,941,272
Media - Radio/TV 2.3%
The Walt Disney Company	106,200		2,707,038
Medical - Generic Drugs 1.0%
Teva Pharmaceutical Industries, Ltd. ADR	17,250		1,160,753
Medical - Health Maintenance Organizations 4.4%
Aetna, Inc.	30,900		2,626,500
UnitedHealth Group, Inc.	41,350		2,574,038

			5,200,538
Medical - Products 3.3%
Alcon, Inc.	33,750		2,654,437
Boston Scientific Corporation (b)	27,100		1,159,880

			3,814,317
Medical/Dental - Supplies 2.4%
Becton, Dickinson & Company	54,400		2,817,920
Metal Products - Fasteners 1.0%
Illinois Tool Works, Inc.	12,800		1,227,392
Oil & Gas - International Integrated 4.5%
ConocoPhillips	31,050		2,368,804
Exxon Mobil Corporation	64,648		2,871,018

			5,239,822

SCHEDULES OF INVESTMENTS IN SECURITIES (continued)

June 30, 2004 (Unaudited)

STRONG ADVISOR LARGE COMPANY CORE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Oil & Gas - United States Exploration & Production 4.6%
Burlington Resources, Inc.		66,200	$	2,395,116
Devon Energy Corporation		29,308		1,934,328
EOG Resources, Inc.		17,450		1,041,939

				5,371,383
Oil & Gas - United States Integrated 2.4%
Marathon Oil Corporation		74,700		2,826,648
Retail - Clothing/Shoes 1.8%
The Gap, Inc.		86,000		2,085,500
Retail - Department Stores 2.7%
Federated Department Stores, Inc.		64,250		3,154,675
Retail - Restaurants 2.1%
McDonald’s Corporation		94,200		2,449,200
Retail/Wholesale - Auto Parts 1.4%
AutoZone, Inc. (b)		20,600		1,650,060
Retail/Wholesale - Building Products 3.4%
The Home Depot, Inc.		78,100		2,749,120
Lowe’s Companies, Inc.		22,850		1,200,767

				3,949,887
Telecommunications - Wireless Equipment 2.5%
Motorola, Inc.		161,350		2,944,638
Utility - Electric Power 2.4%
Edison International		111,800		2,858,726

Total Common Stocks (Cost $105,010,878)				113,562,726

Short-Term Investments (a) 5.2%
Repurchase Agreements (c)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $6,129,728); Collateralized by: United States Government & Agency Issues	$	6,129,600		6,129,600

Total Short-Term Investments (Cost $6,129,600)				6,129,600

Total Investments in Securities (Cost $111,140,478) 102.0%				119,692,326
Other Assets and Liabilities, Net (2.0%)				(2,368,050	)

Net Assets 100.0%			$	117,324,276

CURRENCY ABBREVIATIONS

CAD	— Canadian Dollars

CHF	— Swiss Franc

LEGEND

(a)	Short-term investments include any security which has a remaining maturity of less than one year and investments in money market funds.

(b)	Non-income producing security.

(c)	See Note 2(J) of Notes to Financial Statements.

(d)	Affiliated Issuer (See Note 9 of Notes to Financial Statements.)

(e)	All or a portion of these securities are held in conjunction with open written option contracts.

(f)	All or a portion of security is on loan. See Note 2(K) of Notes to Financial Statements.

(g)	Restricted and Illiquid security.

(h)	Security trades in foreign currency and is converted to U.S. dollars daily using current exchange rates.

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor Common Stock Fund			Strong Advisor Mid Cap Growth Fund			Strong Advisor Small Cap Value Fund
Assets:
Investments in Securities, at Value
Unaffiliated Issuers (Cost of $1,207,364, $48,828, and $1,292,385, respectively)	$	1,547,712		$	62,989		$	1,775,966
Affiliated Issuers (Cost of $0, $0, and $189,833, respectively)		—			—			260,726
Receivable for Securities Sold		11,547			1,249			6,431
Receivable for Fund Shares Sold		144			27			313
Dividends and Interest Receivable		731			13			295
Other Assets		255			28			297

Total Assets		1,560,389			64,306			2,044,028

Liabilities:
Payable for Securities Purchased		3,950			170			1,019
Written Options, at Value (Premiums Received of $0, $0, and $1,257, respectively)		—			—			1,506
Payable for Fund Shares Redeemed		538			62			1,285
Payable Upon Return of Securities on Loan		91,631			112			—
Cash Overdraft Liability		—			—			16
Accrued Operating Expenses and Other Liabilities		399			39			553

Total Liabilities		96,518			383			4,379

Net Assets	$	1,463,871		$	63,923		$	2,039,649

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	1,100,041		$	162,650		$	1,318,043
Undistributed Net Investment Income (Loss)		(1,821	)		(510	)		(11,341	)
Undistributed Net Realized Gain (Loss)		25,299			(112,378	)		178,722
Net Unrealized Appreciation (Depreciation)		340,352			14,161			554,225

Net Assets	$	1,463,871		$	63,923		$	2,039,649

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	Strong Advisor Common Stock Fund		Strong Advisor Mid Cap Growth Fund		Strong Advisor Small Cap Value Fund
Class A
Net Assets	$	78,738,247	$	9,315,412	$	562,316,104
Capital Shares Outstanding (Unlimited Number Authorized)		3,507,252		754,550		19,582,915

Net Asset Value Per Share	$	22.45	$	12.35	$	28.71

Public Offering Price Per Share ($22.45 divided by .9425, $12.35 divided by .9425, and $28.71 divided by .9425, respectively)	$	23.82	$	13.10	$	30.46

Class B
Net Assets	$	38,308,402	$	2,851,598	$	126,240,126
Capital Shares Outstanding (Unlimited Number Authorized)		1,748,369		237,006		4,515,476

Net Asset Value Per Share	$	21.91	$	12.03	$	27.96

Class C
Net Assets	$	30,086,438	$	631,259	$	151,023,244
Capital Shares Outstanding (Unlimited Number Authorized)		1,373,064		52,474		5,392,873

Net Asset Value Per Share	$	21.91	$	12.03	$	28.00

Class Z
Net Assets	$	1,316,738,133	$	51,124,631	$	1,200,069,533
Capital Shares Outstanding (Unlimited Number Authorized)		58,122,183		4,155,742		41,554,883

Net Asset Value Per Share	$	22.65	$	12.30	$	28.88

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor U.S. Value Fund
Assets:
Investments in Securities, at Value (Cost of $297,635)	$	348,243
Receivable for Fund Shares Sold		8
Dividends and Interest Receivable		574
Other Assets		62

Total Assets		348,887

Liabilities:
Payable for Securities Purchased		1,321
Payable for Fund Shares Redeemed		13
Payable Upon Return of Securities on Loan		7,404
Accrued Operating Expenses and Other Liabilities		139

Total Liabilities		8,877

Net Assets	$	340,010

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	283,298
Undistributed Net Investment Income (Loss)		190
Undistributed Net Realized Gain (Loss)		5,915
Net Unrealized Appreciation (Depreciation)		50,607

Net Assets	$	340,010

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	Strong Advisor U.S. Value Fund
Class A
Net Assets	$	4,037,820
Capital Shares Outstanding (Unlimited Number Authorized)		219,664

Net Asset Value Per Share	$	18.38

Public Offering Price Per Share ($18.38 divided by .9425)	$	19.50

Class B
Net Assets	$	5,907,996
Capital Shares Outstanding (Unlimited Number Authorized)		321,709

Net Asset Value Per Share	$	18.36

Class C
Net Assets	$	4,352,581
Capital Shares Outstanding (Unlimited Number Authorized)		238,064

Net Asset Value Per Share	$	18.28

Class K
Net Assets	$	83,200,795
Capital Shares Outstanding (Unlimited Number Authorized)		4,561,078

Net Asset Value Per Share	$	18.24

Class Z
Net Assets	$	242,511,293
Capital Shares Outstanding (Unlimited Number Authorized)		13,106,036

Net Asset Value Per Share	$	18.50

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)

	Strong Advisor Endeavor Large Cap Fund			Strong Advisor Focus Fund			Strong Advisor International Core Fund
Assets:
Investments in Securities, at Value (Cost of $34,768, $1,855, and $1,415, respectively)	$	41,245		$	2,532		$	1,744
Receivable for Securities Sold		814			34			—
Dividends and Interest Receivable		28			—			5
Other Assets		18			16			8

Total Assets		42,105			2,582			1,757

Liabilities:
Payable for Securities Purchased		699			16			—
Accrued Operating Expenses and Other Liabilities		18			11			10

Total Liabilities		717			27			10

Net Assets	$	41,388		$	2,555		$	1,747

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	38,373		$	6,156		$	1,383
Undistributed Net Investment Income (Loss)		(210	)		(23	)		25
Undistributed Net Realized Gain (Loss)		(3,252	)		(4,255	)		10
Net Unrealized Appreciation (Depreciation)		6,477			677			329

Net Assets	$	41,388		$	2,555		$	1,747

Class A ($ and shares in full)
Net Assets	$	40,111,543		$	1,184,795		$	622,282
Capital Shares Outstanding (Unlimited Number Authorized)		3,770,754			181,681			51,675

Net Asset Value Per Share	$	10.64		$	6.52		$	12.04

Public Offering Price Per Share ($10.64 divided by .9425, $6.52 divided by .9425, and $12.04 divided by .9425, respectively)	$	11.29		$	6.92		$	12.77

Class B ($ and shares in full)
Net Assets	$	849,649		$	1,087,296		$	891,363
Capital Shares Outstanding (Unlimited Number Authorized)		81,052			170,319			74,156

Net Asset Value Per Share	$	10.48		$	6.38		$	12.02

Class C ($ and shares in full)
Net Assets	$	426,557		$	283,194		$	233,838
Capital Shares Outstanding (Unlimited Number Authorized)		40,707			44,383			19,476

Net Asset Value Per Share	$	10.48		$	6.38		$	12.01

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)

	Strong Advisor Select Fund			Strong Advisor Technology Fund			Strong Advisor U.S. Small/Mid Cap Growth Fund
Assets:
Investments in Securities, at Value (Cost of $64,238, $1,519, and $4,807, respectively)	$	79,184		$	1,620		$	5,635
Receivable for Securities Sold		798			—			—
Receivable for Fund Shares Sold		181			—			19
Dividends and Interest Receivable		19			—			—
Other Assets		26			15			15

Total Assets		80,208			1,635			5,669

Liabilities:
Payable for Securities Purchased		2,221			—			—
Payable for Fund Shares Redeemed		7			39			2
Accrued Operating Expenses and Other Liabilities		27			8			7

Total Liabilities		2,255			47			9

Net Assets	$	77,953		$	1,588		$	5,660

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	61,115		$	2,114		$	5,074
Undistributed Net Investment Income (Loss)		(499	)		(16	)		(67	)
Undistributed Net Realized Gain (Loss)		2,391			(611	)		(176	)
Net Unrealized Appreciation (Depreciation)		14,946			101			829

Net Assets	$	77,953		$	1,588		$	5,660

Class A ($ and shares in full)
Net Assets	$	76,037,056		$	836,897		$	2,532,381
Capital Shares Outstanding (Unlimited Number Authorized)		8,311,832			121,687			228,188

Net Asset Value Per Share	$	9.15		$	6.88		$	11.10

Public Offering Price Per Share ($9.15 divided by .9425, $6.88 divided by .9425, and $11.10 divided by .9425, respectively)	$	9.71		$	7.30		$	11.78

Class B ($ and shares in full)
Net Assets	$	931,630		$	538,825		$	1,585,555
Capital Shares Outstanding (Unlimited Number Authorized)		104,498			79,494			142,922

Net Asset Value Per Share	$	8.92		$	6.78		$	11.09

Class C ($ and shares in full)
Net Assets	$	984,394		$	212,695		$	1,542,277
Capital Shares Outstanding (Unlimited Number Authorized)		110,413			31,487			138,907

Net Asset Value Per Share	$	8.92		$	6.75		$	11.10

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)

	Strong Advisor Utilities and Energy Fund
Assets:
Investments in Securities, at Value (Cost of $6,656)	$	7,659
Dividends and Interest Receivable		19
Other Assets		19

Total Assets		7,697

Liabilities:
Payable for Securities Purchased		79
Payable for Fund Shares Redeemed		7
Accrued Operating Expenses and Other Liabilities		10

Total Liabilities		96

Net Assets	$	7,601

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	6,118
Undistributed Net Investment Income (Loss)		6
Undistributed Net Realized Gain (Loss)		475
Net Unrealized Appreciation (Depreciation)		1,002

Net Assets	$	7,601

Class A ($ and shares in full)
Net Assets	$	7,120,589
Capital Shares Outstanding (Unlimited Number Authorized)		640,316

Net Asset Value Per Share	$	11.12

Public Offering Price Per Share ($11.12 divided by .9425)	$	11.80

Class B ($ and shares in full)
Net Assets	$	283,523
Capital Shares Outstanding (Unlimited Number Authorized)		25,496

Net Asset Value Per Share	$	11.12

Class C ($ and shares in full)
Net Assets	$	197,331
Capital Shares Outstanding (Unlimited Number Authorized)		17,765

Net Asset Value Per Share	$	11.11

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)

	Strong Advisor Large Company Core Fund
Assets:
Investments in Securities, at Value (Cost of $111,140)	$	119,692
Receivable for Securities Sold		2,211
Receivable for Fund Shares Sold		46
Dividends and Interest Receivable		81
Other Assets		38

Total Assets		122,068

Liabilities:
Payable for Securities Purchased		4,520
Payable for Fund Shares Redeemed		194
Accrued Operating Expenses and Other Liabilities		30

Total Liabilities		4,744

Net Assets	$	117,324

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	102,303
Undistributed Net Investment Income (Loss)		(97	)
Undistributed Net Realized Gain (Loss)		6,566
Net Unrealized Appreciation (Depreciation)		8,552

Net Assets	$	117,324

Class A ($ and shares in full)
Net Assets	$	61,404,932
Capital Shares Outstanding (Unlimited Number Authorized)		5,619,631

Net Asset Value Per Share	$	10.93

Public Offering Price Per Share ($10.93 divided by .9425)	$	11.60

Class B ($ and shares in full)
Net Assets	$	8,845,769
Capital Shares Outstanding (Unlimited Number Authorized)		822,108

Net Asset Value Per Share	$	10.76

Class C ($ and shares in full)
Net Assets	$	7,872,013
Capital Shares Outstanding (Unlimited Number Authorized)		731,899

Net Asset Value Per Share	$	10.76

Class K ($ and shares in full)
Net Assets	$	39,201,562
Capital Shares Outstanding (Unlimited Number Authorized)		3,567,043

Net Asset Value Per Share	$	10.99

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor Common Stock Fund			Strong Advisor Mid Cap Growth Fund			Strong Advisor Small Cap Value Fund
Income:
Dividends – Unaffiliated Issuers (net of foreign withholding taxes of $74, $2, and $127, respectively)	$	8,247		$	99		$	4,206
Dividends – Affiliated Issuers		—			—			291
Interest		427			8			516

Total Income		8,674			107			5,013

Expenses (Note 4):
Investment Advisory Fees		5,739			248			7,913
Administrative Fees		2,296			99			3,165
Custodian Fees		46			8			78
Shareholder Servicing Costs		1,681			156			2,698
Reports to Shareholders		256			53			396
12b-1 Fees		453			30			2,179
Other		237			46			295

Total Expenses before Expense Offsets		10,708			640			16,724
Expense Offsets		(213	)		(23	)		(370	)

Expenses, Net		10,495			617			16,354

Net Investment Income (Loss)		(1,821	)		(510	)		(11,341	)

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		139,387			6,397			190,792
Foreign Currencies		8			—			—
Written Options		—			—			(2,475	)

Net Realized Gain (Loss)		139,395			6,397			188,317
Net Change in Unrealized Appreciation/Depreciation on:
Investments		(103,948	)		(2,329	)		(65,258	)
Foreign Currencies		(5	)		—			—
Written Options		—			—			1,635

Net Change in Unrealized Appreciation/Depreciation		(103,953	)		(2,329	)		(63,623	)

Net Gain (Loss) on Investments		35,442			4,068			124,694

Net Increase (Decrease) in Net Assets Resulting from Operations	$	33,621		$	3,558		$	113,353

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor U.S. Value Fund
Income:
Dividends (net of foreign withholding taxes of $6)	$	3,771
Interest		28

Total Income		3,799

Expenses (Note 4):
Investment Advisory Fees		883
Administrative Fees		461
Custodian Fees		12
Shareholder Servicing Costs		492
Reports to Shareholders		128
12b-1 Fees		55
Other		92

Total Expenses before Expense Offsets		2,123
Expense Offsets		(68	)

Expenses, Net		2,055

Net Investment Income (Loss)		1,744

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		11,160
Futures Contracts		(15	)
Written Options		33

Net Realized Gain (Loss)		11,178
Net Change in Unrealized Appreciation/Depreciation on Investments		1,885

Net Gain (Loss) on Investments		13,063

Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,807

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor Endeavor Large Cap Fund			Strong Advisor Focus Fund			Strong Advisor International Core Fund
Income:
Dividends (net of foreign withholding taxes of $3, $0, and $3, respectively)	$	113		$	3		$	25
Interest		3			—			—

Total Income		116			3			25

Expenses (Note 4):
Investment Advisory Fees		145			10			6
Administrative Fees		58			4			2
Custodian Fees		5			3			6
Shareholder Servicing Costs		39			3			2
Reports to Shareholders		3			4			1
12b-1 Fees		53			9			6
Professional Fees		9			7			7
Federal and State Registration Fees		19			18			17
Other		4			1			1

Total Expenses before Expense Offsets		335			59			48
Expense Offsets		(9	)		(33	)		(48	)

Expenses, Net		326			26			—

Net Investment Income (Loss)		(210	)		(23	)		25

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		2,611			320			50
Net Change in Unrealized Appreciation/Depreciation on Investments		3			(63	)		2

Net Gain (Loss) on Investments		2,614			257			52

Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,404		$	234		$	77

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor Select Fund			Strong Advisor Technology Fund			Strong Advisor U.S. Small/Mid Cap Growth Fund
Income:
Dividends (net of foreign withholding taxes of $4, $0, and $0, respectively)	$	95		$	1		$	3
Interest		6			—			—

Total Income		101			1			3

Expenses (Note 4):
Investment Advisory Fees		284			6			21
Administrative Fees		114			2			9
Custodian Fees		6			1			2
Shareholder Servicing Costs		76			2			6
12b-1 Fees		100			5			18
Professional Fees		12			6			7
Federal and State Registration Fees		18			18			19
Other		6			2			3

Total Expenses before Expense Offsets		616			42			85
Expenses Offsets		(16	)		(25	)		(15	)

Expenses, Net		600			17			70

Net Investment Income (Loss)		(499	)		(16	)		(67	)

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		8,364			153			71
Net Change in Unrealized Appreciation/Depreciation on Investments		(791	)		(222	)		(69	)

Net Gain (Loss) on Investments		7,573			(69	)		2

Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,074		$	(85	)	$	(65	)

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Advisor Utilities and Energy Fund
Income:
Dividends (net of foreign withholding taxes of $4)	$	145
Interest		2

Total Income		147

Expenses (Note 4):
Investment Advisory Fees		38
Administrative Fees		15
Custodian Fees		4
Shareholder Servicing Costs		10
12b-1 Fees		14
Professional Fees		7
Federal and State Registration Fees		20
Other		1

Total Expenses before Expense Offsets		109
Expense Offsets		(2	)

Expenses, Net		107

Net Investment Income (Loss)		40

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		921
Net Change in Unrealized Appreciation/Depreciation on Investments		(536	)

Net Gain (Loss) on Investments		385

Net Increase (Decrease) in Net Assets Resulting from Operations	$	425

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)



	(In Thousands)

	Strong Advisor Large Company Core Fund
Income:
Dividends (net of foreign withholding taxes of $7)	$	689
Interest		57

Total Income		746

Expenses (Note 4):
Investment Advisory Fees		437
Administrative Fees		166
Custodian Fees		7
Shareholder Servicing Costs		118
12b-1 Fees		160
Other		54

Total Expenses before Expense Offsets		942
Expense Offsets		(99	)

Expenses, Net		843

Net Investment Income (Loss)		(97	)

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		7,747
Net Change in Unrealized Appreciation/Depreciation on Investments		(4,505	)

Net Gain (Loss) on Investments		3,242

Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,145

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	(In Thousands)

	Strong Advisor Common Stock Fund						Strong Advisor Mid Cap Growth Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	(1,821	)	$	(7,290	)	$	(510	)	$	(1,218	)
Net Realized Gain (Loss)		139,395			76,043			6,397			11,159
Net Change in Unrealized Appreciation/Depreciation		(103,953	)		450,650			(2,329	)		16,288

Net Increase (Decrease) in Net Assets Resulting from Operations		33,621			519,403			3,558			26,229
Distributions From Net Investment Income		—			—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(160,728	)		(384,712	)		(10,952	)		(29,181	)

Total Increase (Decrease) in Net Assets		(127,107	)		134,691			(7,394	)		(2,952	)
Net Assets:
Beginning of Period		1,590,978			1,456,287			71,317			74,269

End of Period	$	1,463,871		$	1,590,978		$	63,923		$	71,317

Undistributed Net Investment Income (Loss)	$	(1,821	)	$	—		$	(510	)	$	—


	Strong Advisor Small Cap Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	(11,341	)	$	(9,098	)
Net Realized Gain (Loss)		188,317			82,632
Net Change in Unrealized Appreciation/Depreciation		(63,623	)		595,643

Net Increase (Decrease) in Net Assets Resulting from Operations		113,353			669,177
Distributions:
From Net Investment Income:
Class A		—			(248	)
Class B		—			(48	)
Class C		—			(61	)
Class Z		—			(436	)
From Net Realized Gains:
Class A		(6,781	)		(15,533	)
Class B		(1,326	)		(2,975	)
Class C		(1,615	)		(3,815	)
Class Z		(12,667	)		(27,278	)

Total Distributions		(22,389	)		(50,394	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(177,084	)		339,695

Total Increase (Decrease) in Net Assets		(86,120	)		958,478
Net Assets:
Beginning of Period		2,125,769			1,167,291

End of Period	$	2,039,649		$	2,125,769

Undistributed Net Investment Income (Loss)	$	(11,341	)	$	—

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	(In Thousands)

	Strong Advisor U.S. Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	1,744		$	1,864
Net Realized Gain (Loss)		11,178			11,073
Net Change in Unrealized Appreciation/Depreciation		1,885			49,990

Net Increase (Decrease) in Net Assets Resulting from Operations		14,807			62,927
Distributions:
From Net Investment Income:
Class A		(15	)		(36	)
Class B		(4	)		(11	)
Class C		(1	)		(9	)
Class K		(479	)		(523	)
Class Z		(1,074	)		(1,255	)

Total Distributions		(1,573	)		(1,834	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		66,505			(16,592	)

Total Increase (Decrease) in Net Assets		79,739			44,501
Net Assets:
Beginning of Period		260,271			215,770

End of Period	$	340,010		$	260,271

Undistributed Net Investment Income (Loss)	$	190		$	19

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	(In Thousands)

	Strong Advisor Endeavor Large Cap Fund						Strong Advisor Focus Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	(210	)	$	(305	)	$	(23	)	$	(47	)
Net Realized Gain (Loss)		2,611			3,624			320			225
Net Change in Unrealized Appreciation/Depreciation		3			6,766			(63	)		615

Net Increase (Decrease) in Net Assets Resulting from Operations		2,404			10,085			234			793
Distributions From Net Investment Income		—			—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,234			(1,142	)		(799	)		(1,326	)

Total Increase (Decrease) in Net Assets		3,638			8,943			(565	)		(533	)
Net Assets:
Beginning of Period		37,750			28,807			3,120			3,653

End of Period	$	41,388		$	37,750		$	2,555		$	3,120

Undistributed Net Investment Income (Loss)	$	(210	)	$	—		$	(23	)	$	—

	Strong Advisor International Core Fund						Strong Advisor Select Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	25		$	22		$	(499	)	$	(745	)
Net Realized Gain (Loss)		50			(12	)		8,364			8,935
Net Change in Unrealized Appreciation/Depreciation		2			342			(791	)		15,584

Net Increase (Decrease) in Net Assets Resulting from Operations		77			352			7,074			23,774
Distributions:
From Net Investment Income:
Class A		(1	)		(7	)		—			—
Class B		(1	)		(10	)		—			—
Class C		—			(3	)		—			—

Total Distributions		(2	)		(20	)		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		177			562			(11,378	)		2,173

Total Increase (Decrease) in Net Assets		252			894			(4,304	)		25,947
Net Assets:
Beginning of Period		1,495			601			82,257			56,310

End of Period	$	1,747		$	1,495		$	77,953		$	82,257

Undistributed Net Investment Income (Loss)	$	25		$	2		$	(499	)	$	—

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	(In Thousands)

	Strong Advisor Technology Fund						Strong Advisor U.S. Small/Mid Cap Growth Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	(16	)	$	(39	)	$	(67	)	$	(58	)
Net Realized Gain (Loss)		153			435			71			(68	)
Net Change in Unrealized Appreciation/Depreciation		(222	)		787			(69	)		890

Net Increase (Decrease) in Net Assets Resulting from Operations		(85	)		1,183			(65	)		764
Distributions From Net Investment Income		—			—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(520	)		(479	)		188			4,011

Total Increase (Decrease) in Net Assets		(605	)		704			123			4,775
Net Assets:
Beginning of Period		2,193			1,489			5,537			762

End of Period	$	1,588		$	2,193		$	5,660		$	5,537

Undistributed Net Investment Income (Loss)	$	(16	)	$	—		$	(67	)	$	—


	Strong Advisor Utilities and Energy Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	40		$	185
Net Realized Gain (Loss)		921			134
Net Change in Unrealized Appreciation/Depreciation		(536	)		1,523

Net Increase (Decrease) in Net Assets Resulting from Operations		425			1,842
Distributions:
From Net Investment Income:
Class A		(33	)		(180	)
Class B		(1	)		(2	)
Class C		(1	)		(2	)

Total Distributions		(35	)		(184	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,104	)		2,271

Total Increase (Decrease) in Net Assets		(2,714	)		3,929
Net Assets:
Beginning of Period		10,315			6,386

End of Period	$	7,601		$	10,315

Undistributed Net Investment Income (Loss)	$	6		$	1

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	(In Thousands)

	Strong Advisor Large Company Core Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	(97	)	$	23
Net Realized Gain (Loss)		7,747			2,100
Net Change in Unrealized Appreciation/Depreciation		(4,505	)		13,076

Net Increase (Decrease) in Net Assets Resulting from Operations		3,145			15,199
Distributions:
From Net Investment Income:
Class A		—			(20	)
Class K		—			(46	)
From Net Realized Gains:
Class A		(1,059	)		(62	)
Class B		(136	)		(7	)
Class C		(118	)		(6	)
Class K		(544	)		(33	)

Total Distributions		(1,857	)		(174	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(669	)		92,004

Total Increase (Decrease) in Net Assets		619			107,029
Net Assets:
Beginning of Period		116,705			9,676

End of Period	$	117,324		$	116,705

Undistributed Net Investment Income (Loss)	$	(97	)	$	—

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

STRONG ADVISOR COMMON STOCK FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	21.98		$	15.87		$	19.71		$	20.15		$	18.90
Income From Investment Operations:
Net Investment Income (Loss)		(0.05	)		(0.10	)		(0.08	)^(e)		(0.04	)		(0.00	)^(f)
Net Realized and Unrealized Gains (Losses) on Investments		0.52			6.21			(3.76	)		(0.36	)		1.28

Total from Investment Operations		0.47			6.11			(3.84	)		(0.40	)		1.28
Less Distributions:
From Net Investment Income		—			—			—			—			(0.03	)
From Net Realized Gains		—			—			—			(0.04	)		—

Total Distributions		—			—			—			(0.04	)		(0.03	)

Net Asset Value, End of Period	$	22.45		$	21.98		$	15.87		$	19.71		$	20.15

Ratios and Supplemental Data
Total Return		+2.14	%		+38.50	%		–19.48	%		–1.99	%		+6.78	%
Net Assets, End of Period (In Millions)	$	79		$	81		$	46		$	28		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%*		1.6	%		1.6	%		1.6	%		1.6	%*
Ratio of Expenses to Average Net Assets		1.5	%*		1.5	%		1.6	%		1.6	%		1.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.4	)%*		(0.6	)%		(0.5	)%		(0.5	)%		(0.2	)%*
Portfolio Turnover Rate^(h)		26.8	%		41.8	%		64.9	%		89.3	%		95.4	%

STRONG ADVISOR COMMON STOCK FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	21.53		$	15.67		$	19.62		$	20.16		$	18.90
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)		(0.24	)		(0.22	)^(e)		(0.09	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.51			6.10			(3.73	)		(0.41	)		1.28

Total from Investment Operations		0.38			5.86			(3.95	)		(0.50	)		1.27
Less Distributions:
From Net Investment Income		—			—			—			—			(0.01	)
From Net Realized Gains		—			—			—			(0.04	)		—

Total Distributions		—			—			—			(0.04	)		(0.01	)

Net Asset Value, End of Period	$	21.91		$	21.53		$	15.67		$	19.62		$	20.16

Ratios and Supplemental Data
Total Return		+1.76	%		+37.40	%		–20.13	%		–2.48	%		+6.76	%
Net Assets, End of Period (In Millions)	$	38		$	39		$	24		$	16		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.3	%*		2.4	%		2.4	%		2.5	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%*		2.3	%		2.4	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%*		(1.4	)%		(1.3	)%		(1.1	)%		(0.6	)%*
Portfolio Turnover Rate^(h)		26.8	%		41.8	%		64.9	%		89.3	%		95.4	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Per share data reflects a 1.233 for 1.000 share split which occurred on March 8, 2001.

(e)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(f)	Amount calculated is less than $0.005.

(g)	Amount is less than $500,000.

(h)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR COMMON STOCK FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	21.53		$	15.68		$	19.62		$	20.16		$	18.90
Income From Investment Operations:
Net Investment Income (Loss)		(0.14	)		(0.25	)		(0.22	)^(e)		(0.09	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.52			6.10			(3.72	)		(0.41	)		1.28

Total from Investment Operations		0.38			5.85			(3.94	)		(0.50	)		1.27
Less Distributions:
From Net Investment Income		—			—			—			—			(0.01	)
From Net Realized Gains		—			—			—			(0.04	)		—

Total Distributions		—			—			—			(0.04	)		(0.01	)

Net Asset Value, End of Period	$	21.91		$	21.53		$	15.68		$	19.62		$	20.16

Ratios and Supplemental Data
Total Return		+1.76	%		+37.31	%		–20.08	%		–2.48	%		+6.76	%
Net Assets, End of Period (In Millions)	$	30		$	34		$	23		$	15		$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.4	%		2.4	%		2.4	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%*		2.3	%		2.4	%		2.2	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%*		(1.4	)%		(1.3	)%		(1.1	)%		(0.6	)%*
Portfolio Turnover Rate^(g)		26.8	%		41.8	%		64.9	%		89.3	%		95.4	%

STRONG ADVISOR COMMON STOCK FUND — CLASS Z


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	22.15		$	15.97		$	19.78		$	20.16		$	25.21		$	21.06
Income From Investment Operations:
Net Investment Income (Loss)		(0.02	)		(0.09	)		(0.05	)^(e)		(0.02	)		0.04			(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.52			6.27			(3.76	)		(0.32	)		(0.59	)		8.19

Total from Investment Operations		0.50			6.18			(3.81	)		(0.34	)		(0.55	)		8.18
Less Distributions:
From Net Investment Income		—			—			—			—			(0.04	)		—
From Net Realized Gains		—			—			—			(0.04	)		(4.46	)		(4.03	)

Total Distributions		—			—			—			(0.04	)		(4.50	)		(4.03	)

Net Asset Value, End of Period	$	22.65		$	22.15		$	15.97		$	19.78		$	20.16		$	25.21

Ratios and Supplemental Data
Total Return		+2.26	%		+38.70	%		–19.26	%		–1.70	%		–1.20	%		+40.35	%
Net Assets, End of Period (In Millions)	$	1,317		$	1,437		$	1,363		$	1,703		$	1,719		$	1,733
Ratio of Expenses to Average Net Assets before Expense Offsets		1.3	%*		1.4	%		1.3	%		1.3	%		1.2	%		1.2	%
Ratio of Expenses to Average Net Assets		1.3	%*		1.4	%		1.3	%		1.3	%		1.2	%		1.2	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.2	)%*		(0.4	)%		(0.3	)%		(0.1	)%		0.2	%		(0.1	)%
Portfolio Turnover Rate^(g)		26.8	%		41.8	%		64.9	%		89.3	%		95.4	%		80.1	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Per share data reflects a 1.233 for 1.000 share split which occurred on March 8, 2001.

(e)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(f)	Amount is less than $500,000.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR MID CAP GROWTH FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.72		$	8.71		$	13.95		$	20.22		$	17.71
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)		(0.13	)^(e)		(0.14	)^(e)		(0.22	)^(e)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.72			3.14			(5.10	)		(6.05	)		2.52

Total from Investment Operations		0.63			3.01			(5.24	)		(6.27	)		2.51
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)^(f)		—

Total Distributions		—			—			—			(0.00	)^(f)		—

Net Asset Value, End of Period	$	12.35		$	11.72		$	8.71		$	13.95		$	20.22

Ratios and Supplemental Data
Total Return		+5.38	%		+34.56	%		–37.56	%		–30.98	%		+14.16	%
Net Assets, End of Period (In Millions)	$	9		$	10		$	6		$	7		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		1.8	%*		1.7	%		1.6	%		1.8	%		1.7	%*
Ratio of Expenses to Average Net Assets		1.7	%*		1.6	%		1.6	%		1.8	%		1.7	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%*		(1.3	)%		(1.3	)%		(1.4	)%		(1.3	)%*
Portfolio Turnover Rate^(g)		95.6	%		249.6	%		526.6	%		650.0	%		683.7	%

STRONG ADVISOR MID CAP GROWTH FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.46		$	8.59		$	13.89		$	20.21		$	17.71
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)		(0.22	)^(e)		(0.23	)^(e)		(0.28	)^(e)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		0.70			3.09			(5.07	)		(6.04	)		2.52

Total from Investment Operations		0.57			2.87			(5.30	)		(6.32	)		2.50
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)^(f)		—

Total Distributions		—			—			—			(0.00	)^(f)		—

Net Asset Value, End of Period	$	12.03		$	11.46		$	8.59		$	13.89		$	20.21

Ratios and Supplemental Data
Total Return		+4.97	%		+33.41	%		–38.16	%		–31.25	%		+14.11	%
Net Assets, End of Period (In Millions)	$	3		$	3		$	2		$	3		$	0	^(h)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.6	%*		2.6	%		2.6	%		2.9	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.5	%*		2.4	%		2.5	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%*		(2.1	)%		(2.2	)%		(1.9	)%		(1.6	)%*
Portfolio Turnover Rate^(g)		95.6	%		249.6	%		526.6	%		650.0	%		683.7	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Per share data reflects a 1.053 for 1.000 share split which occurred on March 8, 2001.

(e)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(f)	Amount calculated is less than $0.005.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(h)	Amount is less than $500,000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR MID CAP GROWTH FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.46		$	8.59		$	13.88		$	20.20		$	17.71
Income From Investment Operations:
Net Investment Income (Loss)		(0.14	)		(0.21	)^(e)		(0.23	)^(e)		(0.28	)^(e)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		0.71			3.08			(5.06	)		(6.04	)		2.51

Total from Investment Operations		0.57			2.87			(5.29	)		(6.32	)		2.49
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)^(f)		—

Total Distributions		—			—			—			(0.00	)^(f)		—

Net Asset Value, End of Period	$	12.03		$	11.46		$	8.59		$	13.88		$	20.20

Ratios and Supplemental Data
Total Return		+4.97	%		+33.41	%		–38.11	%		–31.27	%		+14.06	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	1		$	1		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.7	%*		2.6	%		2.5	%		2.8	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.5	%*		2.4	%		2.4	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%*		(2.1	)%		(2.2	)%		(1.9	)%		(1.6	)%*
Portfolio Turnover Rate^(h)		95.6	%		249.6	%		526.6	%		650.0	%		683.7	%

STRONG ADVISOR MID CAP GROWTH FUND — CLASS Z


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.68		$	8.70		$	13.97		$	20.21		$	23.25		$	13.03
Income From Investment Operations:
Net Investment Income (Loss)		(0.10	)		(0.14	)^(e)		(0.16	)^(e)		(0.19	)		(0.15	)		(0.12	)
Net Realized and Unrealized Gains (Losses) on Investments		0.72			3.12			(5.11	)		(6.05	)		(1.90	)		12.08

Total from Investment Operations		0.62			2.98			(5.27	)		(6.24	)		(2.05	)		11.96
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)^(f)		(0.99	)		(1.74	)

Total Distributions		—			—			—			(0.00	)^(f)		(0.99	)		(1.74	)

Net Asset Value, End of Period	$	12.30		$	11.68		$	8.70		$	13.97		$	20.21		$	23.25

Ratios and Supplemental Data
Total Return		+5.31	%		+34.25	%		–37.72	%		–30.86	%		–8.47	%		+92.02	%
Net Assets, End of Period (In Millions)	$	51		$	58		$	65		$	128		$	185		$	65
Ratio of Expenses to Average Net Assets before Expense Offsets		1.9	%*		1.8	%		1.8	%		1.6	%		1.4	%		1.6	%
Ratio of Expenses to Average Net Assets		1.9	%*		1.7	%		1.8	%		1.6	%		1.3	%		1.6	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.5	)%*		(1.4	)%		(1.5	)%		(1.2	)%		(0.9	)%		(1.1	)%
Portfolio Turnover Rate^(h)		95.6	%		249.6	%		526.6	%		650.0	%		683.7	%		681.0	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Per share data reflects a 1.053 for 1.000 share split which occurred on March 8, 2001.

(e)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(f)	Amount calculated is less than $0.005.

(g)	Amount is less than $500,000.

(h)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	27.40		$	18.92		$	20.17		$	17.17		$	15.36
Income From Investment Operations:
Net Investment Income (Loss)		(0.17	)		(0.12	)^(d)		0.03	^(d)		(0.14	)^(d)		(0.00	)^(e)
Net Realized and Unrealized Gains (Losses) on Investments		1.77			9.26			(1.28	)		3.18			1.81

Total from Investment Operations		1.60			9.14			(1.25	)		3.04			1.81
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(0.29	)		(0.65	)		—			(0.04	)		—

Total Distributions		(0.29	)		(0.66	)		—			(0.04	)		—

Net Asset Value, End of Period	$	28.71		$	27.40		$	18.92		$	20.17		$	17.17

Ratios and Supplemental Data
Total Return		+5.89	%		+48.49	%		–6.20	%		+17.70	%		+11.78	%
Net Assets, End of Period (In Millions)	$	562		$	674		$	335		$	169		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%*		1.6	%		1.6	%		1.6	%		1.6	%*
Ratio of Expenses to Average Net Assets		1.5	%*		1.5	%		1.6	%		1.6	%		1.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.1	)%*		(0.5	)%		0.1	%		(0.7	)%		(0.8	)%*
Portfolio Turnover Rate^(f)		18.3	%		30.2	%		28.2	%		42.0	%		60.3	%

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	26.79		$	18.66		$	20.05		$	17.16		$	15.36
Income From Investment Operations:
Net Investment Income (Loss)		(0.25	)		(0.29	)^(d)		(0.14	)^(d)		(0.25	)^(d)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.71			9.08			(1.25	)		3.18			1.81

Total from Investment Operations		1.46			8.79			(1.39	)		2.93			1.80
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(0.29	)		(0.65	)		—			(0.04	)		—

Total Distributions		(0.29	)		(0.66	)		—			(0.04	)		—

Net Asset Value, End of Period	$	27.96		$	26.79		$	18.66		$	20.05		$	17.16

Ratios and Supplemental Data
Total Return		+5.50	%		+47.28	%		–6.93	%		+17.07	%		+11.72	%
Net Assets, End of Period (In Millions)	$	126		$	126		$	76		$	40		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.4	%		2.4	%		2.5	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%*		2.4	%		2.4	%		2.3	%		1.8	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%*		(1.4	)%		(0.7	)%		(1.4	)%		(0.8	)%*
Portfolio Turnover Rate^(f)		18.3	%		30.2	%		28.2	%		42.0	%		60.3	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount calculated is less than $0.005.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(g)	Amount is less than $500,000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	26.83		$	18.68		$	20.07		$	17.17		$	15.36
Income From Investment Operations:
Net Investment Income (Loss)		(0.26	)		(0.28	)^(d)		(0.13	)^(d)		(0.24	)^(d)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.72			9.09			(1.26	)		3.18			1.82

Total from Investment Operations		1.46			8.81			(1.39	)		2.94			1.81
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(0.29	)		(0.65	)		—			(0.04	)		—

Total Distributions		(0.29	)		(0.66	)		—			(0.04	)		—

Net Asset Value, End of Period	$	28.00		$	26.83		$	18.68		$	20.07		$	17.17

Ratios and Supplemental Data
Total Return		+5.49	%		+47.34	%		–6.93	%		+17.12	%		+11.78	%
Net Assets, End of Period (In Millions)	$	151		$	159		$	98		$	38		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.3	%		2.4	%		2.4	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%*		2.3	%		2.4	%		2.2	%		1.8	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%*		(1.3	)%		(0.6	)%		(1.4	)%		(0.7	)%*
Portfolio Turnover Rate^(f)		18.3	%		30.2	%		28.2	%		42.0	%		60.3	%

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS Z


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	27.53		$	18.98		$	20.22		$	17.17		$	13.59		$	10.61
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)		(0.09	)^(d)		0.04	^(d)		(0.08	)		0.00	^(g)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		1.77			9.30			(1.28	)		3.17			3.58			3.06

Total from Investment Operations		1.64			9.21			(1.24	)		3.09			3.58			2.98
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—			—
From Net Realized Gains		(0.29	)		(0.65	)		—			(0.04	)		—			(0.00	)^(g)

Total Distributions		(0.29	)		(0.66	)		—			(0.04	)		—			(0.00	)^(g)

Net Asset Value, End of Period	$	28.88		$	27.53		$	18.98		$	20.22		$	17.17		$	13.59

Ratios and Supplemental Data
Total Return		+6.01	%		+48.70	%		–6.13	%		+17.99	%		+26.34	%		+28.09	%
Net Assets, End of Period (In Millions)	$	1,200		$	1,167		$	659		$	541		$	249		$	45
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.5	%		1.4	%		1.4	%		1.7	%
Ratio of Expenses to Average Net Assets		1.4	%*		1.4	%		1.5	%		1.4	%		1.4	%		1.7	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.9	)%*		(0.4	)%		0.2	%		(0.5	)%		0.0	%^(g)		(1.0	)%
Portfolio Turnover Rate^(f)		18.3	%		30.2	%		28.2	%		42.0	%		60.3	%		95.5	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(g)	Amount calculated is less than $0.005 or 0.05%.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	17.65		$	13.66		$	17.83		$	20.65		$	19.99
Income From Investment Operations:
Net Investment Income (Loss)		0.10			0.14			0.12	^(e)		0.05			0.00	^(f)
Net Realized and Unrealized Gains (Losses) on Investments		0.70			4.00			(2.77	)		(2.56	)		0.68

Total from Investment Operations		0.80			4.14			(2.65	)		(2.51	)		0.68
Less Distributions:
From Net Investment Income		(0.07	)		(0.15	)		(0.16	)		(0.06	)		(0.02	)
From Net Realized Gains		—			—			(1.36	)		(0.25	)		—

Total Distributions		(0.07	)		(0.15	)		(1.52	)		(0.31	)		(0.02	)

Net Asset Value, End of Period	$	18.38		$	17.65		$	13.66		$	17.83		$	20.65

Ratios and Supplemental Data
Total Return		+4.53	%		+30.48	%		–16.34	%		–12.17	%		+3.45	%
Net Assets, End of Period (In Millions)	$	4		$	5		$	3		$	3		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.3	%		1.8	%		1.3	%*
Ratio of Expenses to Average Net Assets		1.4	%*		1.4	%		1.3	%		1.8	%		1.3	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		1.0	%*		1.0	%		0.9	%		0.1	%		0.1	%*
Portfolio Turnover Rate^(h)		14.0	%		53.4	%		89.8	%		116.1	%		14.4	%

STRONG ADVISOR U.S. VALUE FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	17.64		$	13.67		$	17.81		$	20.66		$	19.99
Income From Investment Operations:
Net Investment Income (Loss)		0.02			0.03			0.02	^(e)		(0.00	)^(f)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.71			3.98			(2.78	)		(2.60	)		0.69

Total from Investment Operations		0.73			4.01			(2.76	)		(2.60	)		0.68
Less Distributions:
From Net Investment Income		(0.01	)		(0.04	)		(0.02	)		—			(0.01	)
From Net Realized Gains		—			—			(1.36	)		(0.25	)		—

Total Distributions		(0.01	)		(0.04	)		(1.38	)		(0.25	)		(0.01	)

Net Asset Value, End of Period	$	18.36		$	17.64		$	13.67		$	17.81		$	20.66

Ratios and Supplemental Data
Total Return		+4.15	%		+29.37	%		–17.01	%		–12.60	%		+3.43	%
Net Assets, End of Period (In Millions)	$	6		$	5		$	3		$	2		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.2	%*		2.2	%		2.2	%		2.9	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.1	%*		2.2	%		2.1	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		0.2	%*		0.2	%		0.1	%		(0.4	)%		(0.5	)%*
Portfolio Turnover Rate^(h)		14.0	%		53.4	%		89.8	%		116.1	%		14.4	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Per share data reflects a 1.023 for 1.000 share split which occurred on March 8, 2001.

(e)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(f)	Amount calculated is less than $0.005.

(g)	Amount is less than $500,000.

(h)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	17.56		$	13.61		$	17.82		$	20.66		$	19.99
Income From Investment Operations:
Net Investment Income (Loss)		0.02			0.03			0.02	^(e)		(0.00	)^(f)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.71			3.97			(2.78	)		(2.59	)		0.69

Total from Investment Operations		0.73			4.00			(2.76	)		(2.59	)		0.68
Less Distributions:
From Net Investment Income		(0.01	)		(0.05	)		(0.09	)		—			(0.01	)
From Net Realized Gains		—			—			(1.36	)		(0.25	)		—

Total Distributions		(0.01	)		(0.05	)		(1.45	)		(0.25	)		(0.01	)

Net Asset Value, End of Period	$	18.28		$	17.56		$	13.61		$	17.82		$	20.66

Ratios and Supplemental Data
Total Return		+4.13	%		+29.42	%		–17.05	%		–12.55	%		+3.42	%
Net Assets, End of Period (In Millions)	$	4		$	4		$	1		$	1		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.2	%*		2.2	%		2.2	%		2.4	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.2	%*		2.2	%		2.2	%		2.2	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		0.2	%*		0.2	%		0.2	%		(0.3	)%		(0.5	)%*
Portfolio Turnover Rate^(h)		14.0	%		53.4	%		89.8	%		116.1	%		14.4	%

STRONG ADVISOR U.S. VALUE FUND — CLASS K


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	17.52		$	13.56		$	17.87
Income From Investment Operations:
Net Investment Income (Loss)		0.13			0.16			0.22	^(e)
Net Realized and Unrealized Gains (Losses) on Investments		0.70			4.02			(2.81	)

Total from Investment Operations		0.83			4.18			(2.59	)
Less Distributions:
From Net Investment Income		(0.11	)		(0.22	)		(0.36	)
From Net Realized Gains		—			—			(1.36	)

Total Distributions		(0.11	)		(0.22	)		(1.72	)

Net Asset Value, End of Period	$	18.24		$	17.52		$	13.56

Ratios and Supplemental Data
Total Return		+4.73	%		+31.03	%		–15.98	%
Net Assets, End of Period (In Millions)	$	83		$	87		$	11
Ratio of Expenses to Average Net Assets before Expense Offsets		1.1	%*		1.1	%		1.1	%
Ratio of Expenses to Average Net Assets		1.0	%*		1.0	%		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.4	%*		1.3	%		1.6	%
Portfolio Turnover Rate^(h)		14.0	%		53.4	%		89.8	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Per share data reflects a 1.023 for 1.000 share split which occurred on March 8, 2001.

(e)	Net investment income (loss) per share represents new investment income (loss) divided by average shares outstanding throughout the year.

(f)	Amount calculated is less than $0.005.

(g)	Amount is less than $500,000.

(h)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS Z


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000			Oct. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	17.77		$	13.74		$	17.87		$	20.65		$	21.63		$	20.58		$	17.20
Income From Investment Operations:
Net Investment Income (Loss)		0.08			0.15			0.05	^(d)		0.11			0.03			0.05			0.06
Net Realized and Unrealized Gains (Losses) on Investments		0.73			3.99			(2.79	)		(2.53	)		(0.52	)		1.53			3.39

Total from Investment Operations		0.81			4.14			(2.74	)		(2.42	)		(0.49	)		1.58			3.45
Less Distributions:
From Net Investment Income		(0.08	)		(0.11	)		(0.03	)		(0.11	)		(0.03	)		(0.05	)		(0.07	)
From Net Realized Gains		—			—			(1.36	)		(0.25	)		(0.46	)		(0.48	)		(0.00	)^(h)

Total Distributions		(0.08	)		(0.11	)		(1.39	)		(0.36	)		(0.49	)		(0.53	)		(0.07	)

Net Asset Value, End of Period	$	18.50		$	17.77		$	13.74		$	17.87		$	20.65		$	21.63		$	20.58

Ratios and Supplemental Data
Total Return		+4.57	%		+30.23	%		–16.86	%		–11.72	%		–2.17	%		+7.72	%		+20.07	%
Net Assets, End of Period (In Millions)	$	243		$	159		$	197		$	186		$	251		$	252		$	182
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.6	%		1.9	%		1.2	%		1.1	%*		1.0	%		1.1	%
Ratio of Expenses to Average Net Assets		1.3	%*		1.6	%		1.9	%		1.2	%		1.1	%*		1.0	%		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.0	%*		0.8	%		0.3	%		0.6	%		0.8	%*		0.3	%		0.3	%
Portfolio Turnover Rate^(e)		14.0	%		53.4	%		89.8	%		116.1	%		14.4	%		46.5	%		32.3	%

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(f)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.08		$	7.55		$	10.59		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.05	)		(0.07	)^(d)		(0.10	)^(d)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.61			2.60			(2.94	)		0.86	^(g)

Total from Investment Operations		0.56			2.53			(3.04	)		0.85
Less Distributions:
From Net Realized Gains		—			—			—			(0.26	)

Total Distributions		—			—			—			(0.26	)

Net Asset Value, End of Period	$	10.64		$	10.08		$	7.55		$	10.59

Ratios and Supplemental Data
Total Return		+5.56	%		+33.51	%		–28.71	%		+8.45	%
Net Assets, End of Period (In Millions)	$	40		$	37		$	28		$	28
Ratio of Expenses to Average Net Assets before Expense Offsets		1.7	%*		1.7	%		2.0	%		2.4	%*
Ratio of Expenses to Average Net Assets		1.7	%*		1.6	%		2.0	%		2.4	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.1	)%*		(0.9	)%		(1.2	)%		(1.1	)%*
Portfolio Turnover Rate^(e)		84.2	%		234.1	%		420.4	%		54.0	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2000, the Fund changed its fiscal year-end from October to December.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(f)	For the period from September 28, 2001 (commencement of class) to December 31, 2001.

(g)	The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

(h)	Amount calculated is less than $0.005.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	9.97		$	7.51		$	10.57		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)		(0.12	)^(d)		(0.12	)^(d)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		0.60			2.58			(2.94	)		0.87	^(e)

Total from Investment Operations		0.51			2.46			(3.06	)		0.83
Less Distributions:
From Net Realized Gains		—			—			—			(0.26	)

Total Distributions		—			—			—			(0.26	)

Net Asset Value, End of Period	$	10.48		$	9.97		$	7.51		$	10.57

Ratios and Supplemental Data
Total Return		+5.12	%		+32.76	%		–28.95	%		+8.25	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	0	^(f)	$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%*		2.5	%		4.7	%		2.7	%*
Ratio of Expenses to Average Net Assets		2.4	%*		2.1	%		2.2	%		2.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%*		(1.3	)%		(1.4	)%		(1.6	)%*
Portfolio Turnover Rate^(g)		84.2	%		234.1	%		420.4	%		54.0	%

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	9.97		$	7.51		$	10.57		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.10	)		(0.12	)^(d)		(0.13	)^(d)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		0.61			2.58			(2.93	)		0.87	^(e)

Total from Investment Operations		0.51			2.46			(3.06	)		0.83
Less Distributions:
From Net Realized Gains		—			—			—			(0.26	)

Total Distributions		—			—			—			(0.26	)

Net Asset Value, End of Period	$	10.48		$	9.97		$	7.51		$	10.57

Ratios and Supplemental Data
Total Return		+5.12	%		+32.76	%		–28.95	%		+8.25	%
Net Assets, End of Period (In Millions)	$	0	^(f)	$	0	^(f)	$	0	^(f)	$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%*		2.6	%		4.2	%		2.7	%*
Ratio of Expenses to Average Net Assets		2.5	%*		2.1	%		2.3	%		2.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%*		(1.4	)%		(1.5	)%		(1.6	)%*
Portfolio Turnover Rate^(g)		84.2	%		234.1	%		420.4	%		54.0	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from September 28, 2001 (commencement of class) to December 31, 2001.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

(f)	Amount is less than $500,000.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR FOCUS FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	5.99		$	4.79		$	6.62		$	10.26		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.05	)		(0.05	)^(d)		(0.10	)^(d)		(0.07	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.58			1.25			(1.73	)		(3.57	)		0.27

Total from Investment Operations		0.53			1.20			(1.83	)		(3.64	)		0.26
Less Distributions:
From Net Investment Income		—			—			—			—			—

Total Distributions		—			—			—			—			—

Net Asset Value, End of Period	$	6.52		$	5.99		$	4.79		$	6.62		$	10.26

Ratios and Supplemental Data
Total Return		+8.85	%		+25.05	%		–27.64	%		–35.48	%		+2.60	%
Net Assets, End of Period (In Millions)	$	1		$	2		$	2		$	5		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		3.7	%*		3.0	%		2.9	%		3.4	%		7.3	%*
Ratio of Expenses to Average Net Assets		1.6	%*		1.3	%		2.1	%		1.5	%		2.4	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%*		(1.0	)%		(1.7	)%		(0.9	)%		(1.0	)%*
Portfolio Turnover Rate^(e)		43.8	%		248.9	%		350.1	%		605.7	%		45.1	%

STRONG ADVISOR FOCUS FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	5.87		$	4.73		$	6.55		$	10.23		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)		(0.09	)^(d)		(0.11	)^(d)		(0.08	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.58			1.23			(1.71	)		(3.60	)		0.24

Total from Investment Operations		0.51			1.14			(1.82	)		(3.68	)		0.23
Less Distributions:
From Net Investment Income		—			—			—			—			—

Total Distributions		—			—			—			—			—

Net Asset Value, End of Period	$	6.38		$	5.87		$	4.73		$	6.55		$	10.23

Ratios and Supplemental Data
Total Return		+8.69	%		+24.10	%		–27.79	%		–35.97	%		+2.30	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	1		$	2		$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		4.5	%*		3.9	%		4.1	%		4.6	%		8.1	%*
Ratio of Expenses to Average Net Assets		2.1	%*		2.0	%		2.4	%		2.4	%		3.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%*		(1.7	)%		(2.0	)%		(1.7	)%		(1.6	)%*
Portfolio Turnover Rate^(e)		43.8	%		248.9	%		350.1	%		605.7	%		45.1	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Net investment income (loss) per share represents new investment income (loss) divided by average shares outstanding throughout the year.

(e)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(f)	Amount is less than $500,000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR FOCUS FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	5.87		$	4.73		$	6.55		$	10.23		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)		(0.09	)^(d)		(0.11	)^(d)		(0.09	)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		0.58			1.23			(1.71	)		(3.59	)		0.25

Total from Investment Operations		0.51			1.14			(1.82	)		(3.68	)		0.23
Less Distributions:
From Net Investment Income		—			—			—			—			—

Total Distributions		—			—			—			—			—

Net Asset Value, End of Period	$	6.38		$	5.87		$	4.73		$	6.55		$	10.23

Ratios and Supplemental Data
Total Return		+8.69	%		+24.10	%		–27.79	%		–35.97	%		+2.30	%
Net Assets, End of Period (In Millions)	$	0	^(e)	$	0	^(e)	$	0	^(e)	$	1		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		6.1	%*		3.8	%		3.9	%		4.3	%		8.1	%*
Ratio of Expenses to Average Net Assets		2.1	%*		1.9	%		2.4	%		2.4	%		4.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%*		(1.6	)%		(2.0	)%		(1.7	)%		(2.7	)%*
Portfolio Turnover Rate^(f)		43.8	%		248.9	%		350.1	%		605.7	%		45.1	%

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(g)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.47		$	8.84		$	10.41		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.18			0.18	^(d)		(0.06	)^(d)		(0.03	)
Net Realized and Unrealized Gains (Losses) on Investments		0.41			2.59			(1.51	)		0.44

Total from Investment Operations		0.59			2.77			(1.57	)		0.41
Less Distributions:
From Net Investment Income		(0.02	)		(0.14	)		—			—

Total Distributions		(0.02	)		(0.14	)		—			—

Net Asset Value, End of Period	$	12.04		$	11.47		$	8.84		$	10.41

Ratios and Supplemental Data
Total Return		+5.11	%		+31.38	%		–15.08	%		+4.10	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		5.4	%*		7.7	%		52.4	%		2.2	%*
Ratio of Expenses to Average Net Assets		0.0	%*^(h)		0.0	%^(h)		2.2	%		2.2	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		3.1	%*		1.8	%		(0.6	)%		(1.1	)%*
Portfolio Turnover Rate^(f)		17.1	%		88.1	%		46.9	%		4.0	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(g)	For the period from September 28, 2001 (commencement of class) to December 31, 2001.

(h)	Amount calculated is less than 0.05%.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.45		$	8.82		$	10.40		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.17			0.20	^(d)		(0.08	)^(d)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		0.42			2.58			(1.50	)		0.44

Total from Investment Operations		0.59			2.78			(1.58	)		0.40
Less Distributions:
From Net Investment Income		(0.02	)		(0.15	)		—			—

Total Distributions		(0.02	)		(0.15	)		—			—

Net Asset Value, End of Period	$	12.02		$	11.45		$	8.82		$	10.40

Ratios and Supplemental Data
Total Return		+5.12	%		+31.58	%		–15.19	%		+4.00	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		6.2	%*		8.6	%		52.0	%		3.0	%*
Ratio of Expenses to Average Net Assets		0.0	%*^(f)		0.0	%^(f)		2.4	%		2.7	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		3.1	%*		2.0	%		(0.8	)%		(1.6	)%*
Portfolio Turnover Rate^(g)		17.1	%		88.1	%		46.9	%		4.0	%

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.43		$	8.82		$	10.40		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.17			0.21	^(d)		(0.06	)^(d)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		0.43			2.57			(1.52	)		0.44

Total from Investment Operations		0.60			2.78			(1.58	)		0.40
Less Distributions:
From Net Investment Income		(0.02	)		(0.17	)		—			—

Total Distributions		(0.02	)		(0.17	)		—			—

Net Asset Value, End of Period	$	12.01		$	11.43		$	8.82		$	10.40

Ratios and Supplemental Data
Total Return		+5.22	%		+31.52	%		–15.19	%		+4.00	%
Net Assets, End of Period (In Millions)	$	0	^(e)	$	0	^(e)	$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		6.2	%*		8.4	%		52.5	%		3.0	%*
Ratio of Expenses to Average Net Assets		0.0	%*^(f)		0.0	%^(f)		2.4	%		2.7	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		3.2	%*		2.1	%		(0.7	)%		(1.6	)%*
Portfolio Turnover Rate^(g)		17.1	%		88.1	%		46.9	%		4.0	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from September 28, 2001 (commencement of class) to December 31, 2001.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Amount calculated is less than 0.05%.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SELECT FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	8.36		$	6.10		$	7.99		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.06	)^(c)		(0.07	)^(c)		(0.07	)^(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.85			2.33			(1.81	)		(2.00	)^(d)

Total from Investment Operations		0.79			2.26			(1.88	)		(2.01	)
Less Distributions:
From Net Realized Gains		—			—			(0.01	)		—

Total Distributions		—			—			(0.01	)		—

Net Asset Value, End of Period	$	9.15		$	8.36		$	6.10		$	7.99

Ratios and Supplemental Data
Total Return		+9.45	%		+37.05	%		–23.52	%		–20.10	%
Net Assets, End of Period (In Millions)	$	76		$	81		$	56		$	57
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%*		1.6	%		1.6	%		4.4	%
Ratio of Expenses to Average Net Assets		1.6	%*		1.6	%		1.6	%		1.7	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.3	)%*		(1.0	)%		(1.1	)%		(0.8	)%
Portfolio Turnover Rate^(e)		64.6	%		243.6	%		437.3	%		359.7	%

STRONG ADVISOR SELECT FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	8.18		$	6.02		$	7.94		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)^(c)		(0.12	)^(c)		(0.12	)^(c)		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments		0.83			2.28			(1.79	)		(1.97	)^(d)

Total from Investment Operations		0.74			2.16			(1.91	)		(2.06	)
Less Distributions:
From Net Realized Gains		—			—			(0.01	)		—

Total Distributions		—			—			(0.01	)		—

Net Asset Value, End of Period	$	8.92		$	8.18		$	6.02		$	7.94

Ratios and Supplemental Data
Total Return		+9.05	%		+35.88	%		–24.04	%		–20.60	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	0	^(f)	$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.4	%		2.4	%		12.4	%
Ratio of Expenses to Average Net Assets		2.4	%*		2.3	%		2.4	%		2.5	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%*		(1.8	)%		(1.9	)%		(1.7	)%
Portfolio Turnover Rate^(e)		64.6	%		243.6	%		437.3	%		359.7	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(d)	The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

(e)	Calculated on the basis of the Fund as a while without distinguishing between the classes of shares issued.

(f)	Amount is less than $500,000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SELECT FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	8.18		$	6.02		$	7.93		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)^(c)		(0.13	)^(c)		(0.12	)^(c)		(0.10	)
Net Realized and Unrealized Gains (Losses) on Investments		0.83			2.29			(1.78	)		(1.97	)^(d)

Total from Investment Operations		0.74			2.16			(1.90	)		(2.07	)
Less Distributions:
From Net Realized Gains		—			—			(0.01	)		—

Total Distributions		—			—			(0.01	)		—

Net Asset Value, End of Period	$	8.92		$	8.18		$	6.02		$	7.93

Ratios and Supplemental Data
Total Return		+9.05	%		+35.88	%		–23.95	%		–20.70	%
Net Assets, End of Period (In Millions)	$	1		$	0	^(e)	$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.5	%		2.3	%		12.8	%
Ratio of Expenses to Average Net Assets		2.4	%*		2.4	%		2.3	%		2.5	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%*		(1.8	)%		(1.8	)%		(1.7	)%
Portfolio Turnover Rate^(f)		64.6	%		243.6	%		437.3	%		359.7	%

STRONG ADVISOR TECHNOLOGY FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(g)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	7.43		$	4.24		$	7.22		$	9.27		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)		(0.10	)^(c)		(0.11	)^(c)		(0.05	)		(0.05	)
Net Realized and Unrealized Gains (Losses) on Investments		(0.48	)		3.29			(2.87	)		(1.99	)		(0.68	)

Total from Investment Operations		(0.55	)		3.19			(2.98	)		(2.04	)		(0.73	)
Less Distributions:
From Net Realized Gains		—			—			—			(0.01	)		—

Total Distributions		—			—			—			(0.01	)		—

Net Asset Value, End of Period	$	6.88		$	7.43		$	4.24		$	7.22		$	9.27

Ratios and Supplemental Data
Total Return		–7.40	%		+75.24	%		–41.27	%		–21.98	%		–7.30	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	1		$	2		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		4.7	%*		3.6	%		3.3	%		7.0	%		17.2	%*
Ratio of Expenses to Average Net Assets		2.0	%*		2.2	%		2.3	%		1.6	%		9.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%*		(1.8	)%		(2.1	)%		(1.0	)%		(8.2	)%*
Portfolio Turnover Rate^(f)		73.3	%		184.5	%		136.5	%		157.9	%		49.3	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	Net investment income (loss) per share represents new investment income (loss) divided by average shares outstanding throughout the year.

(d)	The amount shown may not correlate with the aggregate gains and losses of portfolio securities due to the timing of subscriptions and redemptions of fund shares.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(g)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR TECHNOLOGY FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	7.32		$	4.17		$	7.13		$	9.26		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)		(0.11	)^(d)		(0.11	)^(d)		(0.09	)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		(0.47	)		3.26			(2.85	)		(2.03	)		(0.66	)

Total from Investment Operations		(0.54	)		3.15			(2.96	)		(2.12	)		(0.74	)
Less Distributions:
From Net Realized Gains		—			—			—			(0.01	)		—

Total Distributions		—			—			—			(0.01	)		—

Net Asset Value, End of Period	$	6.78		$	7.32		$	4.17		$	7.13		$	9.26

Ratios and Supplemental Data
Total Return		–7.38	%		+75.54	%		–41.51	%		–22.87	%		–7.40	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	0	^(e)	$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		5.5	%*		4.5	%		4.5	%		9.3	%		17.3	%*
Ratio of Expenses to Average Net Assets		2.0	%*		2.2	%		2.4	%		2.5	%		11.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%*		(1.7	)%		(2.2	)%		(1.9	)%		(9.7	)%*
Portfolio Turnover Rate^(f)		73.3	%		184.5	%		136.5	%		157.9	%		49.3	%

STRONG ADVISOR TECHNOLOGY FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	7.30		$	4.16		$	7.11		$	9.26		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)		(0.10	)^(d)		(0.12	)^(d)		(0.09	)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		(0.48	)		3.24			(2.83	)		(2.05	)		(0.66	)

Total from Investment Operations		(0.55	)		3.14			(2.95	)		(2.14	)		(0.74	)
Less Distributions:
From Net Realized Gains		—			—			—			(0.01	)		—

Total Distributions		—			—			—			(0.01	)		—

Net Asset Value, End of Period	$	6.75		$	7.30		$	4.16		$	7.11		$	9.26

Ratios and Supplemental Data
Total Return		–7.53	%		+75.48	%		–41.49	%		–23.09	%		–7.40	%
Net Assets, End of Period (In Millions)	$	0	^(e)	$	0	^(e)	$	0	^(e)	$	1		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		5.6	%*		4.5	%		4.2	%		8.9	%		17.3	%*
Ratio of Expenses to Average Net Assets		2.0	%*		2.2	%		2.5	%		2.4	%		11.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%*		(1.8	)%		(2.2	)%		(1.8	)%		(9.7	)%*
Portfolio Turnover Rate^(f)		73.3	%		184.5	%		136.5	%		157.9	%		49.3	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from November 30, 2000 (commencement of class) to December 31, 2000.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.19		$	7.14		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)^(d)		(0.24	)^(d)		(0.14	)^(d)
Net Realized and Unrealized Gains (Losses) on Investments		0.04			4.29			(2.72	)

Total from Investment Operations		(0.09	)		4.05			(2.86	)
Less Distributions:
From Net Investment Income		—			—			—

Total Distributions		—			—			—

Net Asset Value, End of Period	$	11.10		$	11.19		$	7.14

Ratios and Supplemental Data
Total Return		–0.80	%		+56.72	%		–28.60	%
Net Assets, End of Period (In Millions)	$	3		$	3		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.6	%*		3.8	%		14.1	%*
Ratio of Expenses to Average Net Assets		2.4	%*		2.4	%		2.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.3	)%*		(2.4	)%		(2.4	)%*
Portfolio Turnover Rate^(f)		57.6	%		114.0	%		98.1	%

STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.18		$	7.14		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)^(d)		(0.23	)^(d)		(0.14	)^(d)
Net Realized and Unrealized Gains (Losses) on Investments		0.04			4.27			(2.72	)

Total from Investment Operations		(0.09	)		4.04			(2.86	)
Less Distributions:
From Net Investment Income		—			—			—

Total Distributions		—			—			—

Net Asset Value, End of Period	$	11.09		$	11.18		$	7.14

Ratios and Supplemental Data
Total Return		–0.81	%		+56.58	%		–28.60	%
Net Assets, End of Period (In Millions)	$	2		$	1		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.3	%*		4.7	%		14.9	%*
Ratio of Expenses to Average Net Assets		2.4	%*		2.4	%		2.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.3	)%*		(2.4	)%		(2.4	)%*
Portfolio Turnover Rate^(f)		57.6	%		114.0	%		98.1	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from March 28, 2002 (commencement of class) to December 31, 2002.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.19		$	7.14		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)^(d)		(0.23	)^(d)		(0.13	)^(d)
Net Realized and Unrealized Gains (Losses) on Investments		0.04			4.28			(2.73	)

Total from Investment Operations		(0.09	)		4.05			(2.86	)
Less Distributions:
From Net Investment Income		—			—			—

Total Distributions		—			—			—

Net Asset Value, End of Period	$	11.10		$	11.19		$	7.14

Ratios and Supplemental Data
Total Return		–0.80	%		+56.72	%		–28.60	%
Net Assets, End of Period (In Millions)	$	2		$	2		$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.4	%*		4.7	%		15.3	%*
Ratio of Expenses to Average Net Assets		2.4	%*		2.4	%		2.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.3	)%*		(2.3	)%		(2.4	)%*
Portfolio Turnover Rate^(f)		57.6	%		114.0	%		98.1	%

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(g)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.63		$	9.02		$	10.00
Income From Investment Operations:
Net Investment Income		0.06			0.14			0.08	^(d)
Net Realized and Unrealized Gains (Losses) on Investments		0.48			1.61			(1.00	)

Total from Investment Operations		0.54			1.75			(0.92	)
Less Distributions:
From Net Investment Income		(0.05	)		(0.14	)		(0.06	)

Total Distributions		(0.05	)		(0.14	)		(0.06	)

Net Asset Value, End of Period	$	11.12		$	10.63		$	9.02

Ratios and Supplemental Data
Total Return		+5.05	%		+19.61	%		–9.21	%
Net Assets, End of Period (In Millions)	$	7		$	10		$	6
Ratio of Expenses to Average Net Assets before Expense Offsets		2.2	%*		1.9	%		2.2	%*
Ratio of Expenses to Average Net Assets		2.1	%*		1.9	%		2.2	%*
Ratio of Net Investment Income to Average Net Assets		0.8	%*		1.5	%		2.0	%*
Portfolio Turnover Rate^(f)		60.7	%		174.2	%		46.2	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from March 28, 2002 (commencement of class) to December 31, 2002.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(g)	For the period from July 31, 2002 (commencement of class) to December 31, 2002.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.64		$	9.04		$	10.00
Income From Investment Operations:
Net Investment Income		0.02			0.09			0.06	^(d)
Net Realized and Unrealized Gains on Investments		0.50			1.62			(1.00	)

Total from Investment Operations		0.52			1.71			(0.94	)
Less Distributions:
From Net Investment Income		(0.04	)		(0.11	)		(0.02	)

Total Distributions		(0.04	)		(0.11	)		(0.02	)

Net Asset Value, End of Period	$	11.12		$	10.64		$	9.04

Ratios and Supplemental Data
Total Return		+4.88	%		+18.97	%		–9.39	%
Net Assets, End of Period (In Millions)	$	0	^(e)	$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.9	%*		2.7	%		5.1	%*
Ratio of Expenses to Average Net Assets		2.5	%*		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		0.4	%*		1.0	%		1.6	%*
Portfolio Turnover Rate^(f)		60.7	%		174.2	%		46.2	%

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.62		$	9.02		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.02			0.09			0.05	^(d)
Net Realized and Unrealized Gains (Losses) on Investments		0.51			1.61			(0.99	)

Total from Investment Operations		0.53			1.70			(0.94	)
Less Distributions:
From Net Investment Income		(0.04	)		(0.10	)		(0.04	)

Total Distributions		(0.04	)		(0.10	)		(0.04	)

Net Asset Value, End of Period	$	11.11		$	10.62		$	9.02

Ratios and Supplemental Data
Total Return		+4.94	%		+18.97	%		–9.45	%
Net Assets, End of Period (In Millions)	$	0	^(e)	$	0	^(e)	$	0	^(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.0	%*		2.7	%		5.3	%*
Ratio of Expenses to Average Net Assets		2.5	%*		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		0.4	%*		0.9	%		1.3	%*
Portfolio Turnover Rate^(f)		60.7	%		174.2	%		46.2	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from July 31, 2002 (commencement of class) to December 31, 2002.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS A


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)			Sep. 30, 2002^(d)			Sep. 30, 2001			Sep. 30, 2000			Sep. 30, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.81		$	8.81		$	8.24		$	9.65		$	14.67		$	11.72		$	9.71
Income From Investment Operations:
Net Investment Income		(0.01	)		(0.00	)^(e)(f)		0.01	^(f)		0.07			0.12			0.14			0.09
Net Realized and Unrealized Gains (Losses) on Investments		0.30			2.02			0.57			(1.10	)		(3.79	)		3.26			2.03

Total from Investment Operations		0.29			2.02			0.58			(1.03	)		(3.67	)		3.40			2.12
Less Distributions:
From Net Investment Income		—			(0.01	)		(0.01	)		(0.05	)		(0.12	)		(0.14	)		(0.11	)
From Net Realized Gains		(0.17	)		(0.01	)		—			(0.33	)		(1.23	)		(0.31	)		—

Total Distributions		(0.17	)		(0.02	)		(0.01	)		(0.38	)		(1.35	)		(0.45	)		(0.11	)

Net Asset Value, End of Period	$	10.93		$	10.81		$	8.81		$	8.24		$	9.65		$	14.67		$	11.72

Ratios and Supplemental Data
Total Return		+2.78	%		+22.93	%		+6.99	%		–11.47	%		–26.39	%		+29.48	%		+21.88	%
Net Assets, End of Period (In Millions)	$	61		$	67		$	9		$	6		$	4		$	5		$	3
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%*		1.7	%		3.1	%*		3.7	%		4.7	%		3.8	%		4.6	%
Ratio of Expenses to Average Net Assets		1.5	%*		1.5	%		1.5	%*		1.5	%		1.5	%		1.5	%		1.5	%
Ratio of Net Investment Income to Average Net Assets		(0.2	)%*		(0.0	)%^(e)		0.1	%*		0.8	%		1.0	%		1.1	%		0.8	%
Portfolio Turnover Rate^(g)		143.5	%		148.2	%		36.4	%		190.4	%		221.6	%		142.7	%		113.4	%

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS B


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(h)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.69		$	8.79		$	8.21
Income From Investment Operations:
Net Investment Income		(0.05	)		(0.10	)^(f)		(0.02	)^(f)
Net Realized and Unrealized Gains on Investments		0.29			2.01			0.60

Total from Investment Operations		0.24			1.91			0.58
Less Distributions:
From Net Investment Income		—			(0.00	)^(e)		—
From Net Realized Gains		(0.17	)		(0.01	)		—

Total Distributions		(0.17	)		(0.01	)		—

Net Asset Value, End of Period	$	10.76		$	10.69		$	8.79

Ratios and Supplemental Data
Total Return		+2.34	%		+21.74	%		+7.06	%
Net Assets, End of Period (In Millions)	$	9		$	8		$	0	⁽ⁱ⁾
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.5	%		4.2	%*
Ratio of Expenses to Average Net Assets		2.3	%*		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		(1.0	)%*		(1.0	)%		(0.2	)%*
Portfolio Turnover Rate^(g)		143.5	%		148.2	%		36.4	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2002, the Fund changed its fiscal year-end from September to December.

(d)	Effective September 5, 2002 Strong Capital Management, Inc. assumed the investment advisory responsibilities from Rockhaven Asset Management, LLC.

(e)	Amount calculated is less than $0.005 or 0.05%.

(f)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(h)	For the period from September 30, 2002 (commencement of class) to December 31, 2002.

(i)	Amount is less than $500,000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS C


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.69		$	8.79		$	8.21
Income From Investment Operations:
Net Investment Income (Loss)		(0.05	)		(0.10	)^(d)		(0.02	)^(d)
Net Realized and Unrealized Gains (Losses) on Investments		0.29			2.01			0.60

Total from Investment Operations		0.24			1.91			0.58
Less Distributions:
From Net Investment Income		—			—			(0.00	)^(e)
From Net Realized Gains (Losses)		(0.17	)		(0.01	)		—

Total Distributions		(0.17	)		(0.01	)		(0.00	)^(e)

Net Asset Value, End of Period	$	10.76		$	10.69		$	8.79

Ratios and Supplemental Data
Total Return		+2.34	%		+21.73	%		+7.09	%
Net Assets, End of Period (In Millions)	$	8		$	6		$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%*		2.5	%		4.2	%*
Ratio of Expenses to Average Net Assets		2.4	%*		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		(1.1	)%*		(1.0	)%		(0.2	)%*
Portfolio Turnover Rate^(g)		143.5	%		148.2	%		36.4	%

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS K


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.84		$	8.80		$	8.21
Income From Investment Operations:
Net Investment Income		0.01			0.05	^(d)		0.02	^(d)
Net Realized and Unrealized Losses on Investments		0.31			2.03			0.59

Total from Investment Operations		0.32			2.08			0.61
Less Distributions:
From Net Investment Income		—			(0.03	)		(0.02	)
From Net Realized Gains		(0.17	)		(0.01	)		—

Total Distributions		(0.17	)		(0.04	)		(0.02	)

Net Asset Value, End of Period	$	10.99		$	10.84		$	8.80

Ratios and Supplemental Data
Total Return		+3.05	%		+23.66	%		+7.38	%
Net Assets, End of Period (In Millions)	$	39		$	35		$	0	^(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.3	%*		1.4	%		2.9	%*
Ratio of Expenses to Average Net Assets		1.0	%*		1.0	%		1.0	%*
Ratio of Net Investment Income to Average Net Assets		0.3	%		0.5	%		1.1	%*
Portfolio Turnover Rate^(g)		143.5	%		148.2	%		36.4	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from September 30, 2002 (commencement of class) to December 31, 2002.

(d)	Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(e)	Amount calculated is less than $0.005.

(f)	Amount is less than $500,000.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS

June 30, 2004 (Unaudited)

1.	Organization

The accompanying financial statements represent the following Strong Advisor Equity Funds (the “Funds”), each with its own investment objectives and policies:

•

Strong Advisor Common Stock Fund⁽¹⁾ (a series fund of Strong Common Stock Fund, Inc.)

•

Strong Advisor Mid Cap Growth Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

•

Strong Advisor Small Cap Value Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

•

Strong Advisor U.S. Value Fund⁽¹⁾ (a series fund of Strong Conservative Equity Funds, Inc.)

•

Strong Advisor Endeavor Large Cap Fund⁽¹⁾ (a series fund of Strong Common Stock Fund, Inc.)

•

Strong Advisor Focus Fund⁽²⁾ (a series fund of Strong Common Stock Fund, Inc.)

•

Strong Advisor International Core Fund⁽¹⁾ (a series fund of Strong International Equity Funds, Inc.)

•

Strong Advisor Select Fund⁽²⁾ (a series fund of Strong Opportunity Fund, Inc.)

•

Strong Advisor Technology Fund⁽¹⁾ (a series fund of Strong Common Stock Fund, Inc.)

•

Strong Advisor U.S. Small/Mid Cap Growth Fund⁽¹⁾ (a series fund of Strong Opportunity Fund, Inc.)

•

Strong Advisor Utilities and Energy Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

•

Strong Advisor Large Company Core Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

⁽¹⁾	Diversified Fund.

⁽²⁾	Non-diversified Fund.

Each Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”).

Strong Advisor Common Stock Fund, Strong Advisor Mid Cap Growth Fund, and Strong Advisor Small Cap Value Fund offer Class A, B, C, and Z shares. Strong Advisor U.S. Value Fund offers Class A, B, C, K, and Z shares. Strong Advisor Endeavor Large Cap Fund, Strong Advisor Focus Fund, Strong Advisor International Core Fund, Strong Advisor Select Fund, Strong Advisor Technology Fund, Strong Advisor U.S. Small/Mid Cap Growth Fund, and Strong Advisor Utilities and Energy Fund offer Class A, B, and C shares. Strong Advisor Large Company Core Fund offers Class A, B, C, and K shares. All classes of shares differ principally in their respective administration, transfer agent, and distribution expenses and sales charges, if any. All classes of shares have identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.

Class A, B, and C shares are available only through financial professionals. Class K shares are primarily available through retirement plans. Class Z shares are available to certain investors and investment professionals who owned Investor Class shares of the Fund on November 30, 2000 and to certain other investors as set forth in the Funds’ prospectuses.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

(A)

Security Valuation — Securities of the Funds traded on a national securities exchange are valued each business day at the last sales price. Securities traded on the NASDAQ Stock Market are valued each business day using the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which there were no transactions and NASDAQ-traded securities for which there is no NOCP are valued at the mean of the bid and ask prices. Securities for which market quotations are not readily available are fair valued as determined in good faith under the general supervision of the Board of Directors. Some of the Fund’s portfolio securities may be listed on foreign exchanges that close before the U.S. markets and that trade on days when the U.S. markets are closed. As a result, management, under the supervision of the Strong Funds’ Board of Directors, will consider significant events affecting foreign securities and the movements of the domestic markets that occur after the close of the foreign markets and before the time a Fund’s net asset value (“NAV”) is calculated in valuing such foreign securities. Securities that are purchased within 60 days of their stated maturity are valued at amortized cost, which approximates fair value.

The Funds may own certain securities that are restricted as to resale. Restricted securities include Section 4(2) commercial paper, securities issued in a private placement, or securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933. Restricted securities may be determined to be liquid or illiquid. Securities are deemed illiquid based upon guidelines established by the Funds’ Board of Directors. Illiquid securities are valued after giving due consideration to pertinent factors, such as recent private sales, market conditions, and the issuer’s financial performance. The aggregate cost and fair value of restricted securities held at June 30, 2004, that are deemed illiquid, are as follows:


	Aggregate Cost		Aggregate Fair Value		Percent of Net Assets
Strong Advisor Small Cap Value Fund	$	680,073	$	717,263	0.0	%

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

(B)

Federal Income and Excise Taxes and Distributions to Shareholders — The Funds intend to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is recorded.

Undistributed income or net realized gains for financial statement purposes may differ from what is determined for federal income tax purposes due to differences in the timing, recognition, and characterization of income, expense, and capital gain items for financial statement and tax purposes. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

Each Fund, other than Strong Advisor U.S. Value Fund and Strong Advisor Utilities and Energy Fund, generally pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Strong Advisor U.S. Value Fund and Strong Advisor Utilities and Energy Fund generally pay dividends from net investment income quarterly and distribute net realized capital gains, if any, at least annually.

(C)

Realized Gains and Losses on Investment Transactions — Investment security transactions are recorded as of the trade date. Gains or losses realized on investment transactions are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

(D)

Certain Investment Risks — The Funds may utilize derivative instruments including options, futures, and other instruments with similar characteristics to the extent that they are consistent with the Funds’ investment objectives and limitations. The Funds intend to use such derivative instruments primarily to hedge or protect itself from adverse movements in securities’ prices, foreign currencies, or interest rates. The use of these instruments involves certain risks, including the possibility that the future value of the underlying assets or indices fluctuate (in the case of futures and options), the derivative becomes illiquid, an imperfect correlation arises between the value of the derivative and the underlying assets or indices, or that the counterparty fails to perform its obligations when due.

Investments in foreign-denominated assets or forward foreign currency contracts may involve greater risks than domestic investments such as foreign-related risks created by currency rate fluctuations, foreign political and economic instability, foreign financial reporting standards and taxes, and foreign securities markets and issuer regulation. Foreign securities may be less liquid than domestic securities.

(E)

Futures — Upon entering into a futures contract, the Funds segregate cash and/or other liquid investments equal to the minimum “initial margin” requirements of the exchange and the futures commission merchant or broker. Each Fund designates liquid securities as collateral on open futures contracts. During the term of the futures contract, the Funds also receive credit from, or pay to, the futures commission merchant or broker an amount of cash or liquid assets equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin” and are recorded as unrealized gains or losses by the Funds. When the futures contract is closed, a realized gain or loss is recorded equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

(F)

Written Options — The Funds may write put or call options. Premiums received by the Funds upon writing put or call options are recorded as an asset with a corresponding liability that is subsequently adjusted daily to the current market value of the option. Changes between the initial premiums received and the current market value of the options are recorded as unrealized gains or losses by the Funds. When a written option is closed, expired, or exercised, the Funds realize a gain or loss and the liability is eliminated. The Funds continue to bear the risk of adverse movements in the price of the underlying asset during the period of the written option, although any potential loss during the period would be reduced by the amount of the option premium received by the Funds. Each Fund designates liquid securities or cash on its books to cover its financial exposure on open written options contracts.

(G)

Foreign Currency Conversion — Securities and other assets and liabilities initially expressed in foreign currencies are converted daily into U.S. dollars based upon current exchange rates. Purchases and sales of foreign securities and foreign income are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions. The effect of changes in foreign exchange rates on realized and unrealized security gains or losses is reflected as a component of such gains or losses.

(H)

Forward Foreign Currency Exchange Contracts — Forward foreign currency exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Funds record an exchange gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(I)

Short Positions — The Funds may engage in short sale transactions. For financial statement purposes, an amount equal to the settlement amount is included in the Statements of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the short position. Changes between the amount of the liability and the current market value of the short positions are recorded as unrealized gains or losses. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Fund and are included in Other Expenses in the Statement of Operations. If the Funds sell securities short while also holding the long position in the security, they may protect unrealized gains but will lose the opportunity to profit on such securities if the price rises. If the Funds sell securities short when not holding the long position in the security, they will experience a loss if the market price of the security increases between the date of the short sale and the date the security is replaced.

(J)

Repurchase Agreements — The Funds may enter into repurchase agreements with institutions that the Funds’ investment advisor, Strong Capital Management, Inc. (the “Advisor”), has determined are creditworthy. Each repurchase transaction is recorded at cost, which approximates fair value. The Funds require that the collateral, represented by cash and/or securities (primarily U.S. government securities), in a repurchase transaction be maintained in a segregated account under the control of the Funds’ custodial bank in a manner sufficient to enable the Funds to liquidate those securities in the event of a default of the counterparty. On a daily basis, the Funds’ custodial bank monitors the value of the collateral, including accrued interest, to ensure it is at least equal to the amounts owed to the Funds under each repurchase agreement.

(K)

Securities Lending — The Funds, except Strong Advisor Utilities and Energy Fund and Strong Advisor Large Company Core Fund, have entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank, which was subsequently assumed by State Street Bank and Trust Company. Under the terms of the Agreement, the Funds may lend portfolio securities to qualified institutional borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash and cash equivalents equal to at least 102% of the market value of the aggregate loaned securities, plus accrued interest, and the collateral is marked-to-market daily. Cash collateral received is invested in repurchase agreements, investment funds, government obligations, and/or bank obligations.

At June 30, 2004, Strong Advisor Common Stock Fund, Strong Advisor Mid Cap Growth Fund, and Strong Advisor U.S. Value Fund had securities with a market value of $89,071,410, $110,533, and $7,175,925, respectively, on loan and had received $91,631,247, $112,131, and $7,404,288, respectively, in collateral (both are included within Investments in the Statements of Assets and Liabilities). Amounts earned as interest on investments of cash collateral, net of rebates and other securities lending expenses, are included in Interest Income in the Statements of Operations. For the six months ended June 30, 2004, the securities lending income totaled, $64,154, $1,321, and $4,210 for Strong Advisor Common Stock Fund, Strong Advisor Mid Cap Growth Fund, and Strong Advisor U.S. Value Fund, respectively.

The three primary risks associated with securities lending are: a borrower defaulting on its obligation to return the securities loaned resulting in a shortfall on the posted collateral; a principal loss arising from the lending agent’s investment of cash collateral; and the inability of the lending Fund to recall a security in time to exercise valuable voting rights or sell the security. In each case, the lending agent has indemnified the Funds for these types of losses.

(L)

Directed Brokerage — The Funds direct certain portfolio trades to brokers who, in turn, pay a portion of the Funds’ expenses not attributable to the Advisor or its affiliates. Such amounts are included in Expense Offsets reported in the Funds’ Statements of Operations and in Note 4.

(M)

Earnings Credit Arrangements — Credits are earned on positive cash balances maintained in custodian accounts. These credits serve to reduce the custodian’s fees incurred by certain Funds and are included in Expense Offsets reported in the Funds’ Statements of Operations and in Note 4.

(N)

Expenses — The Funds and other affiliated Strong Funds contract for certain services on a collective basis. The majority of the expenses are directly identifiable to an individual Fund. Expenses that are not readily identifiable to a specific Fund will be allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative sizes of the Strong Funds.

(O)

Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in these financial statements. Actual results could differ from those estimates.

(P)

Guarantees and Indemnifications — In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

(Q)

Other — Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of premiums and discounts on the interest method. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative shares outstanding.

(R)

Redemption Fees — Class A shares of Strong Advisor Large Company Core Fund held for 360 calendar days or less after purchase are subject to a redemption fee of 1.00%, based on the redeemed share’s market value. Class A, B, and C shares of Strong Advisor International Core Fund held for thirty calendar days or less after purchase are subject to a redemption fee of 1.00%, based on the redeemed share’s market value. Redemption fees are paid directly to the Funds. The amount collected for the period is included in Capital Stock reported in the Statements of Assets and Liabilities and in Note 8. Strong Advisor International Core Fund did not collect any redemption fees during the period.

3.	Related Party Transactions

The Advisor provides investment advisory and related services to the Funds. Strong Investor Services, Inc. (the “Administrator”), an affiliate of the Advisor, provides administrative, transfer agent, and related services to the Funds. Certain officers and, until December 2, 2003, certain directors of the Funds are or were affiliated with the Advisor and the Administrator. Investment advisory and administration fees, which are established by terms of the advisory and administration agreements, are based on the following annualized rates of the average daily net assets of the respective Fund:


			Administrative Fees
	Advisory Fees⁽¹⁾		Class A		Class B		Class C		Class K		Class Z
Strong Advisor Common Stock Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		0.30	%
Strong Advisor Mid Cap Growth Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		0.30	%
Strong Advisor Small Cap Value Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		0.30	%
Strong Advisor U.S. Value Fund	0.55	%	0.30	%	0.30	%	0.30	%	0.25	%	0.30	%
Strong Advisor Endeavor Large Cap Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Focus Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor International Core Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Select Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Technology Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor U.S. Small/Mid Cap Growth Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Utilities and Energy Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Large Company Core Fund	0.75	%	0.30	%	0.30	%	0.30	%	0.25	%	*

*	Does not offer share class.

⁽¹⁾	The investment advisory fees are 0.75% for assets under $4 billion, 0.725% for the next $2 billion assets, and 0.70% for assets $6 billion and above. Strong Advisor U.S. Value Fund does not have a breakpoint schedule.

The Funds’ Advisor and/or Administrator may voluntarily waive or absorb certain expenses at their discretion. The Advisor and/or Administrator has contractually agreed to waive and/or absorb expenses for the following Funds until May 1, 2005, to keep Net Annual Operating Expenses at or below the following percentages:


	Class A		Class B		Class C		Class K		Class Z
Strong Advisor Common Stock Fund	*		2.50	%	*		*	*	*
Strong Advisor Mid Cap Growth Fund	*		2.50	%	2.50	%	*	*	*
Strong Advisor Small Cap Value Fund	*		*		*		*	*	*
Strong Advisor U.S. Value Fund	2.50	%	2.50	%	2.50	%	0.99	%	*
Strong Advisor Endeavor Large Cap Fund	*		2.50	%	2.50	%	*	*	*	*
Strong Advisor Focus Fund	2.50	%	2.50	%	2.50	%	*	*	*	*
Strong Advisor International Core Fund	2.50	%	2.50	%	2.50	%	*	*	*	*
Strong Advisor Select Fund	2.50	%	2.50	%	2.50	%	*	*	*	*
Strong Advisor Technology Fund	2.50	%	2.50	%	2.50	%	*	*	*	*
Strong Advisor U.S. Small/Mid Cap Growth Fund	2.50	%	2.50	%	2.50	%	*	*	*	*
Strong Advisor Utilities and Energy Fund	*		*		*		*	*	*	*
Strong Advisor Large Company Core Fund	1.50	%⁽¹⁾	2.50	%	2.50	%	0.99	%	*	*

*	Contractual rate not applicable to Class.

**	Does not offer share class.

⁽¹⁾	The contractual rate is indefinite and may only be terminated by the Board of Directors of the Funds, but not before May 1, 2005.

Transfer agent and related service fees for Class Z shares are paid at an annual rate of $27.00 for each open shareholder account and $4.20 for each closed shareholder account. Transfer agent and related service fees for each of the Funds’ Class A, B, C, and K shares are paid at an annual rate of 0.20% of the average daily net assets of each respective class. Transfer agent fees are recorded in Shareholder Servicing Costs in the Funds’ Statements of Operations and in Note 4. The Administrator also allocates to each Fund certain charges or credits resulting from transfer agency banking activities based on each Class’ level of subscription and redemption activity. Transfer Agency Banking Charges allocated to the Funds by the Administrator, if any, are included in Other Expenses in the Funds’ Statements of Operations and in Note 4. Transfer Agency Banking Credits allocated by the Administrator, if any, serve to reduce the transfer agency expenses incurred by the Funds and are included in Expense Offsets in the Funds’ Statements of Operations and in Note 4. The Administrator is also compensated for certain other out-of-pocket expenses related to transfer agent services.

The Funds have adopted a Rule 12b-1 distribution and service plan under the 1940 Act on behalf of each of the Funds’ Class A, B, and C shares. Under the plan, Strong Investments, Inc. (the “Distributor” and an affiliate of the Advisor) is paid an annual rate of 0.25%, 1.00%, and 1.00% of the average daily net assets of the Class A, B, and C shares, respectively, as compensation for services provided and expenses incurred, including amounts paid to brokers or dealers, in connection with the sale of each Fund’s Class A, B, and C shares. See Note 4.

The Funds’ Class A, B, and C shares have sales charges (loads) charged to shareholders. The Funds’ Class A shares have a maximum 5.75% front-end sales charge. The Funds’ Class A shares, except Strong Advisor Large Company Core Fund, may be subject to a 1.00% contingent deferred sales charge if shares are purchased without an initial sales charge and are redeemed within one year of purchase (usually on purchases of $1,000,000 or more). The Funds’ Class B shares have a maximum 5.00% contingent deferred sales charge. The Funds’ Class C shares have a maximum 1.00% contingent deferred sales charge if the shares are sold within one year of their original purchase date. Sales charges are not an expense of the Funds and are not reflected in the financial statements of the Funds. Certain of these sales charges may be waived in limited circumstances.

For the six months ended June 30, 2004, the Distributor received aggregate sales charges from the sale of Class A shares as follows: Strong Advisor Common Stock Fund $3,971, Strong Advisor Mid Cap Growth Fund $339, Strong Advisor Small Cap Value Fund $7,087, Strong Advisor U.S. Value Fund $326, Strong Advisor Endeavor Large Cap Fund $697, Strong Advisor Focus Fund $4, Strong Advisor International Core Fund $202, Strong Advisor Select Fund $1,004, Strong Advisor Technology Fund $0, Strong Advisor U.S. Small/Mid Cap Growth Fund $1,195, Strong Advisor Utilities and Energy Fund $80, and Strong Advisor Large Company Core Fund $7,612.

For the six months ended June 30, 2004, the Distributor received aggregate contingent deferred sales charges from the redemption of Class A, B, and C shares as follows: Strong Advisor Common Stock Fund $61,659, Strong Advisor Mid Cap Growth Fund $7,693, Strong Advisor Small Cap Value Fund $192,786, Strong Advisor U.S. Value Fund $13,302, Strong Advisor Endeavor Large Cap Fund $6,731, Strong Advisor Focus Fund $8,527, Strong Advisor International Core Fund $189, Strong Advisor Select Fund $1,011, Strong Advisor Technology Fund $1,276, Strong Advisor U.S. Small/Mid Cap Growth Fund $2,548, Strong Advisor Utilities and Energy Fund $0, and Strong Advisor Large Company Core Fund $13,846.

Next Century Growth Investors, LLC (“Next Century Growth”), an affiliate of the Advisor, manages the investments of Strong Advisor U.S. Small/Mid Cap Growth Fund under a subadvisory agreement with the Advisor. Next Century Growth is compensated by the Advisor (not the Fund) and bears all of its own expenses in providing subadvisory services.

W.H. Reaves & Co., Inc. (“Reaves”) manages the investments of Strong Advisor Utilities and Energy Fund under a subadvisory agreement with the Advisor. Reaves is compensated by the Advisor (not the Fund) and bears all of its own expenses in providing subadvisory services. The investment subadvisory fees are based on breakpoints ranging from net asset values of $200 million to $2.5 billion. The investment subadvisory fees are also subject to adjustment upward or downward depending on the Fund’s performance measured against a benchmark. The benchmark is 90% of the performance of a blend of utilities and energy indices. In addition, Reaves directly affects purchases and sales of securities for the Fund. In conjunction therewith, brokerage commissions paid to Reaves by the Fund for the six months ended June 30, 2004, totaled $14,652.

The Funds may invest cash in money market funds managed by the Advisor, subject to certain limitations set by the Fund’s Board of Directors and applicable law.

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

Certain information regarding related party transactions, excluding the effects of waivers and absorptions, for the six months ended June 30, 2004, is as follows:


	Payable to/ (Receivable from) Advisor or Administrator at June 30, 2004			Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ and Independent Officers’ Fees
Strong Advisor Common Stock Fund	$	273,856		$	1,683,617	$	4,327	$	43,361
Strong Advisor Mid Cap Growth Fund		23,877			156,709		991		2,290
Strong Advisor Small Cap Value Fund		432,176			2,699,980		8,888		48,739
Strong Advisor U.S. Value Fund		81,130			493,221		16,402		7,127
Strong Advisor Endeavor Large Cap Fund		9,813			38,854		925		1,228
Strong Advisor Focus Fund		360			2,996		8		454
Strong Advisor International Core Fund		(93	)		1,719		9		404
Strong Advisor Select Fund		14,620			75,853		873		2,117
Strong Advisor Technology Fund		86			1,745		7		423
Strong Advisor U.S. Small/Mid Cap Growth Fund		2,301			6,028		24		453
Strong Advisor Utilities and Energy Fund		1,419			10,074		4		663
Strong Advisor Large Company Core Fund		18,453			117,972		329		2,370

At June 30, 2004, the Distributor owned 21% of the outstanding shares of Strong Advisor International Core Fund.

4.	Expenses and Expense Offsets

For the six months ended June 30, 2004, the class specific expenses are as follows:


	Administrative Fees		Shareholder Servicing Costs		Reports to Shareholders		12b-1 Fees		Other
Strong Advisor Common Stock Fund
Class A	$	119,578	$	80,469	$	12,549	$	99,649	$	5
Class B		57,425		39,773		7,649		191,415		78
Class C		48,483		33,361		7,832		161,610		919
Class Z		2,070,152		1,527,427		227,517		—		5,912
Strong Advisor Mid Cap Growth Fund
Class A		14,018		9,492		4,422		11,681		59
Class B		4,292		3,167		2,588		14,306		13
Class C		1,054		770		888		3,513		17
Class Z		79,663		142,546		44,872		—		1,635
Strong Advisor Small Cap Value Fund
Class A		958,583		650,173		102,906		798,819		1,500
Class B		186,353		134,226		37,650		621,178		666
Class C		227,804		160,071		47,644		759,348		1,172
Class Z		1,792,277		1,753,406		207,661		—		7,655
Strong Advisor U.S. Value Fund
Class A		6,560		4,503		1,255		5,466		92
Class B		8,250		5,856		1,887		27,500		21
Class C		6,465		4,735		1,938		21,550		441
Class K		102,549		82,040		905		—		4,456
Class Z		337,432		395,359		122,239		—		12,120
Strong Advisor Endeavor Large Cap Fund
Class A		56,250		37,513		2,906		46,875		934
Class B		1,183		821		167		3,945		2
Class C		645		466		154		2,149		44
Strong Advisor Focus Fund
Class A		1,855		1,299		738		1,546		11
Class B		1,739		1,321		988		5,795		4
Class C		466		350		2,730		1,555		18
Strong Advisor International Core Fund
Class A		896		618		164		746		4
Class B		1,232		885		293		4,107		4
Class C		304		214		63		1,015		4
Strong Advisor Select Fund
Class A		111,383		74,294		3,471		92,819		891
Class B		1,099		778		221		3,680		1
Class C		1,028		739		188		3,452		25


	Administrative Fees		Shareholder Servicing Costs		Reports to Shareholders		12b-1 Fees		Other
Strong Advisor Technology Fund
Class A	$	1,315	$	892	$	338	$	1,096	$	15
Class B		817		571		193		2,723		2
Class C		364		264		237		1,209		8
Strong Advisor U.S. Small/Mid Cap Growth Fund
Class A		4,255		2,885		403		3,546		18
Class B		2,003		1,378		214		6,675		5
Class C		2,312		1,578		668		7,706		189
Strong Advisor Utilities and Energy Fund
Class A		14,367		9,589		271		11,973		11
Class B		358		249		53		1,194		3
Class C		325		224		53		1,082		2
Strong Advisor Large Company Core Fund
Class A		98,530		66,236		3,020		82,109		118
Class B		12,491		8,691		1,642		41,637		32
Class C		10,793		7,455		5,799		35,977		312
Class K		44,106		35,285		3,739		—		172

For the six months ended June 30, 2004, the class specific expense offsets are as follows:


	Expense Waivers and Absorptions			Transfer Agency Banking Credits			Directed Brokerage Credits			Earnings Credits
Strong Advisor Common Stock Fund
Class A	$	(4,645	)	$	(22	)	$	—		$	—
Class B		(3,426	)		—			—			—
Class C		(3,307	)		—			—			—
Class Z		(24,643	)		—			—			—
Fund Level		(139,041	)		—			(38,113	)		(212	)
Strong Advisor Mid Cap Growth Fund
Class A		(742	)		—			—			—
Class B		(1,407	)		—			—			—
Class C		(609	)		—			—			—
Class Z		(6,439	)		—			—			—
Fund Level		(6,036	)		—			(7,691	)		(14	)
Strong Advisor Small Cap Value Fund
Class A		(46,646	)		—			—			—
Class B		(14,965	)		—			—			—
Class C		(16,490	)		—			—			—
Class Z		(42,604	)		—			—			—
Fund Level		(193,256	)		—			(55,185	)		(513	)
Strong Advisor U.S. Value Fund
Class A		(594	)		—			—			—
Class B		(763	)		—			—			—
Class C		(875	)		—			—			—
Class K		(23,151	)		—			—			—
Class Z		(7,319	)		—			—			—
Fund Level		(30,531	)		—			(4,968	)		(30	)
Strong Advisor Endeavor Large Cap Fund
Class A		(57	)		—			—			—
Class B		(44	)		—			—			—
Class C		(47	)		—			—			—
Fund Level		(3,746	)		—			(5,077	)		(11	)
Strong Advisor Focus Fund
Class A		(5,277	)		—			—			—
Class B		(6,823	)		—			—			—
Class C		(4,276	)		—			—			—
Fund Level		(13,943	)		—			(2,570	)		(1	)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Expense Waivers and Absorptions			Transfer Agency Banking Credits		Directed Brokerage Credits			Earnings Credits
Strong Advisor International Core Fund
Class A	$	(2,428	)	$	—	$	—		$	—
Class B		(6,521	)		—		—			—
Class C		(1,599	)		—		—			—
Fund Level		(37,458	)		—		(111	)		(1	)
Strong Advisor Select Fund
Class A		(350	)		—		—			—
Class B		(78	)		—		—			—
Class C		(63	)		—		—			—
Fund Level		(6,927	)		—		(8,343	)		(89	)
Strong Advisor Technology Fund
Class A		(3,663	)		—		—			—
Class B		(4,287	)		—		—			—
Class C		(2,066	)		—		—			—
Fund Level		(11,495	)		—		(3,842	)		(1	)
Strong Advisor U.S. Small/Mid Cap Fund
Class A		(414	)		—		—			—
Class B		(5,299	)		—		—			—
Class C		(6,660	)		—		—			—
Fund Level		(640	)		—		(1,929	)		(3	)
Strong Advisor Utilities and Energy Fund
Class A		(47	)		—		—			—
Class B		(485	)		—		—			—
Class C		(467	)		—		—			—
Fund Level		(1,026	)		—		—			(1	)
Strong Advisor Large Company Core Fund
Class A		(24,241	)		—		—			—
Class B		(700	)		—		—			—
Class C		(2,862	)		—		—			—
Class K		(52,092	)		—		—			—
Fund Level		(10,707	)		—		(8,306	)		(187	)

5.	Line of Credit

The Strong Funds have established a line of credit agreement (“LOC”) with certain financial institutions, which expires October 8, 2004, to be used for temporary or emergency purposes. Combined borrowings among all participating Strong Funds are subject to a $350 million cap on the total LOC. For an individual Fund, borrowings under the LOC are limited to either the lesser of 15% of the market value of the Fund’s total assets or any explicit borrowing limits in the Fund’s registration statement. The principal amount of each borrowing under the LOC is due not more than 45 days after the date of the borrowing. Borrowings under the LOC bear interest based on prevailing market rates as defined in the LOC. A commitment fee of 0.09% per annum is incurred on the unused portion of the LOC and is allocated to all participating Strong Funds based on their net asset values. For the six months ended June 30, 2004, there were no borrowings by Strong Advisor Common Stock Fund, Strong Advisor Mid Cap Growth Fund, Strong Advisor Small Cap Value Fund, Strong Advisor Focus Fund, Strong Advisor International Core Fund, Strong Advisor Select Fund, Strong Advisor U.S. Small/Mid Cap Growth Fund, and Strong Advisor Utilities and Energy Fund under the LOC. Strong Advisor U.S. Value Fund, Strong Advisor Endeavor Large Cap Fund, and Strong Advisor Large Company Core Fund had minimal borrowings under the LOC during the period. During the six months ended June 30, 2004, Strong Advisor Technology Fund had an outstanding average daily balance of $2,198 under the LOC. The maximum amount outstanding during the period was $100,000. Interest expense amounted to $17 for the six months ended June 30, 2004. At June 30, 2004, there were no outstanding borrowings by the Funds under the LOC.

6.	Investment Transactions

The aggregate purchases and sales of long-term securities during the six months ended June 30, 2004, are as follows:


	Purchases		Sales
Strong Advisor Common Stock Fund	$	393,717,183	$	508,552,628
Strong Advisor Mid Cap Growth Fund		62,190,038		73,534,095
Strong Advisor Small Cap Value Fund		370,745,993		619,233,238
Strong Advisor U.S. Value Fund		110,961,083		44,464,677
Strong Advisor Endeavor Large Cap Fund		32,999,519		32,700,839
Strong Advisor Focus Fund		1,156,232		2,003,273
Strong Advisor International Core Fund		422,361		262,319
Strong Advisor Select Fund		48,733,629		61,551,316
Strong Advisor Technology Fund		1,188,855		1,602,406
Strong Advisor U.S. Small/Mid Cap Growth Fund		3,373,074		3,238,829
Strong Advisor Utilities and Energy Fund		5,710,150		8,315,298
Strong Advisor Large Company Core Fund		164,884,980		170,676,357

There were no purchases or sales of long-term U.S. government securities during the six months ended June 30, 2004.

7.	Income Tax Information

The following information for the Funds is presented on an income tax basis as of June 30, 2004:


	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments
Strong Advisor Common Stock Fund	$	1,218,571,148	$	368,950,391	$	(39,809,706	)	$	329,140,685
Strong Advisor Mid Cap Growth Fund		49,139,840		14,056,715		(207,910	)		13,848,805
Strong Advisor Small Cap Value Fund		1,492,559,126		581,101,457		(36,968,331	)		544,133,126
Strong Advisor U.S. Value Fund		298,751,454		54,742,537		(5,251,480	)		49,491,057
Strong Advisor Endeavor Large Cap Fund		34,810,876		6,761,172		(327,220	)		6,433,952
Strong Advisor Focus Fund		1,891,181		663,245		(22,752	)		640,493
Strong Advisor International Core Fund		1,417,534		336,399		(10,323	)		326,076
Strong Advisor Select Fund		64,282,748		15,462,995		(561,663	)		14,901,332
Strong Advisor Technology Fund		1,520,776		237,817		(138,770	)		99,047
Strong Advisor U.S. Small/Mid Cap Growth Fund		4,834,977		1,078,866		(278,539	)		800,327
Strong Advisor Utilities and Energy Fund		6,774,559		967,382		(83,096	)		884,286
Strong Advisor Large Company Core Fund		111,394,754		9,806,394		(1,508,822	)		8,297,572

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

The capital loss carryovers (expiring in varying amounts through 2011) as of December 31, 2003, and tax basis post-October losses as of December 31, 2003, which are not recognized for tax purposes until the first day of the following fiscal year, are:


	Net Capital Loss Carryovers		Post-October Losses
Strong Advisor Common Stock Fund	$	98,586,817	$	—
Strong Advisor Mid Cap Growth Fund		118,085,651		—
Strong Advisor Small Cap Value Fund		—		—
Strong Advisor U.S. Value Fund		3,963,290		29,798
Strong Advisor Endeavor Large Cap Fund		5,636,377		31,201
Strong Advisor Focus Fund		4,503,261		—
Strong Advisor International Core Fund		30,211		—
Strong Advisor Select Fund		5,730,250		—
Strong Advisor Technology Fund		763,150		—
Strong Advisor U.S. Small/Mid Cap Growth Fund		107,537		136,043
Strong Advisor Utilities and Energy Fund		313,921		—
Strong Advisor Large Company Core Fund		—		13,372

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

8.	Capital Share Transactions


	Strong Advisor Common Stock Fund						Strong Advisor Mid Cap Growth Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	9,793,853		$	62,389,061		$	942,481		$	29,891,257
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(13,793,509	)		(48,584,158	)		(1,978,715	)		(29,161,740	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,999,656	)		13,804,903			(1,036,234	)		729,517
CLASS B
Proceeds from Shares Sold		1,274,204			8,099,013			48,677			490,452
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(2,475,271	)		(3,494,374	)		(250,605	)		(720,050	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,201,067	)		4,604,639			(201,928	)		(229,598	)
CLASS C
Proceeds from Shares Sold		2,987,481			9,917,355			16,197			326,442
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(7,447,100	)		(8,090,361	)		(202,450	)		(698,172	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(4,459,619	)		1,826,994			(186,253	)		(371,730	)
CLASS Z
Proceeds from Shares Sold		82,838,619			203,644,369			4,046,896			31,734,000
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(233,906,408	)		(608,593,067	)		(13,574,621	)		(61,043,159	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(151,067,789	)		(404,948,698	)		(9,527,725	)		(29,309,159	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(160,728,131	)	$	(384,712,162	)	$	(10,952,140	)	$	(29,180,970	)


	Strong Advisor Common Stock Fund				Strong Advisor Mid Cap Growth Fund
	Six Months Ended June 30, 2004		Year Ended Dec. 31, 2003		Six Months Ended June 30, 2004		Year Ended Dec. 31, 2003
	(Unaudited)				(Unaudited)
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold	438,547		3,431,779		77,784		3,106,763
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(619,938	)	(2,666,367	)	(165,418	)	(2,955,165	)

Net Increase (Decrease) in Shares	(181,391	)	765,412		(87,634	)	151,598

CLASS B
Sold	58,235		457,112		4,094		50,542
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(113,298	)	(198,050	)	(21,344	)	(70,959	)

Net Increase (Decrease) in Shares	(55,063	)	259,062		(17,250	)	(20,417	)

CLASS C
Sold	136,476		546,220		1,379		34,377
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(343,574	)	(442,002	)	(17,360	)	(69,097	)

Net Increase (Decrease) in Shares	(207,098	)	104,218		(15,981	)	(34,720	)

CLASS Z
Sold	3,694,725		11,182,299		336,892		3,193,498
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(10,437,771	)	(31,635,485	)	(1,124,324	)	(5,725,809	)

Net Increase (Decrease) in Shares	(6,743,046	)	(20,453,186	)	(787,432	)	(2,532,311	)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Advisor Small Cap Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	74,829,422		$	320,685,110
Proceeds from Reinvestment of Distributions		6,570,799			15,265,206
Payment for Shares Redeemed		(217,853,363	)		(184,534,476	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(136,453,142	)		151,415,840
CLASS B
Proceeds from Shares Sold		1,738,164			23,520,790
Proceeds from Reinvestment of Distributions		1,213,568			2,765,426
Payment for Shares Redeemed		(8,256,373	)		(12,814,273	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(5,304,641	)		13,471,943
CLASS C
Proceeds from Shares Sold		3,711,818			50,717,429
Proceeds from Reinvestment of Distributions		1,352,062			3,207,242
Payment for Shares Redeemed		(19,612,661	)		(42,529,352	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(14,548,781	)		11,395,319
CLASS Z
Proceeds from Shares Sold		306,271,817			568,392,266
Proceeds from Reinvestment of Distributions		12,489,901			27,317,931
Payment for Shares Redeemed		(339,538,979	)		(432,298,660	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(20,777,261	)		163,411,537

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(177,083,825	)	$	339,694,639


	Strong Advisor Small Cap Value Fund
	Six Months Ended June 30, 2004		Year Ended Dec. 31, 2003
	(Unaudited)
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	2,657,941		14,585,227
Issued in Reinvestment of Distributions	241,751		588,254
Redeemed	(7,901,315	)	(8,277,317	)

Net Increase (Decrease) in Shares	(5,001,623	)	6,896,164

CLASS B
Sold	63,493		1,128,906
Issued in Reinvestment of Distributions	45,778		108,960
Redeemed	(303,509	)	(590,325	)

Net Increase (Decrease) in Shares	(194,238	)	647,541

CLASS C
Sold	135,753		2,388,522
Issued in Reinvestment of Distributions	50,906		126,120
Redeemed	(718,038	)	(1,842,815	)

Net Increase (Decrease) in Shares	(531,379	)	671,827

CLASS Z
Sold	10,794,698		25,560,482
Issued in Reinvestment of Distributions	457,171		1,047,467
Redeemed	(12,085,262	)	(18,917,370	)

Net Increase (Decrease) in Shares	(833,393	)	7,690,579

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Advisor U.S. Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	483,037		$	2,442,595
Proceeds from Reinvestment of Distributions		14,430			33,629
Payment for Shares Redeemed		(1,388,544	)		(1,164,555	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(891,077	)		1,311,669
CLASS B
Proceeds from Shares Sold		947,974			1,532,091
Proceeds from Reinvestment of Distributions		3,300			9,048
Payment for Shares Redeemed		(218,596	)		(708,664	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		732,678			832,475
CLASS C
Proceeds from Shares Sold		471,314			2,936,148
Proceeds from Reinvestment of Distributions		1,205			7,949
Payment for Shares Redeemed		(524,805	)		(802,924	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(52,286	)		2,141,173
CLASS K
Proceeds from Shares Sold		5,109,520			75,594,336
Proceeds from Reinvestment of Distributions		6,665			26,245
Payment for Shares Redeemed		(12,750,607	)		(5,956,750	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(7,634,422	)		69,663,831
CLASS Z
Proceeds from Shares Sold		110,052,658			65,563,705
Proceeds from Reinvestment of Distributions		649,674			421,710
Payment for Shares Redeemed		(36,351,969	)		(156,527,039	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		74,350,363			(90,541,624	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	66,505,256		$	(16,592,476	)


	Strong Advisor U.S. Value Fund
	Six Months Ended June 30, 2004		Year Ended Dec. 31, 2003
	(Unaudited)
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	26,861		158,971
Issued in Reinvestment of Distributions	800		2,133
Redeemed	(77,267	)	(76,619	)

Net Increase (Decrease) in Shares	(49,606	)	84,485

CLASS B
Sold	52,676		101,156
Issued in Reinvestment of Distributions	182		558
Redeemed	(12,189	)	(49,252	)

Net Increase (Decrease) in Shares	40,669		52,462

CLASS C
Sold	26,359		187,092
Issued in Reinvestment of Distributions	66		485
Redeemed	(29,220	)	(51,438	)

Net Increase (Decrease) in Shares	(2,795	)	136,139

CLASS K
Sold	285,371		4,541,506
Issued in Reinvestment of Distributions	372		1,657
Redeemed	(712,464	)	(382,792	)

Net Increase (Decrease) in Shares	(426,721	)	4,160,371

CLASS Z
Sold	6,125,805		4,464,350
Issued in Reinvestment of Distributions	35,916		26,615
Redeemed	(1,999,500	)	(9,915,698	)

Net Increase (Decrease) in Shares	4,162,221		(5,424,733	)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Advisor Endeavor Large Cap Fund						Strong Advisor Focus Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	9,636,271		$	11,550,715		$	44,453		$	133,502
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(8,468,552	)		(13,087,873	)		(559,606	)		(1,033,507	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,167,719			(1,537,158	)		(515,153	)		(900,005	)
CLASS B
Proceeds from Shares Sold		98,424			545,692			20,301			33,725
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(7,130	)		(294,637	)		(231,204	)		(391,552	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		91,294			251,055			(210,903	)		(357,827	)
CLASS C
Proceeds from Shares Sold		70,485			236,667			964			128,342
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(95,346	)		(92,284	)		(74,237	)		(196,335	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(24,861	)		144,383			(73,273	)		(67,993	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	1,234,152		$	(1,141,720	)	$	(799,329	)	$	(1,325,825	)

Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		955,672			1,382,830			6,864			26,782
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(815,989	)		(1,497,908	)		(89,886	)		(189,152	)

Net Increase (Decrease) in Shares		139,683			(115,078	)		(83,022	)		(162,370	)

CLASS B
Sold		9,598			66,016			3,392			6,628
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(686	)		(36,913	)		(38,160	)		(74,150	)

Net Increase (Decrease) in Shares		8,912			29,103			(34,768	)		(67,522	)

CLASS C
Sold		6,939			27,852			160			25,997
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(9,373	)		(10,494	)		(12,036	)		(37,048	)

Net Increase (Decrease) in Shares		(2,434	)		17,358			(11,876	)		(11,051	)

100


	Strong Advisor International Core Fund						Strong Advisor Select Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	52,952		$	451,750		$	11,157,071		$	28,987,396
Proceeds from Reinvestment of Distributions		696			6,485			—			—
Payment for Shares Redeemed		(45,126	)		(163,951	)		(23,255,843	)		(27,068,354	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		8,522			294,284			(12,098,772	)		1,919,042
CLASS B
Proceeds from Shares Sold		156,725			346,867			266,207			257,127
Proceeds from Reinvestment of Distributions		826			6,923			—			—
Payment for Shares Redeemed		(30,147	)		(65,208	)		(22,480	)		(103,058	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		127,404			288,582			243,727			154,069
CLASS C
Proceeds from Shares Sold		40,647			562,293			501,599			204,823
Proceeds from Reinvestment of Distributions		228			2,436			—			—
Payment for Shares Redeemed		—			(585,411	)		(24,126	)		(104,606	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		40,875			(20,682	)		477,473			100,217

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	176,801		$	562,184		$	(11,377,572	)	$	2,173,328

Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		4,468			47,151			1,269,829			4,305,907
Issued in Reinvestment of Distributions		60			570			—			—
Redeemed		(3,845	)		(14,929	)		(2,673,646	)		(3,730,994	)

Net Increase (Decrease) in Shares		683			32,792			(1,403,817	)		574,913

CLASS B
Sold		13,262			36,895			31,022			37,614
Issued in Reinvestment of Distributions		72			609			—			—
Redeemed		(2,656	)		(6,823	)		(2,632	)		(14,269	)

Net Increase (Decrease) in Shares		10,678			30,681			28,390			23,345

CLASS C
Sold		3,443			58,481			58,866			29,859
Issued in Reinvestment of Distributions		20			215			—			—
Redeemed		—			(59,716	)		(2,799	)		(13,880	)

Net Increase (Decrease) in Shares		3,463			(1,020	)		56,067			15,979

101

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Advisor Technology Fund						Strong Advisor U.S. Small/Mid Cap Growth Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	429,034		$	475,649		$	846,538		$	2,506,870
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(886,089	)		(1,132,211	)		(1,184,734	)		(182,320	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(457,055	)		(656,562	)		(338,196	)		2,324,550
CLASS B
Proceeds from Shares Sold		35,985			285,676			520,298			711,067
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(19,556	)		(18,271	)		(50,459	)		(132,452	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		16,429			267,405			469,839			578,615
CLASS C
Proceeds from Shares Sold		4,510			38,794			152,724			1,161,876
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(83,604	)		(128,137	)		(96,111	)		(53,800	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(79,094	)		(89,343	)		56,613			1,108,076

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(519,720	)	$	(478,500	)	$	188,256		$	4,011,241

Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		57,767			83,030			75,175			237,549
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(113,487	)		(168,601	)		(107,282	)		(16,651	)

Net Increase (Decrease) in Shares		(55,720	)		(85,571	)		(32,107	)		220,898

CLASS B
Sold		4,868			47,464			47,192			69,682
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(2,801	)		(2,590	)		(4,542	)		(11,990	)

Net Increase (Decrease) in Shares		2,067			44,874			42,650			57,692

CLASS C
Sold		623			5,992			13,066			114,610
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(11,389	)		(21,193	)		(8,539	)		(4,922	)

Net Increase (Decrease) in Shares		(10,766	)		(15,201	)		4,527			109,688

102


	Strong Advisor Utilities and Energy Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	102,892		$	10,745,467
Proceeds from Reinvestment of Distributions		2,165			57,522
Payment for Shares Redeemed		(3,232,296	)		(8,634,471	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,127,239	)		2,168,518
CLASS B
Proceeds from Shares Sold		98,378			50,393
Proceeds from Reinvestment of Distributions		204			232
Payment for Shares Redeemed		(2,330	)		—

Net Increase (Decrease) in Net Assets from Capital Share Transactions		96,252			50,625
CLASS C
Proceeds from Shares Sold		12,152			61,694
Proceeds from Reinvestment of Distributions		239			1,418
Payment for Shares Redeemed		(85,522	)		(11,717	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(73,131	)		51,395

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(3,104,118	)	$	2,270,538

Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold		9,520			1,122,369
Issued in Reinvestment of Distributions		195			5,985
Redeemed		(299,088	)		(876,335	)

Net Increase (Decrease) in Shares		(289,373	)		252,019

CLASS B
Sold		8,953			5,210
Issued in Reinvestment of Distributions		19			24
Redeemed		(212	)		—

Net Increase (Decrease) in Shares		8,760			5,234

CLASS C
Sold		1,133			6,587
Issued in Reinvestment of Distributions		21			145
Redeemed		(7,747	)		(1,155	)

Net Increase (Decrease) in Shares		(6,593	)		5,577

103

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Advisor Large Company Core Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	6,461,432		$	59,864,417
Proceeds from Reinvestment of Distributions		1,022,423			78,573
Proceeds from Redemption Fees *		11,754			—
Payment for Shares Redeemed		(14,204,568	)		(9,871,639	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(6,708,959	)		50,071,351
CLASS B
Proceeds from Shares Sold		1,400,645			6,531,413
Proceeds from Reinvestment of Distributions		108,220			5,649
Proceeds from Redemption Fees *		1,454			—
Payment for Shares Redeemed		(268,238	)		(411,263	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,242,081			6,125,799
CLASS C
Proceeds from Shares Sold		2,714,475			5,690,544
Proceeds from Reinvestment of Distributions		110,458			5,296
Proceeds from Redemption Fees *		1,198			—
Payment for Shares Redeemed		(1,294,356	)		(624,699	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,531,775			5,071,141
CLASS K
Proceeds from Shares Sold		8,053,192			33,605,594
Proceeds from Reinvestment of Distributions		544,060			78,412
Proceeds from Redemption Fees *		6,231			—
Payment for Shares Redeemed		(5,337,836	)		(2,948,367	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		3,265,647			30,735,639

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(669,456	)	$	92,003,930

*	The amount of redemption fees collected for the year ended December 31, 2003 was $12,110 and was paid to the Fund in 2004.

104


	Strong Advisor Large Company Core Fund
	Six Months Ended June 30, 2004		Year Ended Dec. 31, 2003
	(Unaudited)
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	590,239		6,235,824
Issued in Reinvestment of Distributions	97,933		7,791
Redeemed	(1,311,161	)	(976,959	)

Net Increase (Decrease) in Shares	(622,989	)	5,266,656

CLASS B
Sold	129,436		691,767
Issued in Reinvestment of Distributions	10,507		549
Redeemed	(25,024	)	(40,925	)

Net Increase (Decrease) in Shares	114,919		651,391

CLASS C
Sold	251,329		596,467
Issued in Reinvestment of Distributions	10,724		512
Redeemed	(120,713	)	(61,554	)

Net Increase (Decrease) in Shares	141,340		535,425

CLASS K
Sold	739,391		3,545,081
Issued in Reinvestment of Distributions	51,865		8,183
Redeemed	(487,081	)	(302,576	)

Net Increase (Decrease) in Shares	304,175		3,250,688

105

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

9.	Investments in Affiliates

Affiliated issuers, as defined under the 1940 Act, include any Fund of the Strong Funds and any issuer in which the Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of transactions in the securities of these issuers during the six months ended June 30, 2004, is as follows:


	Balance of Shares Held Jan. 1, 2004	Gross Purchases and Additions	Gross Sales and Reductions		Balance of Shares Held June 30, 2004	Value June 30, 2004		Investment Income Jan. 1, 2004 - June 30, 2004		Realized Gain/Loss on Sales
Strong Advisor Small Cap Value Fund
Allied Healthcare Products, Inc.	848,200	158,420	(79,780	)	926,840	$	4,643,468	$	—	$	203,924
Apex Silver Mines, Ltd. *	2,115,100	440,400	(221,000	)	2,334,500		39,803,225		—		(331,967	)
Barbeques Galore, Ltd. Sponsored ADR	434,231	700	(15,000	)	419,931		3,632,403		—		77,745
Calgon Carbon Corporation	2,584,600	106,300	(69,600	)	2,621,300		17,562,710		157,512		(34,696	)
Covenant Transport, Inc. Class A	783,000	110,700	(6,000	)	887,700		15,170,793		—		39,394
Discovery Partners International, Inc.	1,503,400	404,100	(34,900	)	1,872,600		9,550,260		—		(72,430	)
Dura Automotive Systems, Inc. *	1,120,900	92,500	(406,400	)	807,000		7,384,050		—		1,159,153
Encore Wire Corporation *	1,163,900	14,700	(1,025,400	)	153,200		4,223,724		—		21,801,894
Evans & Sutherland Computer Corporation	700,200	230,543	—		930,743		4,374,492		—		—
The Geo Group, Inc. (Formerly Wackenhut Corrections Corporation)	781,910	219,100	(10,800	)	990,210		20,200,284		—		168,159
Intertape Polymer Group, Inc.	2,426,100	214,700	—		2,640,800		20,096,488		—		—
Kforce.com, Inc.	1,862,485	209,800	(150,600	)	1,921,685		18,140,706		—		1,205,243
Layne Christensen Company	1,514,300	14,600	(119,902	)	1,408,998		23,318,917		—		828,355
Lightbridge, Inc.	1,523,100	867,100	(10,000	)	2,380,200		13,329,120		—		(63,514	)
Matrix Service Company	841,900	699,500	(5,000	)	1,536,400		14,058,060		—		(33,366	)
McMoRan Exploration Company	837,500	177,800	(45,000	)	970,300		15,117,274		—		(39,044	)
Petroleum Helicopters, Inc. (non-voting)	174,260	3,912	—		178,172		3,458,319		—		—
Range Resources Corporation	4,132,300	334,600	(204,900	)	4,262,000		62,225,200		83,855		260,115
Richardson Electronics, Ltd.	536,700	139,100	(13,100	)	662,700		7,342,716		49,684		(14,157	)
Webco Industries, Inc.	285,460	160,800	—		446,260		1,682,400		—		—
The Wet Seal, Inc. Class A	—	1,324,020	(19,600	)	1,304,420		6,822,117		—		(72,727	)

*	Issuer was not an affiliate as of June 30, 2004.

10.	Legal and Regulatory Matters

On or about May 20, 2004, the Advisor, the Administrator, and the Distributor (collectively, “Strong”), former chairman Richard S. Strong, and two employees of Strong entered into agreements with the Securities and Exchange Commission (“SEC”), the New York Attorney General (“NYAG”), the State of Wisconsin Department of Justice (the Wisconsin Attorney General), and the Wisconsin Department of Financial Institutions representing a settlement of all the market-timing investigations of Strong and certain affiliates by these agencies. In the settlements, Strong, without admitting or denying the findings in any of the orders, consented to entries of cease and desist orders and injunctive relief relating to breaches of their fiduciary duties and violations of state and federal securities laws, including anti-fraud provisions. The settlements require the Advisor to pay $40 million in investor restoration and $40 million in civil penalties. The settlements require Mr. Strong to pay $30 million in investor restoration and $30 million in civil penalties. The NYAG settlement also requires Strong to reduce fees for all Funds (except money market funds and certain very short-term income funds) by an aggregate of at least $7 million a year for five years. Separately, the Board of Directors of the Strong Funds and the Advisor have agreed that the Advisor may allocate such fee and/or expense reductions in a manner it deems reasonable, provided that (i) each applicable Fund shall participate in such fee reduction, (ii) each Fund that was impacted by market timing related to the settlements shall receive a fee reduction of at least 0.025% each year, (iii) such fee reduction shall be taken after giving effect to all waivers and reimbursements currently in effect, and (iv) fees and expenses shall not subsequently be increased without prior Board approval. Additionally, the settlements require, among other things: 1) retention of an independent consultant to develop a payment plan for the amount of investor restoration; 2) the services of an independent compliance consultant to conduct a periodic review of Strong’s compliance policies and procedures; and 3) enhanced corporate governance policies for the Strong Funds. The NYAG settlement also requires: 1) the retention of a senior officer to assist the Board in monitoring compliance and reviewing fee arrangements; and 2) additional fee disclosure to investors in the Funds. Strong and Mr. Strong, and not the investors in any Strong Fund, will bear all the costs of complying with the settlements, including restoration, civil penalties, and associated legal fees stemming from these regulatory proceedings. Strong has not yet determined if the investor restoration or civil penalties will create any financial benefit to the Strong Funds.

106

Strong has received one or more subpoenas or requests for information from the West Virginia Attorney General and other regulatory agencies requesting documents, if any, related to market timing and late trading practices. Strong is aware of multiple outstanding class and derivative actions (“Actions”) filed since September 4, 2003, against Strong, Strong Funds, Strong Financial Corporation, Strong Investments, Inc., Strong affiliates, and certain of their officers and directors as defendants in certain federal and state courts with respect to factual matters referenced in the NYAG settlement. On February 20, 2004 and June 15, 2004, the United States Judicial Panel for Multi District Litigation (“MDL”) ordered the transfer of all but one of the Actions to the District of Maryland so those cases involving Strong could be coordinated and consolidated into one or two actions covered by a single complaint (“MDL Consolidated Actions”). A single Wisconsin state court Action involving Strong was not removed to the District of Maryland court. The District of Maryland court has since appointed co-chairs/chief administrative counsel for the plaintiffs in the actions involving all of the fund families before it. It has also appointed a lead plaintiff and lead plaintiff’s counsel for the actions involving each individual fund family, including Strong. The Actions generally allege, among other things, that the defendants violated their fiduciary duty to fund shareholders and certain retirement plan participants, and made false and misleading statements in the funds’ prospectuses in violation of federal and state securities laws. The Actions generally seek one or more of the following: compensatory damages, punitive damages, special damages, exemplary damages, rescission, restitution, payment of plaintiffs’ attorneys’ fees and experts’ fees, and/or replacement of the Board of Directors of the Strong Funds. Strong expects that the MDL Consolidated Actions will allege the same types of violations of law and seek the same forms of damages and remedies as did the numerous prior Actions. Certain state Actions will not be consolidated into the MDL Consolidated Actions and proceedings in these state court Actions may be stayed or proceed independently of the MDL Consolidated Actions.

The Strong Funds will not bear any costs incurred in connection with these Actions. Based on currently available information, Strong believes that the Actions will not have a material adverse financial impact on the Strong Funds, and are not likely to materially affect Strong’s ability to provide investment management services to its clients, including the Strong Funds. The Funds may experience increased redemptions or a decrease in new sales of shares as a result of the regulatory settlements and the ongoing Actions, which could result in increased transaction costs and operating expenses, or otherwise negatively impact the Strong Funds.

11.	Pending Acquisition

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) to acquire assets of SFC and certain of its affiliates, including the Advisor. As part of the proposed transaction, SFC will be seeking approval from the Board of Directors of the Strong Funds (“Board”) on various matters including appointing Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo, as a new investment advisor for the Strong Funds and a merger of those funds into the Wells Fargo Funds family of mutual funds.

The mergers, which are anticipated to close in the first quarter of 2005, are subject to a number of conditions, including approval by the Board and shareholders of the Strong Funds.

107

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 71 mutual funds (“Strong Funds”).

Willie D. Davis (DOB 7-24-34), Director of the Strong Funds since July 1994.

Mr. Davis has been President and Chief Executive Officer of All Pro Broadcasting, Inc., since 1977; Director of Wisconsin Energy Corporation (formerly WICOR, Inc., a utility company) since 1990, Metro-Goldwyn-Mayer, Inc. (an entertainment company) since 1998, Bassett Furniture Industries, Inc. since 1997, Checker’s Drive-In Restaurants, Inc. (formerly Rally’s Hamburgers, Inc.) since 1994, Johnson Controls, Inc. (an automotive systems and facility management company) since 1992, MGM Mirage (formerly MGM Grand, Inc., an entertainment/hotel company) since 1990, Dow Chemical Company since 1988, Sara Lee Corporation (a food/consumer products company) since 1983, Alliance Bank since 1980, Manpower, Inc. (a worldwide provider of staffing services) since 2001, and Kmart Corporation (a discount consumer products company) from 1985 to 2003; and Trustee of the University of Chicago since 1980 and Marquette University since 1988.

Gordon B. Greer (DOB 2-17-32), Director of the Strong Funds since March 2002.

Mr. Greer was Of Counsel for Bingham McCutchen LLP (a law firm previously known as Bingham Dana LLP) from 1997 to February 2002 and Partner of Bingham McCutchen LLP from 1967 to 1997. On behalf of Bingham McCutchen LLP, Mr. Greer provided representation to the disinterested directors of the Strong Funds from 1991 to February 2002. Bingham McCutchen LLP has provided representation to the Independent Directors of the Strong Funds since 1991.

Stanley Kritzik (DOB 1-9-30), Director of the Strong Funds since January 1995 and Chairman of the Audit Committee of the Strong Funds since July 2000.

Mr. Kritzik has been Partner of Metropolitan Associates (a real estate firm) since 1962; Director of Wisconsin Health Information Network since November 1997, Health Network Ventures, Inc. from 1992 to April 2000, and Aurora Health Care from September 1987 to September 2002; and Member of the Board of Governors of Snowmass Village Resort Association from October 1999 to October 2002.

Neal Malicky (DOB 9-14-34), Director of the Strong Funds since December 1999.

Mr. Malicky has been President Emeritus of Baldwin-Wallace College since July 2000; Chancellor of Baldwin-Wallace College from July 1999 to June 2000; President of Baldwin-Wallace College from July 1981 to June 1999; Director of Aspire Learning Corporation since June 2000; Trustee of Southwest Community Health Systems, Cleveland Scholarship Program, and The National Conference for Community and Justice until 2001; President of the National Association of Schools and Colleges of the United Methodist Church, Chairperson of the Association of Independent Colleges and Universities of Ohio, and Secretary of the National Association of Independent Colleges and Universities until 2001.

William F. Vogt (DOB 7-19-47), Director and Chairman of the Independent Directors Committee of the Strong Funds since January 1995.

Mr. Vogt has been Senior Vice President of IDX Systems Corporation (a management consulting firm) since June 2001; President of Vogt Management Consulting, Inc. from July 1990 to June 2001; and former Fellow of the American College of Medical Practice Executives.

108

Ane K. Ohm (DOB 10-16-69), Anti-Money Laundering Compliance Officer of the Strong Funds since November 2002.

Ms. Ohm has been Anti-Money Laundering Compliance Officer of Strong Financial Corporation since February 2003; Assistant Executive Vice President of Strong Financial Corporation since November 2003; Assistant Executive Vice President of Strong Capital Management, Inc. (the “Advisor”) since December 2001; Director of Mutual Fund Administration of Strong Investor Services, Inc. since April 2001; Vice President of Strong Investor Services, Inc. since December 2001; and Marketing Services Manager of Strong Investments, Inc. (the “Distributor”) from November 1998 to April 2001.

Phillip O. Peterson (DOB 12-5-44), Independent President of the Strong Funds since January 2004.

Mr. Peterson was a mutual fund industry consultant from August 1999 to December 2003; Partner of KPMG LLP from 1981 to July 1999; Director of The Hartford Group of Mutual Funds (71 funds) since 2002; and Director of the Fortis Mutual Fund Group (38 funds) from 2000 to 2002.

Richard W. Smirl (DOB 4-18-67), Vice President of the Strong Funds since February 2002 and Secretary of the Strong Funds since November 2001.

Mr. Smirl has been Senior Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of Strong Financial Corporation from December 2001 to February 2003; Secretary of Strong Financial Corporation since February 2003; Assistant Executive Vice President of the Advisor since December 2001; Chief Legal Officer of the Advisor since February 2003; Secretary of the Advisor since November 2002; Assistant Secretary of the Advisor from December 2001 to November 2002; Senior Counsel of the Advisor from July 2000 to December 2001; General Counsel of the Distributor since November 2001; Secretary of the Distributor since July 2000; Vice President and Chief Compliance Officer of the Distributor from July 2000 to December 2003; Lead Counsel of the Distributor from July 2000 to November 2001; Vice President of Strong Investor Services, Inc. since December 2001; Assistant Secretary of Strong Investor Services, Inc. from December 2001 to May 2003; Secretary of Strong Investor Services, Inc. since May 2003; Partner at Keesal, Young & Logan LLP (a law firm) from September 1999 to July 2000; and Associate at Keesal, Young & Logan LLP from September 1992 to September 1999.

Gilbert L. Southwell III (DOB 4-13-54), Assistant Secretary of the Strong Funds since July 2001.

Mr. Southwell has been Associate Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of the Advisor since December 2002; Associate Counsel of the Advisor from April 2001 to December 2001; Partner at Michael, Best & Friedrich, LLP (a law firm) from October 1999 to March 2001; and Assistant General Counsel of U.S. Bank, National Association (formerly Firstar Bank, N.A.) and/or certain of its subsidiaries from November 1984 to September 1999.

John W. Widmer (DOB 1-19-65), Treasurer of the Strong Funds since April 1999.

Mr. Widmer has been Treasurer of the Advisor since April 1999; Assistant Treasurer of Strong Financial Corporation since December 2001; Assistant Secretary of Strong Financial Corporation from December 2001 to January 2003; Treasurer of Strong Service Corporation since April 1999; Treasurer and Assistant Secretary of Strong Investor Services, Inc. since July 2001; and Manager of the Financial Management and Sales Reporting Systems department of the Advisor from May 1997 to April 1999.

Thomas M. Zoeller (DOB 2-21-64), Vice President of the Strong Funds since October 1999.

Mr. Zoeller has been Executive Vice President of the Advisor since April 2001; Chief Financial Officer of the Advisor since February 1998; Secretary of the Advisor from December 2001 to November 2002; Member of the Office of the Chief Executive of Strong Financial Corporation since May 2001; Chief Financial Officer and Treasurer of Strong Investments, Inc. since October 1993; Executive Vice President of Strong Investor Services, Inc. since July 2001; Secretary of Strong Investor Services, Inc. from July 2001 to May 2003; Executive Vice President, Chief Financial Officer, and Secretary of Strong Service Corporation since December 2001; Treasurer of Strong Service Corporation from September 1996 to April 1999; Vice President of Strong Service Corporation from April 1999 to December 2001; Member of the Office of the Chief Executive of the Advisor from November 1998 until May 2001; and Senior Vice President of the Advisor from February 1998 to April 2001.

Except for Messrs. Davis, Kritzik, Malicky, and Vogt, the address of all of the Directors and Officers is P.O. Box 2936, Milwaukee, WI 53201. Mr. Davis’s address is 161 North La Brea, Inglewood, CA 90301. Mr. Kritzik’s address is 1123 North Astor Street, Milwaukee, WI 53202. Mr. Malicky’s address is 4608 Turnberry Drive, Lawrence, KS 66047. Mr. Vogt’s address is P.O. Box 7657, Avon, CO 81620.

The statement of additional information contains additional information about fund directors and officers and is available without charge, upon request, by calling 1-800-368-3863.

109

NOTES

110

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky

William F. Vogt

Officers

Phillip O. Peterson, Independent President

Thomas M. Zoeller, Vice President

Richard W. Smirl, Vice President and Secretary

Gilbert L. Southwell III, Assistant Secretary

John W. Widmer, Treasurer

Ane K. Ohm, Anti-Money Laundering Compliance Officer

Investment Advisor

Strong Capital Management, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Distributor

Strong Investments, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue, Kansas City, Missouri 64105

Transfer Agent and Dividend-Disbursing Agent

Strong Investor Services, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Independent Accountants

PricewaterhouseCoopers LLP

100 East Wisconsin Avenue, Milwaukee, Wisconsin 53202

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee, Wisconsin 53202

LOGO

Strong Investments

P.O. Box 2936 | Milwaukee, WI 53201

To learn more about our funds, discuss an existing

account, or conduct a transaction, call 1-800-368-3863

or visit www.Strong.com.

Please carefully consider a fund’s investment objectives,

risks, charges, and expenses before investing. For this

and other information, call us or visit our web site for

a free prospectus. Please read it carefully before you

invest or send money.

To receive a free copy of the policies and procedures

the funds use to determine how to vote proxies relating

to portfolio securities, or to receive a free copy of a fund’s

proxy voting record for the most recent 12-month period

ending on June 30, call 1-800-368-3863, or visit the

Securities and Exchange Commission’s web site

at www.sec.gov.

If you are a Financial Professional, call 1-800-368-1683.

This report does not constitute an offer for the sale of securities. Strong Funds are offered for sale by prospectus only. Securities are offered through Strong Investments, Inc. RT45334 08-04

SADVEQY/WH2006 06-04

Item 1. Reports to Shareholders

Semiannual Report | June 30, 2004

Strong

Value

Funds

LOGO


Strong Dow 30 Value Fund

Strong Mid Cap Disciplined Fund

Strong Multi Cap Value Fund

Strong Small Company Value Fund

Strong Small/Mid Cap Value Fund

Strong Strategic Value Fund

Strong Dividend Income Fund

LOGO

Semiannual Report | June 30, 2004

Strong

Value

Funds

Table of Contents


Investment Reviews

Strong Dow 30 Value Fund		2

Strong Mid Cap Disciplined Fund		4

Strong Multi Cap Value Fund		6

Strong Small Company Value Fund		8

Strong Small/Mid Cap Value Fund		10

Strong Strategic Value Fund		12

Strong Dividend Income Fund		14

Financial Information

Schedules of Investments in Securities

Strong Dow 30 Value Fund		16

Strong Mid Cap Disciplined Fund		16

Strong Multi Cap Value Fund		19

Strong Small Company Value Fund		21

Strong Small/Mid Cap Value Fund		24

Strong Strategic Value Fund		26

Strong Dividend Income Fund		28

Statements of Assets and Liabilities		30

Statements of Operations		33

Statements of Changes in Net Assets		36

Financial Highlights		38

Notes to Financial Statements		42

Directors and Officers		51

Market Update From Dick Weiss

January 1, 2004, to June 30, 2004

LOGO

Uncertainty is the Enemy

The answer? In a word — clarity.

In order for stocks to start moving in a positive direction, the market needs an injection of confidence.

One final piece of practical advice: when uncertainty is the order of the day, resist doing anything dramatic with your money. Sometimes the “muddle- through” approach proves best.

...if you do your homework and stick to what is real rather than imagined, we think you can uncover common stocks worth owning.

LOGO

Richard T.Weiss

Vice Chairman

Strong Financial Corporation

Strong Dow 30 Value Fund

For the six months ended June 30, 2004, the Dow 30 Value Fund posted a return of –0.91%, which placed it behind the return of its benchmark, the Dow Jones Industrial Average, which returned 0.81% for the same period.

Equity markets fluctuated, but moved little

Over the six months, equity markets stayed primarily in a trading range, with valuations fluctuating — at times rapidly — within a relatively narrow band. An air of uncertainty seemed to hang over the market, despite continued signs of economic growth. Early in the year, weak employment figures caused many observers to question the strength and staying power of the economic recovery. Then, as employment numbers improved in the second quarter, many investors began to fear that higher interest rates and inflation would soon follow. Uncertainty on the international front added to a climate that helped to keep stock prices moving mostly sideways. We believe these concerns were somewhat excessive, driven more by emotion than by any fundamental flaws in the economy.

Although returns were muted across the market, for the six months value stocks outperformed growth and smaller-cap stocks outperformed large caps. Given this Fund’s focus on large-company stocks — the 30 companies that make up the Dow Jones Industrial Average — the latter trend had a negative impact on performance.

Citigroup, a giant in the financial sector, hurt the Fund’s performance. Because stocks in this sector can be especially susceptible to the negative impact of rising interest rates, they fell into particular disfavor in April, when concerns about rate hikes hit a peak.

Seeking value for the portfolio

In the actively managed portion of the portfolio, we sought to emphasize companies that would be best positioned to benefit from the continued economic rebound. One example of a company we overweighted was aerospace leader Boeing. This company was one of the portfolio’s larger holdings over the period and benefited as investors gained confidence that the company would see higher demand for new aircraft and related technology.

Although this Fund is designed to serve as a value portfolio, we are somewhat constrained by the lineup of Dow 30 stocks. Over the six months, changes made to the Index gave it somewhat more of a growth tilt, as companies such as American International Group, Pfizer, and Verizon were added, and International Paper, Eastman Kodak, and AT&T were removed. Because the Fund has exposure to all 30 of the stocks in the Dow in the passively managed portion of the portfolio, this can change the overall tone of the portfolio. Within the limits of the Dow 30 stocks, however, we continue to emphasize value in the Fund’s lineup.

LOGO

Anticipating further economic growth

We anticipate that investor sentiment should continue to improve in coming months, in keeping with the generally positive economic environment we see. Gross Domestic Product (GDP) as been growing steadily for ten consecutive quarters, and there is plenty of reason to expect the recovery to be sustained for some time to come. Corporate earnings are also strong. Including the fourth quarter of 2003, the S&P 500 companies have experienced two consecutive quarters of year-over-year earnings growth well in excess of 20%, with another similar gain expected for the second quarter. We anticipate that the positive data surrounding corporate profits, job creation, and economic activity should in time be sufficient to help the equity markets break out of their trading range.

There are some concerns that higher energy prices will put a damper on economic activity. We do not hold that view, even though we anticipate that oil prices may remain at their elevated levels for the foreseeable future. We believe it’s important to remember that energy consumption per unit of GDP is dramatically lower today than it was in the 1970s. We have become more efficient in our use of energy, and we have increasingly moved toward a service economy. Both of these factors give the economy the ability to absorb higher energy prices.

We appreciate your continued investment in the Strong Dow 30 Value Fund.

Karen E. McGrath

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	16.62	%
5-year	–0.71	%
Since Fund Inception (12-31-97)	4.72	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility and market pressure than a fully diversified fund.

Growth of an Assumed $10,000 Investment^†

from 12-31-97 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Dow Jones Industrial Average^SM(DJIA) and the Lipper Large-Cap Value Funds Index. Results include the reinvestment of dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

General: ¹Dow Jones^SM, Dow Jones Industrial Average^SM, Dow 30^SM, The Dow^SM, and DJIA^SMare service marks of Dow Jones & Company, Inc., and have been licensed for use for certain purposes by the Strong Dow 30 Value Fund. The Strong Dow 30 Value Fund is not sponsored, endorsed, sold, or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in the Fund.

Definitions: **The Dow Jones Industrial Average is a price-weighted average based on the performance of 30 blue chip stocks (the average is computed by adding the prices of the 30 stocks and dividing by a denominator that has been adjusted over the years for stock splits, stock dividends, and substitution of stock). The total return is computed by reinvesting quarterly dividends on a monthly basis. The Lipper Large-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Value Funds Category. Source of the DJIA Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Mid Cap Disciplined Fund

The Strong Mid Cap Disciplined Fund outperformed its broad-based index, the Russell Midcap Index, during the past six months. The Fund also outpaced its peer group, the Lipper Mid-Cap Value Funds Index. For the six months ending June 30, 2004, the Fund gained 10.73%, while the Russell Index rose 6.67%, and the Lipper Index returned 7.92%.

For the first half of 2004, most sectors of the stock market performed positively, thanks to an improving economy and better company fundamentals. Both trends proved more influential than the threats of higher interest rates, higher oil prices, and further terrorist attacks. Against this backdrop, small-cap stocks outperformed mid-cap stocks, which in turn outperformed large-cap stocks. Also, value stocks outperformed their growth counterparts during the past six months. The Fund’s focus on mid-cap value investments thus contributed to the favorable performance.

Strong results from consumer discretionary, financials

In managing the Strong Mid Cap Disciplined Fund, our philosophy is to buy “the right company at the right price and at the right time.” Applying this philosophy, we spend the majority of our management time and effort conducting thorough company-by-company research. Such a process served us well during the past six months, as a significant portion of the Fund’s gains could be attributed to the strength of our individual stock selection — especially in the consumer discretionary and financial sectors of the market. In the consumer discretionary sector, performance was helped by holdings in such names as Caesars Entertainment, the casino gaming company, and Readers Digest Association, publisher of the general-interest magazine of the same name. In financials, the Fund benefited from positions in insurance names such as Ohio Casualty and SAFECO.

Underweighted in technology

We dramatically cut back our position in technology stocks beginning in 2003, when we believed that investors were excessively optimistic about the sector’s growth potential and bidding up valuations to unwarranted levels. This underweighting helped the Fund’s performance during the first half of 2004 as tech stocks significantly underperformed the broad market. Meanwhile, we de-emphasized the financial sector because of the expected negative impact of rising interest rates. We also believed that very few investments in this area of the market offered compelling valuations.

LOGO

Our bottom-up stock selection approach resulted in a greater emphasis of utility stocks during the past six months. We saw the utility sector as one of the few attractively valued parts of the market. What’s more, the sector was currently unpopular with many investors, who were concerned about rising interest rates — a concern we believe is overstated — and generally more interested in names offering greater growth opportunities.

At the same time, we reduced the Fund’s weighting in energy stocks. As the period progressed and many of the energy holdings in the portfolio approached intrinsic value, we trimmed our position in the sector. Also contributing to this decision was our belief that oil and natural gas prices had risen faster than their long-term fundamentals warranted. Finally, we took advantage of market conditions to scale back our health care holdings. Since we began managing the Fund in 2001, the mid-cap value health care sector has outperformed all other sectors in the mid-cap value universe. Such strong results helped our performance, but it has also made it more difficult for us to continue finding attractively valued health care opportunities. Thus, the portfolio’s relative weighting in the health care sector has fallen to its lowest level since the Fund was launched.

Fewer value opportunities?

After the stock market’s impressive performance in 2003, it has become increasingly difficult to find companies available at attractive valuations. As a result, the Fund has become somewhat more concentrated in our largest holdings and has accumulated a larger cash reserve balance.

In keeping with our management philosophy, we will continue to conduct rigorous research to attempt to find the right companies at the right price and the right time. We believe that our emphasis on attractively valued stocks as well as our focus on managing the portfolio’s risk will continue to serve our shareholders well in 2004 and beyond.

Thank you for your investment in the Strong Mid Cap Disciplined Fund.

Robert J. Costomiris

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	35.82	%
5-year	14.77	%
Since Fund Inception (12-31-98)	18.69	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 12-31-98 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell Midcap^® Index and the Lipper Mid-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance Information: From time to time, the Fund’s performance was significantly enhanced through investments in initial public offerings (IPOs). In addition, the effect of IPOs purchased when the Fund’s asset base was small may have been magnified. Given these circumstances, you should not expect that such enhanced returns can be consistently achieved. Please consider this before investing.

Definitions: **The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Lipper Mid-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Mid-Cap Value Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Multi Cap Value Fund

The Strong Multi Cap Value Fund gained 2.37% during the six months ending June 30, 2004. This result fell short of the 3.44% return of the S&P 500 Index, the Fund’s broad-based benchmark.

The primary areas that detracted from the Fund’s performance were the materials and industrials sectors. Much of this underperformance took place in the second quarter of 2004, when we saw particularly sluggish results from metals and mining stocks. We believe, however, that many of our holdings in this area of the market are undervalued and could rebound in the second half of the year.

These negative influences were partly counterbalanced by positive results from portfolio holdings in the healthcare and consumer discretionary sectors. J.C. Penney and Andrx were among the names contributing strong returns. An overweight in the energy sector also added value, with companies such as Range Resources Corporation benefiting from higher prices and increased production.

Quantitative and fundamental analysis

The stock market began the year in strong fashion but retrenched in the second quarter as concerns about rising inflation and interest rates dampened investors’ optimism.

The market environment, however, proved more favorable for value stocks than for growth stocks.

LOGO

In managing the Multi Cap Value Fund, we follow a multidimensional screening process. We use quantitative analysis to narrow the field but spend most of our time on fundamental research. In particular, we try to identify some dynamics for change that are not already reflected in the price of the stocks. This can be a new management team, new business plan, a new product, industry consolidation, or any number of other developments that could favorably influence a company’s prospects.

Future challenges

Going into 2004, we anticipated that the year would bring a challenging investment environment. We believed the markets would reward active managers with strong stock-picking abilities and maintain this view as we move into the second half of 2004.

Thank you for your investment in the Strong Multi Cap Value Fund.

I. Charles Rinaldi

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	26.81	%
5-year	0.75	%
10-year	6.72	%
Since Fund Inception(10-22-85)	10.09	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 10-22-85 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Mid-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. To equalize time periods, the indices’ performances were prorated for the month of October 1985.

Strong Small Company Value Fund

During the past six months, the Strong Small Company Value Fund outperformed its broad-based index, the Russell 2000 Index, as well as its peer group, the Lipper Small-Cap Value Funds Index. The Fund gained 16.31%, compared to a 6.76% gain for the Russell 2000 and a 7.70% return for the Lipper Index.

For the first half of 2004, most sectors of the stock market performed positively, thanks to an improving economy and better company fundamentals. Both trends proved more influential than the threats of higher interest rates, higher oil prices, and further terrorist attacks. Against this backdrop, small-cap stocks outperformed both mid- and large-cap stocks. Also, value stocks outperformed their growth counterparts during the past six months. Both trends were favorable for the Fund, which focuses on small-cap value investments.

Thorough research

In managing the Fund, our philosophy is to buy “the right company at the right price and at the right time.” Applying this philosophy, we spend the majority of our management time and effort conducting thorough company-by-company research. Such a process served us well during the past six months, as a significant portion of the Fund’s gains could be attributed to the strength of our individual stock selection — especially in the information technology and consumer discretionary sectors of the market. In the technology sector, the Fund benefited especially from a position in Midway Games, a maker of home video games whose stock price rose steadily thanks to improving company fundamentals along with the decision of Viacom chairman Sumner Redstone to increase his personal stake in the company to more than 75%. Among our consumer discretionary holdings, performance was helped by holdings in such names as Cosi, a coffeehouse and restaurant chain, and Caesars Entertainment, the casino gaming company.

Although the Fund’s sector weightings are generated not by design, but as a direct result of the individual companies we choose for the portfolio, in hindsight we can detect some interesting trends from the past six months. For example, we see that the Fund was overweight in the consumer staples sector. The overweight in consumer staples stocks stemmed primarily from our position in food stocks, which we believed offered steady growth, high dividends, and stable free cash flows — all characteristics we find compelling. Also, because these stocks were unpopular with growth investors chasing the prospect of higher returns, we were able to buy them for what we believed were attractive valuations.

LOGO

Underweighted in tech and financials

We were underweighted in information technology stocks. We pared back our holdings in this area starting in 2003, when we believed that investors were excessively optimistic about the sector’s growth potential and bidding up valuations to unwarranted levels. This underweighting helped the Fund’s performance during the first half of 2004 as tech stocks significantly underperformed the broad market. Meanwhile, we de-emphasized the financial sector because of the expected negative impact of rising interest rates. We also believed that very few investments in this area of the market offered compelling valuations. Given the sector’s recent underperformance, however, we were able to find a few insurance companies and real estate investment trusts to invest in, and the Fund’s weighting in financials rose accordingly.

Finally, we decreased the Fund’s weighting in energy stocks. As the period progressed and many of the energy holdings in the portfolio approached intrinsic value, we trimmed our position in the sector. Also contributing to this decision was our belief that oil and natural gas prices had risen faster than their long-term fundamentals warranted.

Fewer value opportunities?

Thank you for your investment in the Strong Small Company Value Fund.

Robert J. Costomiris

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	51.89	%
Since Fund Inception (3-28-02)	27.28	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Because smaller companies often have narrower markets and limited financial resources, investments in these stocks present more risk than investments in those of larger, more established companies.

Growth of an Assumed $10,000 Investment^†

from 3-28-02 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

^*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell 2000^® Index and the Lipper Small-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Definitions: **The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Lipper Small-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Value Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Small/Mid Cap Value Fund

The Strong Small/Mid Cap Value Fund gained 7.08% during the six months ending June 30, 2004. This result surpassed the 6.67% return of the Russell Midcap Index, the Fund’s broad-based benchmark.

Stock selection in sectors such as health care and consumer discretionary sectors helped lead to the Fund’s outperformance. In health care, two particularly strong contributors to results were Covalent Group, which provides contract research to pharmaceutical, biotechnology, and medical device companies; and Allied Healthcare Products, a maker of respiratory and other health care devices. In consumer discretionary, the Fund’s holdings in bulletproof-vest maker DHB Industries and department-store retailer J.C. Penney also benefited from increasing investor interest during the recent period. Finally, an overweighted position in energy stocks helped returns, with companies such as Range Resources Corporation benefiting from rising natural gas and oil prices.

Counterbalancing those positive results was the less-successful performance from certain names in the materials and industrials sectors. Much of the Fund’s underperformance in these areas happened in the second quarter of 2004, when we saw particularly sluggish results from metals and mining stocks. We believe, however, that many of our metals and mining holdings are undervalued and could rebound in the second half of the year.

Quantitative and fundamental analysis

The stock market began the year in strong fashion but retrenched in the second quarter as concerns about rising inflation and interest rates dampened investors’ optimism. The market environment, however, proved more favorable for value stocks than for growth stocks.

In managing the Small/Mid Cap Value Fund, we follow a multidimensional screening process. We use quantitative analysis to narrow the field but spend most of our time on fundamental research. In particular, we try to identify some dynamics for change that are not already reflected in the price of the stocks. This can be a new management team, new business plan, a new product, industry consolidation, or any number of other developments that could favorably influence a company’s prospects.

LOGO

Future challenges

Equity markets are likely to be challenged by a variety of factors, including geopolitics and the continued threat of terrorism, the prospect of further interest-rate hikes from the Federal Reserve Board, and the November presidential election. We do, however, believe the Fund is well positioned to perform favorably in this type of market climate. Many of the sectors that have added value to the Fund in the past, such as energy and materials, could be poised to perform well in the upcoming market environment because of their low valuations. We also are looking for small and mid caps to continue to outperform, as we believe that they remain underrepresented in most investors’ portfolios.

Thank you for your investment in the Strong Small/Mid Cap Value Fund.

I. Charles Rinaldi

Portfolio Manager

Fund Highlights

Effective October 20, 2003, the Fund’s name changed from the Strong All Cap Value Fund.

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	41.94	%
Since Fund Inception (3-28-02)	11.79	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Because smaller companies often have narrower markets and limited financial resources, investments in these stocks present more risk than investments in those of larger, more established companies.

Growth of an Assumed $10,000 Investment^†

from 3-28-02 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TMreveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Mid-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. We are replacing the S&P 500 Index with the Russell Midcap^® Index, as we believe the Russell Midcap^® Index more accurately reflects the Fund’s investment program. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Definitions: **The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Mid-Cap Core Funds Category. Source of the S&P and Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Strategic Value Fund

The S&P 500 generally marked time in the first half of 2004, trading in a fairly tight range. Various groups within the market also seemed aimless as value and growth stocks performed basically in-line with one another while small-cap stocks only slightly bested their large- and mid-cap counterparts. The Strong Strategic Value Fund produced a year-to-date gain of 9.61% in this environment, handily beating the 3.44% return of its broad-based benchmark, the S&P 500 Index.

A market without broad trends is often referred to as “a stock picker’s market” where out-performance is rooted in choosing the right stocks as opposed to riding clear-cut trends or jumping into “hot” sectors. This type of environment suited our process well since our philosophy minimizes sector rotation and the timing of equity levels in order to focus our resources on searching out individual stocks that can out-perform the broad market. The Fund performance was slightly aided from an overweight bias in outperforming small-cap companies during the period. The vast majority of the out-performance, however, was produced from finding opportunities for capital appreciation, one stock at a time.

A three-step investment process

When searching out opportunities for the portfolio, our process emphasizes three attributes. First, we look for improving company fundamentals and earnings quality, which we define as the proportion of earnings that are based on cash flow and not on management’s estimations and forecasts. Next, we look for a strategy that is trying to maximize the long-term value of the business, which we characterize as the present value of the future net cash flows available to the owners of the corporation. Finally, we want to buy securities at a discount to what we feel they are worth. In order to determine this fair value, we use multiple valuation tools, including both absolute and relative value metrics. After building the portfolio in this manner — from the ground up — we apply a suite of risk controls to better understand the portfolio exposures in order to reduce risk for our shareholders.

Applying this process, the Fund owned a position in Western Wireless, a provider of wireless communications services in developing countries and in rural domestic markets. We began purchasing the security in the latter part of 2003, when concerns over the sustainability of cellular “roaming” rates in the U.S. and international losses were plaguing the stock. We believed that the fundamentals and earnings quality were both improving, and the market was placing very little value on the international operations even though they were generating strong revenue gains. As the firm began to sell off some of its smaller overseas units, the market came to learn what we had already discovered — those operations provided the company with significant value. Once the security reached our fair value price target, we sold the portfolio’s stake for a 30% gain. We work diligently every day to find securities like this that will add to the return on your investment in the Fund.

LOGO

Questions and opportunities

Whatever the future holds, the Strong Strategic Value Fund will stand ready, searching for unappreciated opportunities, one company at a time. We thank you for your continued investment in the Strong Strategic Value Fund.

Eric F. Crigler

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	24.64	%
Since Fund Inception(3-28-02)	4.68	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 3-28-02 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TMreveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Multi-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Strong Dividend Income Fund

For the six months ended June 30, 2004, the Strong Dividend Income Fund Investor Class returned 2.13%. For the same period, the Fund’s broad-based benchmark, the S&P 500 Index, returned 3.44%.

Larger stocks underperformed

During the six months, growth in overall economic activity was strong, as were corporate profits. The impact of these positive factors on the equity markets was, however, muted by fears about rising inflation and interest rates. In this environment, smaller- and mid-cap stocks outperformed their larger brethren, and the market rewarded rapidly growing companies with higher than average price/earnings ratios.

The types of stocks favored by the Fund generally do not fall into these categories. Rather, we emphasize larger stocks with moderate growth, low valuations, and attractive dividend yields. These continued to be underappreciated by the market. This overall market trend played a significant role in the Fund’s underperformance relative to its benchmark.

Our performance for the first half of the year was helped by an overweighted position, relative to the benchmark, in industrial stocks; these companies benefited from the economic upturn.

A careful approach to the portfolio

In managing the Fund, our focus is to select stocks for the portfolio that we believe offer the potential to produce attractive risk-adjusted returns. Our aim is to generate returns that exceed those of the benchmark index, manage volatility, and provide downside protection in the case of market corrections.

To manage risk, we look for companies that have an above-average dividend yield, a track record of regular annual dividend increases, a below-average valuation as measured by price/earnings ratio, or a favorable outlook for future growth in earnings per share. We also use diversification to manage risk, maintaining exposure across ten major industry sectors.

During the first half of 2004, we reduced the number of holdings in the Fund to 52 from 74. Although diversification is an important element of our strategy, we made this change to help focus more of the Fund’s assets on what we believe are the best ideas our management team has generated. As of June 30, the Fund’s top ten holdings accounted for 39% of assets, compared with 30% at the beginning of the year.

LOGO

Nine of the current top ten positions in the Fund are more heavily weighted in the portfolio than they were at the beginning of the year. We increased our portfolio weightings in Citigroup, the largest holding, and Pfizer, the fourth-largest, because of the strength of their respective global franchises, low valuations, massive free cash flow streams, and ongoing share repurchases and dividend increases.

Strength in companies not fully recognized

Despite its many strengths, Pfizer’s stock price is at the same level it reached in April 1998, more than six years ago. In 1998, Pfizer earned $0.51 per share and paid a dividend of $0.25 per share. This year, Pfizer is expected to earn $2.11, and $2.37 next year. The company has raised its dividend for 37 consecutive years, bringing it to its current level of $0.68 per share.

Similarly, the stock of Citigroup is unchanged from its price in March 2000. Yet Citigroup’s earnings have advanced from $2.74 in 2000 to an estimated $4.00 this year. In that same time, its dividend has more than tripled, rising from $0.52 per share to the current rate of $1.60. The company’s current dividend yield is 3.5%, more than double the yield of the S&P 500. We expect Citigroup’s earnings to grow by close to 10% per year in both 2005 and 2006.

It can be frustrating to see these qualities go unrecognized. But, taking the long view of the market, we are confident that in time the market will take note of large-cap stocks with compelling valuations and growth prospects, including Pfizer and Citigroup.

Our outlook

During the past 18 months, small- and mid-cap stocks have been in the spotlight, particularly those experiencing substantial earnings growth as the economy recovered from its 2001 recession. As larger stocks have been overlooked, we believe one result has been that an attractive risk/reward profile has developed among many large-cap value stocks with above average and growing streams of dividend income. This Fund’s well-diversified, carefully constructed portfolio has been positioned to benefit from the time when the market-recognizes the demonstrated strength of these companies.

Thank you for your investment in the Strong Dividend Income Fund.

William A. Ferer

Portfolio Co-Manager

William H. Reaves

Portfolio Co-Manager

Mark D. Luftig

Portfolio Co-Manager

Ronald J. Sorenson

Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns¹

As of 6-30-04


Investor Class
1-year	15.76	%
5-year	1.85	%
10-year	10.38	%
Since Inception (7-1-93)	9.42	%


Class K²
1-year	16.19	%
5-year	2.07	%
10-year	10.50	%
Since Inception (7-1-93)	9.52	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 7-1-93 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Equity Income Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Investor Class shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹The performance of the Fund prior to 12-08-01, is based on the Fund’s previous investment strategy where the Fund was managed as a nondiversified utilities fund.

² The performance of the Class K shares prior to 12-31-01 is based on the Fund’s Investor Class shares’ performance, and has not been restated for the lower expense ratio of the Class K shares.

Please consult a prospectus for information about all share classes.


SCHEDULES OF INVESTMENTS IN SECURITIES		June 30, 2004 (Unaudited)

STRONG DOW 30 VALUE FUND


	Shares or Principal Amount		Value (Note 2)
Common Stocks 94.9%
Aerospace - Defense 5.7%
The Boeing Company (e)		87,600	$	4,475,484
Auto Manufacturers - Domestic 4.0%
General Motors Corporation		67,600		3,149,484
Banks - Money Center 12.0%
Citigroup, Inc.		97,000		4,510,500
J.P. Morgan Chase & Company		125,000		4,846,250

				9,356,750
Beverages - Soft Drinks 1.8%
The Coca-Cola Company		27,600		1,393,248
Computer - IT Services 4.8%
International Business Machines Corporation		42,700		3,764,005
Computer - Manufacturers 0.7%
Hewlett-Packard Company		27,600		582,360
Computer Software - Desktop 2.8%
Microsoft Corporation		77,400		2,210,544
Cosmetics - Personal Care 4.0%
The Procter & Gamble Company		57,600		3,135,744
Diversified Operations 13.9%
E.I. Du Pont de Nemours & Company		27,600		1,225,992
General Electric Company		27,400		887,760
Honeywell International, Inc.		77,400		2,835,162
3M Co.		37,700		3,393,377
United Technologies Corporation		27,600		2,524,848

				10,867,139
Electronics - Semiconductor Manufacturing 1.0%
Intel Corporation		27,600		761,760
Financial Services - Miscellaneous 4.4%
American Express Company		67,600		3,473,288
Insurance - Diversified 3.6%
American International Group, Inc.		39,600		2,822,688
Machinery - Construction/Mining 2.8%
Caterpillar, Inc.		27,600		2,192,544
Media - Radio/TV 0.9%
The Walt Disney Company (e)		27,400		698,426
Medical - Drug/Diversified 2.0%
Johnson & Johnson		27,400		1,526,180
Medical - Ethical Drugs 7.2%
Merck & Company, Inc.		97,700		4,640,750
Pfizer, Inc.		27,700		949,556

				5,590,306
Metal Ores - Miscellaneous 4.3%
Alcoa, Inc.		102,000		3,369,060
Oil & Gas - International Integrated 8.7%
Exxon Mobil Corporation		153,600		6,821,376
Retail - Major Discount Chains 1.9%
Wal-Mart Stores, Inc.		27,600		1,456,176
Retail - Restaurants 0.9%
McDonald’s Corporation		27,600		717,600
Retail/Wholesale - Building Products 1.2%
The Home Depot, Inc.		27,600		971,520
Telecommunications - Services 2.1%
SBC Communications, Inc.		27,600		669,300
Verizon Communications, Inc.		27,600		998,844

				1,668,144
Tobacco 4.2%
Altria Group, Inc.		65,600		3,283,280

Total Common Stocks (Cost $63,925,585)				74,287,106

Short-Term Investments (a) 5.5%
Collateral Received for Securities Lending 1.4%
Navigator Prime Portfolio		1,083,400		1,083,400
Repurchase Agreements (d) 4.1%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $1,100,043); Collateralized by: United States Government & Agency Issues	$	1,100,000		1,100,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $2,083,443); Collateralized by: United States Government & Agency Issues		2,083,400		2,083,400

				3,183,400

Total Short-Term Investments (Cost $4,266,800)				4,266,800

Total Investments in Securities (Cost $68,192,385) 100.4%				78,553,906
Other Assets and Liabilities, Net (0.4%)				(302,015	)

Net Assets 100.0%			$	78,251,891

STRONG MID CAP DISCIPLINED FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 80.1%
Aerospace - Defense 2.2%
Raytheon Company	320,000	$	11,446,400
Banks - Super Regional 0.0%
Marshall & Ilsley Corporation	1,000		39,090
SouthTrust Corporation	1,000		38,810

			77,900
Beverages - Soft Drinks 1.6%
Coca-Cola Enterprises, Inc. (c)	295,000		8,552,050
Building - Maintenance & Services 0.5%
The ServiceMaster Company	226,000		2,784,320
Building Products - Wood 0.1%
Georgia-Pacific Corporation	1,000		36,980
Rayonier, Inc.	13,200		586,740

			623,720

STRONG MID CAP DISCIPLINED FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Chemicals - Basic 0.0%
The Dow Chemical Company	800	$	32,560
Chemicals - Specialty 0.0%
Hercules, Inc. (b)	3,000		36,570
Diversified Operations 2.3%
Loews Corporation	25,000		1,499,000
SPX Corporation (c)	224,700		10,435,068

			11,934,068
Energy - Other 2.0%
Arch Coal, Inc. (c)	289,000		10,574,510
Finance - Equity REIT 2.2%
Apartment Investment & Management Company Class A	368,000		11,455,840
Finance - Investment Management 0.0%
Janus Capital Group, Inc.	4,000		65,960
Finance - Savings & Loan 1.0%
First Financial Bancorp (e)	284,900		5,048,428
Food - Meat Products 0.1%
Smithfield Foods, Inc. (b) (e)	1,000		29,400
Tyson Foods, Inc. Class A	20,000		419,000

			448,400
Food - Miscellaneous Preparation 9.2%
Campbell Soup Company	385,000		10,348,800
ConAgra, Inc.	408,000		11,048,640
Del Monte Foods Company (b)	1,610,000		16,357,600
Sara Lee Corporation	425,000		9,770,750

			47,525,790
Household - Housewares 0.2%
Newell Rubbermaid, Inc.	55,000		1,292,500
Insurance - Accident & Health 0.0%
Conseco, Inc. (b)	2,000		39,800
Insurance - Brokers 0.1%
U.S.I. Holdings Corporation (b) (e)	33,500		529,300
Insurance - Life 1.1%
Scottish Re Group, Ltd. (e)	251,000		5,835,750
Insurance - Property/Casualty/Title 7.3%
Ohio Casualty Corporation (b) (e)	545,000		10,970,850
Old Republic International Corporation	57,000		1,352,040
SAFECO Corporation	317,100		13,952,400
The St. Paul Travelers Companies, Inc.	290,000		11,756,600

			38,031,890
Leisure - Gaming/Equipment 3.4%
Caesars Entertainment, Inc. (b)	1,165,000		17,475,000
Machinery - Farm 2.4%
AGCO Corporation (b) (e)	605,000		12,323,850
Media - Books 0.0%
Pearson PLC (e)	5,000		62,400
Media - Periodicals 3.2%
The Readers Digest Association, Inc. (non-voting)	1,050,000		16,789,500
Media - Radio/TV 1.9%
Spanish Broadcasting System, Inc. Class A (b)	1,050,000		9,775,500
Medical - Biomedical/Biotechnology 0.5%
Trimeris, Inc. (b)	170,000		2,453,100
Medical - Hospitals 1.5%
Triad Hospitals, Inc. (b) (c)	210,000		7,818,300
Medical - Products 0.9%
Millipore Corporation (b)	1,000		56,370
NDCHealth Corporation	205,000		4,756,000

			4,812,370
Medical - Wholesale Drugs/Sundries 1.1%
McKesson Corporation	1,000		34,330
PSS World Medical, Inc. (b) (e)	505,000		5,656,000

			5,690,330
Medical/Dental - Supplies 3.0%
Sola International, Inc. (b)	915,000		15,765,450
Metal Ores - Gold/Silver 5.3%
Goldcorp, Inc. (e)	1,190,000		13,887,300
Newmont Mining Corporation Holding Company	350,000		13,566,000

			27,453,300
Metal Ores - Miscellaneous 0.0%
Phelps Dodge Corporation (b)	2,000		155,020
Oil & Gas - Drilling 0.4%
GlobalSantaFe Corporation	70,000		1,855,000
Oil & Gas - Machinery/Equipment 2.2%
Baker Hughes, Inc.	111,000		4,179,150
Cooper Cameron Corporation (b)	70,000		3,409,000
FMC Technologies, Inc. (b)	125,000		3,600,000

			11,188,150
Oil & Gas - United States Exploration & Production 1.3%
Devon Energy Corporation (c)	100,000		6,600,000
Paper & Paper Products 2.0%
Abitibi-Consolidated, Inc.	5,000		34,400
MeadWestvaco Corporation	342,000		10,051,380
Smurfit-Stone Container Corporation (b) (e)	1,800		35,910
Temple-Inland, Inc.	500		34,625

			10,156,315
Pollution Control - Services 1.7%
Republic Services, Inc.	150,000		4,341,000
Waste Management, Inc.	144,000		4,413,600

			8,754,600
Retail - Department Stores 0.0%
J.C. Penney Company, Inc. (Holding Company)	2,000		75,520
Retail - Restaurants 0.0%
McDonald’s Corporation	1,000		26,000
Retail - Super/Mini Markets 2.8%
The Kroger Company (b)	788,000		14,341,600
Tobacco 1.8%
Loews Corp - Carolina Group	385,000		9,451,750
RJ Reynolds Tobacco Holdings, Inc. (e)	1,000		67,590

			9,519,340


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG MID CAP DISCIPLINED FUND (continued)


	Shares or Principal Amount			Value (Note 2)
Utility - Electric Power 10.5%
Consolidated Edison, Inc. (e)		42,000		$	1,669,920
DTE Energy Company		86,000			3,486,440
Entergy Corporation		22,000			1,232,220
FPL Group, Inc.		148,000			9,464,600
FirstEnergy Corporation		267,000			9,988,470
Public Service Enterprise Group, Inc. (e)		250,000			10,007,500
TXU Corporation		445,000			18,026,950
Texas Utilities Company		10,000			405,100

					54,281,200
Utility - Gas Distribution 4.3%
CenterPoint Energy, Inc.		1,305,000			15,007,500
KeySpan Corporation		109,700			4,025,990
KeySpan Energy Corporation		6,300			231,210
NiSource, Inc.		60,000			1,237,200
Sempra Energy		53,000			1,824,790

					22,326,690

Total Common Stocks (Cost $355,857,148)					416,034,291

Convertible Preferred Stocks 0.6%
Insurance - Life 0.6%
Scottish Re Group, Ltd. 5.875% (e)		100,000			2,907,000

Total Convertible Preferred Stocks (Cost $2,500,000)					2,907,000

Put Options Purchased 0.2%
Beverages - Soft Drinks 0.0%
Coca-Cola Enterprises, Inc.		295,000			95,875
Diversified Operations 0.1%
SPX Corporation		150,000			442,500
Energy - Other 0.1%
Arch Coal, Inc.		289,000			505,750
Medical - Hospitals 0.0%
Triad Hospitals, Inc.		210,000			26,250
Oil and Gas - Field Services 0.0%
Philadelphia Oil Service Sector Index		90,000			139,500
Oil & Gas - United States Exploration & Production 0.0%
Devon Energy Corporation		68,300			93,913

Total Put Options Purchased (Cost $2,506,144)					1,303,788

Short-Term Investments (a) 21.9%
Collateral Received for Securities Lending 1.9%
Navigator Prime Portfolio		10,034,648			10,034,648
Repurchase Agreements (d) 17.5%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $90,403,516); Collateralized by: United States Government & Agency Issues	$	90,400,000			90,400,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $618,013); Collateralized by: United States Government & Agency Issues		618,000			618,000

					91,018,000
United States Government Issues 2.5%
United States Treasury Bills, Due 7/29/04 thru 9/16/04 (g)	$	12,900,000			12,870,845

Total Short-Term Investments (Cost $113,923,319)					113,923,493

Total Investments in Securities (Cost $474,786,611) 102.8%					534,168,572
Other Assets and Liabilities, Net (2.8%)					(14,840,362	)

Net Assets 100.0%				$	519,328,210

WRITTEN OPTIONS ACTIVITY
	Contracts			Premiums
Options outstanding at beginning of period		—		$	—
Options written during the period		39,968			9,235,856
Options closed		(27,655	)		(6,176,874	)
Options expired		—			—
Options exercised		(1,290	)		(633,015	)

Options outstanding at end of period		11,023		$	2,425,967

WRITTEN CALL OPTIONS DETAIL
	Contracts (100 shares per contract)			Value (Note 2)
Arch Coal, Inc.
(Strike Price is $35.00. Expiration date is 10/15/04. Premium received is $514,668.)		2,890		$	(982,600	)
Coca-Cola Enterprises,Inc.
(Strike Price is $27.50. Expiration date is 8/20/04. Premium received is $409,126.)		2,950			(538,375	)
Devon Energy Corporation
(Strike Price is $60.00. Expiration date is 10/15/04. Premium received is $353,103.)		683			(522,495	)
Philadephia Oil Service Sector Index
(Strike Price is $100. Expiration date is 8/20/04. Premium received is $510,300)		900			(828,000	)
SPX Corporation
(Strike Price is $47.50. Expiration date is 9/17/04. Premium received is $265,494.)		1,500			(270,000	)
Triad Hospitals, Inc.
(Strike Price is $35.00. Expiration date is 7/16/04. Premium received is $373,276.)		2,100			(504,000	)

		11,023		$	(3,645,470	)

STRONG MULTI CAP VALUE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 97.0%
Apparel - Clothing Manufacturing 0.4%
Guess?, Inc. (b)	55,300	$	890,330
Auto/Truck - Original Equipment 0.7%
Dana Corporation (c)	76,100		1,491,560
Beverages - Soft Drinks 0.1%
Coca-Cola Enterprises, Inc.	5,700		165,243
Building - Construction Products/Miscellaneous 3.5%
Royal Group Technologies, Ltd. (b)	793,800		7,168,014
Building - Heavy Construction 2.7%
Chicago Bridge & Iron Company NV	197,600		5,503,160
Building - Maintenance & Services 0.3%
ABM Industries, Inc.	34,445		670,644
Chemicals - Plastics 1.1%
Intertape Polymer Group, Inc. (b)	288,370		2,194,496
Chemicals - Specialty 0.4%
Hercules, Inc. (b)	70,500		859,395
Commercial Services - Advertising 0.5%
R.H. Donnelley Corporation (b)	22,500		984,150
Commercial Services - Consulting 0.2%
Watson Wyatt & Company Holdings	17,600		469,040
Commercial Services - Staffing 0.2%
MPS Group, Inc. (b)	35,400		429,048
Computer - Data Storage 0.9%
Seagate Technology (b)	134,000		1,933,620
Computer - Local Networks 0.4%
Computer Network Technology Corporation (b)	137,200		821,828
Computer - Manufacturers 0.3%
Sun Microsystems, Inc. (b)	150,800		654,472
Computer Software - Desktop 1.4%
Microsoft Corporation	105,000		2,998,800
Computer Software - Enterprise 2.0%
Lightbridge, Inc. (b)	360,300		2,017,680
TIBCO Software, Inc. (b)	246,700		2,084,615

			4,102,295
Containers 0.7%
Constar International, Inc. (b)	323,900		1,506,135
Cosmetics - Personal Care 0.0%
LIFE TIME FITNESS, Inc. (b)	400		8,400
Electronics - Contract Manufacturing 0.5%
Celestica, Inc. (b) (c)	54,640		1,090,068
Electronics - Miscellaneous Components 0.6%
Coherent, Inc. (b) (c)	41,270		1,231,909
Electronics - Scientific Measuring 0.4%
Newport Corporation (b)	54,100		874,797
Electronics - Semiconductor Manufacturing 2.3%
Amkor Technology, Inc. (b)	261,200		2,136,616
Credence Systems Corporation (b)	86,600		1,195,080
Zoran Corporation (b)	77,100		1,414,785

			4,746,481
Energy - Other 0.2%
Headwaters, Inc. (b)	20,000		518,600
Finance - Equity REIT 0.1%
American Financial Realty Trust	20,800		297,232
Finance - Investment Brokers 1.1%
Labranche & Company, Inc.	265,800		2,238,036
Food - Miscellaneous Preparation 1.2%
Del Monte Foods Company (b)	253,500		2,575,560
Household - Appliances 0.5%
Maytag Corporation (c)	44,900		1,100,499
Insurance - Brokers 0.8%
Willis Group Holdings, Ltd.	41,800		1,565,410
Insurance - Diversified 0.3%
Assurant, Inc.	22,800		601,464
Insurance - Life 0.8%
Reinsurance Group of America, Inc.	42,100		1,711,365
Insurance - Property/Casualty/Title 2.9%
Endurance Specialty Holdings, Ltd.	26,400		918,720
Max Re Capital, Ltd.	41,000		798,680
Mercury General Corporation	69,280		3,439,752
NYMAGIC, Inc.	30,610		808,104

			5,965,256
Leisure - Gaming/Equipment 2.2%
Empire Resorts, Inc. (b)	324,100		4,553,605
Machinery - General Industrial 0.6%
UNOVA, Inc. (b)	65,600		1,328,400
Medical - Biomedical/Biotechnology 1.2%
CV Therapeutics, Inc. (b)	149,400		2,503,944
Medical - Ethical Drugs 1.5%
Biovail Corporation International (b) (c)	167,900		3,186,742
Medical - Generic Drugs 0.6%
Andrx Group (b) (c)	43,500		1,214,955
Medical - Nursing Homes 3.9%
Beverly Enterprises, Inc. (b)	745,900		6,414,740
Manor Care, Inc.	52,500		1,715,700

			8,130,440
Medical/Dental - Services 1.3%
Covalent Group, Inc. (b)	305,970		1,171,865
Omnicare, Inc.	35,200		1,506,912

			2,678,777


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG MULTI CAP VALUE FUND (continued)


	Shares or Principal Amount			Value (Note 2)
Metal Ores - Gold/Silver 4.9%
Apex Silver Mines, Ltd. (b) (c)		238,680		$	4,069,494
Harmony Gold Mining Company, Ltd. Sponsored ADR		276,000			2,922,840
Meridian Gold, Inc. (b) (c)		100,110			1,298,427
Newmont Mining Corporation Holding Company (c)		47,800			1,852,728

					10,143,489
Metal Ores - Miscellaneous 1.5%
Inco, Ltd. (b)		91,800			3,172,608
Oil & Gas - Canadian Exploration & Production 2.3%
Canadian Natural Resources, Ltd.		160,000			4,784,000
Oil & Gas - Drilling 3.4%
Helmerich & Payne, Inc.		127,400			3,331,510
Transocean, Inc. (b)		126,700			3,666,698

					6,998,208
Oil & Gas - Field Services 9.7%
Global Industries, Ltd. (b)		1,160,600			6,638,632
Key Energy Services, Inc. (b)		559,800			5,284,512
Layne Christensen Company (b)		37,000			612,350
Matrix Service Company (b)		179,100			1,638,765
Newpark Resources, Inc. (b)		470,700			2,918,340
Oceaneering International, Inc. (b)		15,800			541,150
Willbros Group, Inc. (b)		167,700			2,527,239

					20,160,988
Oil & Gas - International Exploration & Production 1.3%
CNOOC, Ltd. ADR		63,000			2,693,250
Oil & Gas - United States Exploration & Production 11.4%
Forest Oil Corporation (b)		233,000			6,365,560
McMoRan Exploration Company (b)		40,770			635,197
Noble Energy, Inc.		80,000			4,080,000
Pioneer Natural Resources Company		67,900			2,381,932
Pogo Producing Company		16,200			800,280
Range Resources Corporation		447,500			6,533,500
Stone Energy Corporation (b)		60,200			2,749,936

					23,546,405
Oil & Gas - United States Integrated 2.1%
El Paso Corporation		545,000			4,294,600
Pollution Control - Services 1.2%
Calgon Carbon Corporation		370,430			2,481,881
Retail - Clothing/Shoe 0.6%
Bakers Footwear Group, Inc. (b)		50,100			506,010
The Gymboree Corporation (b)		50,200			771,072

					1,277,082
Retail - Consumer Electronics 0.5%
Circuit City Stores, Inc.		85,100			1,102,045
Retail - Restaurants 1.5%
California Pizza Kitchen, Inc. (b)		86,200			1,651,592
Darden Restaurants, Inc.		37,300			766,515
Worldwide Restaurant Concepts, Inc. (b)		217,800			760,122

					3,178,229
Retail/Wholesale - Computer/Cellular 0.4%
CellStar Corporation (b)		99,750			734,160
Steel - Producers 1.2%
United States Steel Corporation (c)		71,400			2,507,568
Steel - Specialty Alloys 4.0%
GrafTech International, Ltd. (b) (c)		792,200			8,286,412
Telecommunications - Equipment 6.3%
ADC Telecommunications, Inc. (b)		1,599,100			4,541,444
Arris Group, Inc. (b) (c)		115,100			683,694
C-COR.net Corporation (b)		76,900			791,301
ECI Telecom, Ltd. (b)		958,700			6,547,921
ECtel, Ltd. (b)		150,787			435,774

					13,000,134

Telecommunications - Services 0.4%
Cincinnati Bell, Inc. (b)		179,500			796,980
Transportation - Rail 2.9%
CSX Corporation		181,500			5,947,755
Transportation - Truck 1.2%
Covenant Transport, Inc. Class A (b)		139,400			2,382,346
Utility - Electric Power 1.4%
TECO Energy, Inc.		234,300			2,809,257

Total Common Stocks (Cost $184,080,459)					201,261,567

Short-Term Investments (a) 3.4%
Repurchase Agreements (d)
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $5,600,218); Collateralized by: United States Government & Agency Issues	$	5,600,000			5,600,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,551,332); Collateralized by: United States Government & Agency Issues		1,551,300			1,551,300

Total Short-Term Investments (Cost $7,151,300)					7,151,300

Total Investments in Securities (Cost $191,231,759) 100.4%					208,412,867
Other Assets and Liabilities, Net (0.4%)					(900,964	)

Net Assets 100.0%				$	207,511,903

WRITTEN OPTIONS ACTIVITY
	Contracts			Premiums
Options outstanding at beginning of period		2,125		$	503,967
Options written during the period		6,180			1,170,515
Options closed		(5,052	)		(1,132,058	)
Options expired		(650	)		(140,944	)
Options exercised		(778	)		(179,518	)

Options outstanding at end of period		1,825		$	221,962

STRONG MULTI CAP VALUE FUND (continued)

WRITTEN CALL OPTIONS DETAIL


	Contracts (100 shares per contract)	Value (Note 2)
Andrx Group
(Strike Price is $30.00. Expiration date is 8/20/04. Premium received is $6,850.)	50	$	(3,500	)
(Strike Price is $25.00. Expiration date is 9/17/04. Premium received is $40,699.)	100		(37,000	)
Apex Silver Mines, Ltd.
(Strike Price is $20.00. Expiration date is 10/15/04. Premium received is $8,600.)	50		(4,125	)
(Strike Price is $22.50. Expiration date is 10/15/04. Premium received is $10,200.)	100		(3,500	)
Arris Group, Inc.
(Strike Price is $7.50. Expiration date is 8/20/04. Premium received is $34,499.)	500		(8,750	)
Biovail Corporation International
(Strike Price is $17.50. Expiration date is 7/16/04. Premium received is $7,600.)	50		(7,875	)
(Strike Price is $20.00. Expiration date is 10/15/04. Premium received is $9,700.)	100		(10,500	)
Celestica, Inc.
(Strike Price is $17.50. Expiration date is 9/17/04. Premium received is $13,599.)	50		(15,750	)
(Strike Price is $20.00. Expiration date is 9/17/04. Premium received is $6,850.)	50		(7,875	)
Coherent, Inc.
(Strike Price is $30.00. Expiration date is 8/20/04. Premium received is $8,931.)	100		(14,750	)
Dana Corporation
(Strike Price is $20.00. Expiration date is 7/16/04. Premium received is $10,200.)	100		(4,000	)
(Strike Price is $20.00. Expiration date is 10/15/04. Premium received is $9,236.)	50		(6,500	)
GrafTech International, Ltd.
(Strike Price is $10.00. Expiration date is 9/17/04. Premium received is $16,799.)	200		(26,500	)
Maytag Corporation
(Strike Price is $22.50. Expiration date is 7/16/04. Premium received is $12,700.)	100		(21,250	)
Meridian Gold, Inc.
(Strike Price is $15.00. Expiration date is 10/15/04. Premium received is $7,400.)	100		(4,750	)
Newmont Mining Corporation Holding Company
(Strike Price is $42.50. Expiration date is 7/16/04. Premium received is $3,700.)	50		(625	)
United States Steel Corporation
(Strike Price is $35.00. Expiration date is 10/15/04. Premium received is $14,399.)	75		(25,125	)

	1,825	$	(202,375	)

STRONG SMALL COMPANY VALUE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 81.0%
Apparel - Clothing Manufacturing 0.4%
Russell Corporation	22,700	$	407,692
Apparel - Shoes & Related Manufacturing 0.2%
The Stride Rite Corporation	17,000		187,510
Banks - Midwest 0.4%
First Indiana Corporation	16,000		304,800
Peoples Bancorp, Inc.	600		15,954
Provident Financial Group, Inc.	500		19,730
UMB Financial Corporation	2,200		113,564
Unizan Financial Corporation	700		18,270

			472,318
Banks - Northeast 0.1%
First Commonwealth Financial Corporation	1,300		16,861
NBT Bancorp, Inc.	3,800		84,892

			101,753
Building - Air Conditioning & Heating Products 1.0%
Comfort Systems USA, Inc. (b)	167,000		1,067,130
Building - Maintenance & Services 0.3%
EMCOR Group, Inc. (b)	8,000		351,840
Chemicals - Specialty 0.0%
Hercules, Inc. (b)	2,000		24,380
Commercial Services - Advertising 0.0%
Catalina Marketing Corporation (b)	1,000		18,290
Commercial Services - Healthcare 0.9%
Radiologix, Inc. (b)	234,200		1,058,584
Commercial Services - Miscellaneous 0.6%
Crawford & Company Class A	50,000		236,000
MedQuist, Inc. (b)	35,000		397,705

			633,705
Computer Software - Education/Entertainment 2.2%
Midway Games, Inc. (b) (c)	215,500		2,482,560
Computer Software - Financial 0.0%
S1 Corporation (b)	4,000		39,760
Consumer Products - Miscellaneous 0.0%
Rayovac Corporation (b)	1,500		42,150
Electronics - Military Systems 0.1%
Herley Industries, Inc. (b)	4,900		95,746
Electronics - Semiconductor Manufacturing 0.7%
Cabot Microelectronics Corporation (b)	25,000		765,250
Energy - Other 2.2%
Arch Coal, Inc. (c)	66,000		2,414,940
Finance - Consumer/Commercial Loans 0.1%
Financial Federal Corporation (b)	3,600		126,936


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG SMALL COMPANY VALUE FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Finance - Equity REIT 2.1%
Apartment Investment & Management Company Class A	77,000	$	2,397,010
Finance - Savings & Loan 3.1%
Citizens First Bancorp, Inc.	3,800		90,478
First Financial Bancorp	188,000		3,331,360

			3,421,838
Financial Services - Miscellaneous 0.2%
ACE Cash Express, Inc. (b)	7,900		202,951
Food - Dairy Products 0.3%
Galaxy Nutritional Foods, Inc. (b)	175,000		384,125
Food - Miscellaneous Preparation 3.9%
Del Monte Foods Company (b)	330,000		3,352,800
Lance, Inc.	2,400		36,960
Monterey Pasta Company (b)	177,300		645,372
Tasty Baking Company	30,500		287,920

			4,323,052
Insurance - Accident & Health 0.0%
Conseco, Inc. (b)	1,000		19,900
Insurance - Brokers 1.8%
U.S.I. Holdings Corporation (b)	131,000		2,069,800
Insurance - Life 3.0%
Scottish Re Group, Ltd.	143,800		3,343,350
Insurance - Property/Casualty/Title 3.1%
Ohio Casualty Corporation (b)	175,000		3,522,750
Leisure - Gaming/Equipment 1.1%
Caesars Entertainment, Inc. (b) (c)	80,000		1,200,000
Leisure - Toys/Games/Hobby 2.6%
Action Performance Companies, Inc.	195,000		2,938,650
Machinery - Farm 3.0%
AGCO Corporation (b)	164,000		3,340,680
Machinery - General Industrial 1.2%
Robbins & Myers, Inc.	49,800		1,118,010
Tennant Company	6,000		248,700

			1,366,710
Media - Books 0.7%
Scholastic Corporation (b)	27,300		817,635
Media - Periodicals 5.3%
Playboy Enterprises, Inc. Class B (b)	160,800		1,866,888
The Readers Digest Association, Inc. Class A	250,000		3,997,500

			5,864,388
Media - Radio/TV 2.8%
Spanish Broadcasting System, Inc. Class A (b)	340,000		3,165,400
Medical - Biomedical/Biotechnology 1.6%
Guilford Pharmaceuticals, Inc. (b)	7,000		33,250
Trimeris, Inc. (b)	118,000		1,702,740

			1,735,990
Medical - Products 5.7%
Cambrex Corporation	700		17,661
NDCHealth Corporation	130,000		3,016,000
Vital Signs, Inc.	113,000		3,281,520

			6,315,181
Medical - Systems/Equipment 1.2%
CTI Molecular Imaging, Inc. (b)	57,000		808,260
VIVUS, Inc. (b)	157,700		574,028

			1,382,288
Medical - Wholesale Drugs/Sundries 1.2%
PSS World Medical, Inc. (b)	115,000		1,288,000
Medical/Dental - Services 1.0%
Hooper Holmes, Inc.	32,000		183,680
MIM Corporation (b)	102,700		893,490

			1,077,170
Medical/Dental - Supplies 3.3%
Apogent Technologies, Inc. (b) (c)	26,000		832,000
Sola International, Inc. (b)	165,000		2,842,950

			3,674,950
Metal Ores - Gold/Silver 2.7%
Goldcorp, Inc.	255,000		2,975,850
Metal Processing & Fabrication 0.6%
Valmont Industries, Inc.	31,000		709,900
Office - Equipment & Automation 1.4%
InFocus Corporation (b)	185,000		1,572,500
Oil & Gas - Drilling 0.3%
Pride International, Inc. (b)	20,000		342,200
Oil & Gas - Field Services 2.2%
Expro International Group PLC (GBP) (f)	50,000		244,104
Fugro NV (EUR) (f)	11,500		743,920
Global Industries, Ltd. (b)	25,000		143,000
Layne Christensen Company (b)	9,800		162,190
Oceaneering International, Inc. (b)	28,000		959,000
Seabulk International, Inc. (b)	30,800		254,100

			2,506,314
Oil & Gas - International Exploration & Production 0.4%
Vintage Petroleum, Inc.	26,000		441,220
Oil & Gas - Machinery/Equipment 2.1%
FMC Technologies, Inc. (b)	45,000		1,296,000
National-Oilwell, Inc. (b)	32,000		1,007,680
Universal Compression Holdings, Inc. (b)	2,200		67,496

			2,371,176
Oil & Gas - Refining/Marketing 0.2%
Frontier Oil Corporation	6,400		135,616
Lubrizol Corporation	2,000		73,240

			208,856
Oil & Gas - United States Exploration & Production 1.2%
Kerr McGee Corporation	24,000		1,290,480
Paper & Paper Products 0.6%
Buckeye Technologies, Inc. (b)	55,300		635,950
Pollution Control - Services 2.0%
Casella Waste Systems, Inc. Class A (b)	49,000		644,350
Clean Harbors, Inc. (b)	44,800		424,704
Lydall, Inc. (b)	115,000		1,123,550

			2,192,604
Retail - Clothing/Shoe 1.4%
Syms Corporation (b)	58,000		537,080
The Wet Seal, Inc. Class A (b)	199,000		1,040,770

			1,577,850

STRONG SMALL COMPANY VALUE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Retail - Restaurants 1.1%
Buca, Inc. (b)		74,000	$	394,420
Rubio’s Restaurants, Inc. (b)		107,000		850,650

				1,245,070
Retail - Super/Mini Markets 0.0%
Wild Oats Markets, Inc. (b)		2,000		28,140
Retail/Wholesale - Computer/Cellular 0.7%
Ingram Micro, Inc. Class A (b) (c)		56,100		811,767
Retail/Wholesale - Food 2.3%
Cal-Maine Foods, Inc.		125,000		1,750,000
Green Mountain Coffee Roasters, Inc. (b)		500		9,285
Vermont Pure Holdings, Ltd. (b)		274,300		779,012

				2,538,297
Utility - Electric Power 1.6%
Black Hills Corporation		4,000		126,000
Cleco Corporation		5,600		100,688
IDACORP, Inc.		9,600		259,200
Otter Tail Corporation		5,800		155,788
PNM Resources, Inc.		57,000		1,183,890

				1,825,566
Utility - Gas Distribution 1.9%
CenterPoint Energy, Inc.		182,000		2,093,000
Utility - Water Supply 0.9%
California Water Service Group		36,000		991,800

Total Common Stocks (Cost $ 79,702,330)				90,500,902

Convertible Preferred Stocks 0.2%
Insurance - Life 0.2%
Scottish Re Group, Ltd.		7,000		203,490

Total Convertible Preferred Stocks (Cost $180,600)				203,490

Put Options Purchased 0.3%
Computer Software - Education/Entertainment 0.0%
Midway Games, Inc.		219,000		27,375
Oil and Gas - Field Services 0.1%
Philadelphia Oil Services Sector Index		45,000		69,750
Energy - Other 0.1%
Arch Coal, Inc.		66,000		115,500
Leisure - Gaming/Equipment 0.1%
Caesars Entertainment, Inc.		80,000		84,000
Medical/Dental - Supplies 0.0%
Apogent Technologies, Inc.		26,000		8,450
Retail/Wholesale - Computer/Cellular 0.0%
Ingram Micro, Inc. Class A		56,100		18,233

Total Put Options Purchased (Cost $ 785,493)				323,308

Short-Term Investments (a) 19.3%
Repurchase Agreements (d) 14.0%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $15,100,587); Collateralized by: United States Government & Agency Issues	$	15,100,000		15,100,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $514,611); Collateralized by: United States Government & Agency Issues		514,600		514,600

				15,614,600
United States Government Issues 5.3%
United States Treasury Bills, Due 7/08/04 thru 9/16/04 (g)		5,970,000		5,956,762

Total Short-Term Investments (Cost $ 21,571,095)				21,571,362

Total Investments in Securities (Cost $102,239,518) 100.8%				112,599,062
Other Assets and Liabilities, Net (0.8%)				(924,641	)

Net Assets 100.0%			$	111,674,421

WRITTEN OPTIONS ACTIVITY


	Contracts		Premiums
Options outstanding at beginning of period	—		$	—
Options written during the period	20,166			4,230,176
Options closed	(14,113	)		(3,141,438	)
Options expired	—			—
Options exercised	(1,167	)		(183,204	)

Options outstanding at end of period	4,886		$	905,534

WRITTEN CALL OPTIONS DETAIL


	Contracts (100 shares per contract)	Value (Note 2)
Apogent Technologies, Inc.
(Strike Price is $30.00. Expiration date is 7/16/04. Premium received is $53,818.)	260	$	(57,200	)
Arch Coal, Inc.
(Strike Price is $35.00. Expiration date is 10/15/04. Premium received is $119,325.)	660		(224,400	)
Caesars Entertainment, Inc.
(Strike Price is $15.00. Expiration date is 10/15/04. Premium received is $101,598.)	800		(86,000	)
Ingram Micro, Inc. Class A
(Strike Price is $12.50. Expiration date is 9/17/04. Premium received is $110,514.)	561		(126,225	)
Midway Games, Inc.
(Strike Price is $10.00. Expiration date is 7/16/04. Premium received is $252,129.)	2,155		(350,188	)
Philadelphia Oil Services Sector Index
(Strike Price is $100.00. Expiration date is 8/13/04. Premium received is $268,150.)	450		(414,000	)

	4,886	$	(1,258,013	)


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG SMALL/MID CAP VALUE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.3%
Aerospace - Defense Equipment 1.1%
Evans & Sutherland Computer Corporation (b)	29,955	$	140,788
Apparel - Clothing Manufacturing 0.4%
Guess?, Inc. (b)	3,315		53,371
Building - Construction Products/ Miscellaneous 1.7%
Royal Group Technologies, Ltd. (b)	23,185		209,361
Building - Heavy Construction 1.5%
Chicago Bridge & Iron Company NV	6,565		182,835
Chemicals - Plastics 2.5%
Intertape Polymer Group, Inc. (b)	21,205		161,370
PolyOne Corporation (b)	19,215		142,960

			304,330
Chemicals - Specialty 1.4%
Hercules, Inc. (b)	4,205		51,259
OM Group, Inc. (b)	3,805		125,603

			176,862
Commercial Services - Consulting 0.8%
Navigant Consulting, Inc. (b)	3,270		70,109
Watson Wyatt & Company Holdings	950		25,318

			95,427
Commercial Services - Security/Safety 1.7%
DHB Industries, Inc. (b)	2,060		31,271
The Geo Group, Inc. (b)	3,695		75,378
OSI Systems, Inc. (b)	5,190		103,437

			210,086
Commercial Services - Staffing 0.7%
Kforce.com, Inc. (b)	6,330		59,755
MPS Group, Inc. (b)	2,120		25,694

			85,449
Computer - Data Storage 0.9%
Seagate Technology (b)	7,655		110,462
Computer - Local Networks 0.7%
Computer Network Technology Corporation (b)	13,915		83,351
Computer - Manufacturers 0.7%
Cray, Inc. (b)	6,365		42,136
Sun Microsystems, Inc. (b)	8,795		38,170

			80,306
Computer Software - Enterprise 1.8%
Lightbridge, Inc. (b)	22,750		127,400
TIBCO Software, Inc. (b)	10,420		88,049

			215,449
Containers 1.9%
Constar International, Inc. (b)	51,330		238,684
Cosmetics - Personal Care 0.0%
LIFE TIME FITNESS, Inc. (b)	100		2,100
Electronics - Miscellaneous Components 0.4%
Coherent, Inc. (b)	1,675		49,999
Electronics - Parts Distributors 0.9%
Richardson Electronics, Ltd.	9,660		107,033
Electronics - Scientific Measuring 0.3%
Newport Corporation (b)	2,610		42,204
Electronics - Semiconductor
Manufacturing 3.2%
Amkor Technology, Inc. (b)	7,790		63,722
ChipPAC, Inc. Class A (b)	11,190		70,161
Credence Systems Corporation (b)	5,155		71,139
TriQuint Semiconductor, Inc. (b)	20,285		110,756
Zoran Corporation (b)	4,080		74,868

			390,646
Finance - Equity REIT 0.2%
American Financial Realty Trust	1,325		18,934
Finance - Savings & Loan 0.6%
Pacific Premier Bancorp, Inc. (b)	6,460		68,799
Food - Miscellaneous Preparation 1.0%
Del Monte Foods Company (b)	11,975		121,666
Household - Appliances 0.5%
Maytag Corporation	2,255		55,270
Insurance - Brokers 0.6%
Willis Group Holdings, Ltd.	2,040		76,398
Insurance - Diversified 0.1%
Assurant, Inc.	695		18,334
Insurance - Life 0.9%
Phoenix Companies, Inc.	2,865		35,096
Reinsurance Group of America, Inc.	1,915		77,845

			112,941
Insurance - Property/Casualty/Title 1.1%
Max Re Capital, Ltd.	1,260		24,545
Mercury General Corporation	1,360		67,524
Penn-America Group, Inc.	3,200		44,800

			136,869
Internet - E*Commerce 0.4%
Stamps.com, Inc. (b)	4,320		44,021
Internet - Software 0.4%
webMethods, Inc. (b)	5,050		43,279
Leisure - Gaming/Equipment 2.2%
Empire Resorts, Inc. (b)	19,005		267,020
Machinery - General Industrial 1.0%
UNOVA, Inc. (b)	5,780		117,045
Medical - Biomedical/Biotechnology 0.3%
CV Therapeutics, Inc. (b)	1,905		31,928
Medical - Ethical Drugs 1.3%
Biovail Corporation International (b)	8,635		163,892
Medical - Nursing Homes 2.8%
Beverly Enterprises, Inc. (b)	30,095		258,817
Manor Care, Inc.	2,675		87,419

			346,236

STRONG SMALL/MID CAP VALUE FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Medical - Products 2.8%
Allied Healthcare Products, Inc. (b)	15,318	$	76,743
Discovery Partners International, Inc. (b)	13,920		70,992
OraSure Technologies, Inc. (b) (c)	10,600		103,138
Synovis Life Technologies, Inc. (b)	8,165		87,774

			338,647
Medical/Dental - Services 6.1%
Covalent Group, Inc. (b)	183,025		700,986
Omnicare, Inc.	1,235		52,870

			753,856
Metal Ores - Gold/Silver 5.8%
Apex Silver Mines, Ltd. (b)	12,710		216,706
Glamis Gold, Ltd. (b)	5,810		101,849
Goldcorp, Inc.	5,490		64,068
Harmony Gold Mining Company, Ltd. Sponsored ADR	16,540		175,159
Meridian Gold, Inc. (b)	4,180		54,215
Newmont Mining Corporation Holding Company	2,620		101,551

			713,548
Metal Ores - Miscellaneous 1.2%
Inco, Ltd. (b)	4,170		144,115
Metal Processing & Fabrication 1.3%
Webco Industries, Inc. (b)	43,850		165,315
Oil & Gas - Canadian Exploration & Production 1.6%
Canadian Natural Resources, Ltd.	6,650		198,835
Oil & Gas - Drilling 3.6%
Helmerich & Payne, Inc.	3,730		97,539
Parker Drilling Company (b)	21,580		82,436
Pride International, Inc. (b)	9,370		160,321
Transocean, Inc. (b)	3,670		106,210

			446,506
Oil & Gas - Field Services 9.4%
Global Industries, Ltd. (b)	63,030		360,532
Key Energy Services, Inc. (b)	21,010		198,334
Layne Christensen Company (b)	4,010		66,365
Matrix Service Company (b)	16,215		148,367
Newpark Resources, Inc. (b)	24,010		148,862
Oceaneering International, Inc. (b)	1,200		41,100
Petroleum Helicopters, Inc. (b)	2,425		46,681
Willbros Group, Inc. (b)	9,695		146,104

			1,156,345
Oil & Gas - International Exploration & Production 2.5%
CNOOC, Ltd. ADR	3,550		151,763
Paramount Resources, Ltd. (CAD) (b) (f)	14,600		157,731

			309,494
Oil & Gas - United States Exploration & Production 7.7%
Forest Oil Corporation (b)	8,285		226,346
Kerr McGee Corporation	485		26,078
McMoRan Exploration Company (b)	7,145		111,319
Noble Energy, Inc.	1,745		88,995
Pioneer Natural Resources Company	3,640		127,691
Pogo Producing Company	905		44,707
Range Resources Corporation	21,720		317,112

			942,248
Oil & Gas - United States Integrated 0.8%
El Paso Corporation	11,840		93,299
Paper & Paper Products 1.4%
Wausau - Mosinee Paper Corporation	9,950		172,135
Pollution Control - Equipment 0.7%
Trojan Technologies, Inc. (b)	15,045		85,898
Pollution Control - Services 1.1%
Calgon Carbon Corporation	19,225		128,807
Retail - Clothing/Shoe 3.0%
Bakers Footwear Group, Inc. (b)	4,445		44,894
Shoe Carnival, Inc. (b)	5,950		89,310
Too, Inc. (b)	7,080		118,236
The Wet Seal, Inc. Class A (b)	21,865		114,354

			366,794
Retail - Consumer Electronics 0.5%
Circuit City Stores, Inc.	4,520		58,534
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)	100		1,643
Retail - Restaurants 1.2%
California Pizza Kitchen, Inc. (b)	3,230		61,887
Darden Restaurants, Inc.	2,185		44,902
Worldwide Restaurant Concepts, Inc. (b)	12,295		42,910

			149,699
Retail/Wholesale - Computer/Cellular 1.1%
CellStar Corporation (b)	18,140		133,510
Steel - Producers 2.2%
Roanoke Electric Steel Corporation	10,155		138,108
United States Steel Corporation	3,890		136,617

			274,725
Steel - Specialty Alloys 1.6%
GrafTech International, Ltd. (b)	18,815		196,805
Telecommunications - Equipment 2.9%
ADC Telecommunications, Inc. (b)	83,095		235,990
Arris Group, Inc. (b) (c)	6,835		40,600
C-COR.net Corporation (b)	4,320		44,453
ECtel, Ltd. (b)	12,300		35,547

			356,590
Telecommunications - Services 0.5%
Cincinnati Bell, Inc. (b)	14,165		62,893
Transportation - Rail 2.5%
CSX Corporation	7,550		247,413
RailAmerica, Inc. (b)	4,235		61,831

			309,244
Transportation - Truck 1.1%
Covenant Transport, Inc. Class A (b)	7,545		128,944
Utility - Electric Power 0.7%
TECO Energy, Inc.	7,485		89,745

Total Common Stocks (Cost $10,875,106)			12,179,549


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG SMALL/MID CAP VALUE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 0.7%
Repurchase Agreements (d)
State Street Bank (Dated 6/30/04), 0.75%,
Due 7/01/04 (Repurchase proceeds $82,701); Collateralized by: United States Government & Agency Issues	$	82,700	$	82,700

Total Short-Term Investments (Cost $ 82,700)				82,700

Total Investments in Securities (Cost $10,957,806) 100.0%				12,262,249
Other Assets and Liabilities, Net 0.0%				4,089

Net Assets			$	12,266,338

WRITTEN OPTIONS ACTIVITY


	Contracts		Premiums
Options outstanding at beginning of period	35		$	11,490
Options written during the period	75			7,755
Options closed	(20	)		(7,790	)
Options expired	(40	)		(7,290	)
Options exercised	(15	)		(1,600	)

Options outstanding at end of period	35		$	2,565

WRITTEN CALL OPTIONS DETAIL


	Contracts (100 shares per contract)	Value (Note 2)
Arris Group, Inc.
(Strike Price is $7.50. Expiration date is 8/20/04. Premium received is $1,725.)	25	$	(438	)
OraSure Technologies, Inc.
(Strike Price is $10.00. Expiration date is 8/20/04. Premium received is $840.)	10		(675	)

	35	$	(1,113	)

STRONG STRATEGIC VALUE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 92.6%
Apparel - Clothing Manufacturing 1.7%
Oxford Industries, Inc.	800	$	34,848
The Warnaco Group, Inc. (b)	800		17,016

			51,864
Apparel - Shoes & Related Manufacturing 1.2%
NIKE, Inc. Class B	480		36,360
Auto Manufacturer 1.2%
Ford Motor Company	2,243		35,103
Auto/Truck - Original Equipment 1.0%
Eaton Corporation	480		31,075
Banks - Money Center 1.2%
Bank of America Corporation	426		36,048
Banks - Super Regional 1.1%
Wachovia Corporation	750		33,375
Beverages - Soft Drinks 1.2%
The Pepsi Bottling Group, Inc.	1,200		36,648
Building - Construction Products/
Miscellaneous 1.2%
Masco Corporation	1,160		36,169
Building - Heavy Construction 0.5%
Washington Group International, Inc. (b)	400		14,356
Building - Paint & Allied Products 1.2%
Sherwin Williams Company	900		37,395
Building - Resident/Commercial 1.0%
Ryland Group, Inc.	390		30,498
Building Products - Wood 1.2%
Georgia-Pacific Corporation	1,000		36,980
Chemicals - Specialty 1.3%
OM Group, Inc. (b)	1,150		37,962
Commercial Services - Advertising 1.2%
Digitas, Inc. (b)	3,150		34,745
Commercial Services - Miscellaneous 0.5%
ARAMARK Corporation Class B	500		14,380
Commercial Services - Security/Safety 0.9%
Checkpoint Systems, Inc. (b)	1,450		25,998
Computer - IT Services 1.1%
Amdocs, Ltd. (b)	1,460		34,208
Computer - Local Networks 1.1%
Cisco Systems, Inc. (b)	1,350		31,995
Computer - Peripheral Equipment 0.5%
Lexmark International, Inc. Class A (b)	150		14,479
Computer Software - Education/Entertainment 1.0%
Activision, Inc. (b)	1,880		29,892

Computer Software - Enterprise 0.5%
Lawson Software, Inc. (b)	2,050		14,514
Computer Software - Security 1.1%
RSA Security, Inc. (b)	1,600		32,752
Consumer Products - Miscellaneous 1.7%
Rayovac Corporation (b)	1,100		30,910
The Yankee Candle Company, Inc. (b)	700		20,475

			51,385
Cosmetics - Personal Care 1.2%
Nu Skin Enterprises, Inc. Class A	1,420		35,954
Diversified Operations 4.2%
The Brink’s Company	980		33,565
Griffon Corporation (b)	1,400		31,192
The Manitowoc Company, Inc.	1,000		33,850
Textron, Inc.	450		26,707

			125,314

STRONG STRATEGIC VALUE FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Electrical - Equipment 1.0%
Encore Wire Corporation (b)	1,040	$	28,673
Electronics - Contract Manufacturing 0.9%
Sanmina-SCI Corporation (b)	3,000		27,300
Electronics - Miscellaneous Components 1.3%
Commscope, Inc. (b)	1,750		37,538
Electronics - Semiconductor Manufacturing 2.6%
ASM International NV (b)	1,660		34,329
Intel Corporation	700		19,320
Texas Instruments, Inc.	1,050		25,389

			79,038
Energy - Other 0.2%
Arch Coal, Inc.	200		7,318
Finance - Consumer/Commercial Loans 2.3%
CIT Group, Inc.	900		34,461
MBNA Corporation	1,350		34,817

			69,278
Finance - Index Tracking Fund 0.7%
iShares S&P SmallCap 600/BARRA Growth Index Fund	200		19,518
Finance - Investment Brokers 1.0%
Morgan Stanley	588		31,029
Finance - Mortgage & Related Services 2.0%
IndyMac Bancorp, Inc.	800		25,280
New Century Financial Corporation	740		34,647

			59,927
Finance - Savings & Loan 1.5%
Golden West Financial Corporation	250		26,587
Washington Mutual, Inc.	478		18,470

			45,057
Food - Flour & Grain 1.2%
Archer Daniels Midland Company	2,100		35,238
Food - Meat Products 1.2%
Tyson Foods, Inc. Class A	1,710		35,825
Funeral Services & Related 1.0%
Alderwoods Group, Inc. (b)	2,350		28,670
Insurance - Diversified 1.2%
Prudential Financial, Inc.	750		34,852
Insurance - Life 1.7%
AmerUs Group Company	780		32,292
Lincoln National Corporation	400		18,900

			51,192
Insurance - Property/Casualty/Title 2.1%
The Allstate Corporation	750		34,912
IPC Holdings, Ltd.	750		27,698

			62,610
Internet - ISP 1.1%
EarthLink, Inc. (b)	3,250		33,637
Leisure - Gaming/Equipment 0.8%
Isle of Capri Casinos, Inc. (b)	1,350		23,558
Leisure - Services 3.1%
Cendant Corporation	1,450		35,496
Prime Hospitality Corporation (b)	3,050		32,391
Six Flags, Inc. (b)	3,500		25,410

			93,297
Machinery - Construction/Mining 1.1%
Terex Corporation (b)	1,000		34,130
Media - Radio/TV 1.1%
The Walt Disney Company	1,300		33,137
Medical - Biomedical/Biotechnology 2.2%
deCODE GENETICS, INC. (b)	3,750		31,875
Gen-Probe, Inc. (b)	700		33,124

			64,999
Medical - Generic Drugs 1.0%
Andrx Group (b)	1,100		30,723
Medical - Health Maintenance Organizations 2.3%
Aetna, Inc.	400		34,000
UnitedHealth Group, Inc.	550		34,238

			68,238
Medical - Outpatient/Home Care 0.6%
Apria Healthcare Group, Inc. (b)	600		17,220
Medical - Products 2.4%
Alcon, Inc.	300		23,595
Boston Scientific Corporation (b)	350		14,980
Dade Behring Holdings, Inc. (b)	670		31,838

			70,413
Medical/Dental - Supplies 1.4%
Becton, Dickinson & Company	250		12,950
Sybron Dental Specialties, Inc. (b)	980		29,253

			42,203
Metal Ores - Miscellaneous 1.3%
Metals USA, Inc. (b)	2,100		37,548
Metal Processing & Fabrication 1.1%
Commercial Metals Company	1,050		34,072
Office - Equipment & Automation 0.8%
InFocus Corporation (b)	2,670		22,695
Oil & Gas - International Exploration & Production 1.2%
Vintage Petroleum, Inc.	2,050		34,789
Oil & Gas - International Integrated 2.2%
ConocoPhillips	500		38,145
Exxon Mobil Corporation	650		28,866

			67,011
Oil & Gas - Refining/Marketing 1.5%
Tesoro Petroleum Corporation (b)	1,600		44,160
Oil & Gas - United States Exploration & Production 2.1%
Burlington Resources, Inc.	600		21,708
EOG Resources, Inc.	300		17,913
Stone Energy Corporation (b)	500		22,840

			62,461
Oil & Gas - United States Integrated 1.3%
Marathon Oil Corporation	1,000		37,840


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG STRATEGIC VALUE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Retail - Clothing/Shoe 2.3%
Charming Shoppes, Inc. (b)		4,200	$	37,506
The Men’s Wearhouse, Inc. (b)		1,200		31,668

				69,174
Retail - Department Stores 1.1%
Federated Department Stores, Inc.		700		34,370
Retail - Leisure Product 0.5%
Barnes & Noble, Inc. (b)		460		15,631
Retail - Restaurants 2.1%
McDonald’s Corporation		1,300		33,800
Ryan’s Restaurant Group, Inc. (b)		1,870		29,546

				63,346
Retail/Wholesale - Auto Parts 0.7%
AutoZone, Inc. (b)		250		20,025
Retail/Wholesale - Building Products 1.1%
The Home Depot, Inc.		900		31,680
Retail/Wholesale - Computer/Cellular 0.5%
Insight Enterprises, Inc. (b)		800		14,208
Retail/Wholesale - Office Supplies 0.8%
IKON Office Solutions, Inc.		2,000		22,940
Telecommunications - Equipment 0.5%
Scientific-Atlanta, Inc.		450		15,525
Telecommunications - Wireless Equipment 1.2%
Motorola, Inc.		1,900		34,675
Utility - Electric Power 1.3%
Edison International		1,500		38,355

Total Common Stocks (Cost $ 2,522,167)				2,764,572

Short-Term Investments (a) 7.0%
Repurchase Agreements (d)
State Street Bank (Dated 6/30/04), 0.75%,
Due 7/01/04 (Repurchase proceeds $210,004); Collateralized by:
United States Government & Agency Issues	$	210,000		210,000

Total Short-Term Investments (Cost $210,000)				210,000

Total Investments in Securities (Cost $2,732,167) 99.6%				2,974,572
Other Assets and Liabilities, Net 0.4%				11,301

Net Assets 100.0%			$	2,985,873

STRONG DIVIDEND INCOME FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 98.1%
Aerospace - Defense 4.4%
General Dynamics Corporation	18,000	$	1,787,400
Lockheed Martin Corporation	70,000		3,645,600

			5,433,000
Banks - Money Center 11.7%
Bank of America Corporation	75,000		6,346,500
Citigroup, Inc.	170,000		7,905,000

			14,251,500
Banks - Northeast 1.8%
North Fork Bancorporation, Inc.	58,000		2,206,900
Banks - Super Regional 6.5%
AmSouth Bancorporation	70,000		1,782,900
Regions Financial Corporation (b)	53,000		1,937,150
Wachovia Corporation	95,000		4,227,500

			7,947,550
Beverages - Alcoholic 2.1%
Anheuser-Busch Companies, Inc.	48,000		2,592,000
Chemicals - Basic 2.8%
The Dow Chemical Company	85,000		3,459,500
Chemicals - Specialty 3.3%
Air Products & Chemicals, Inc.	26,000		1,363,700
Ashland, Inc.	50,000		2,640,500

			4,004,200
Computer - Manufacturers 1.9%
Hewlett-Packard Company	109,999		2,320,979
Computer Software - Desktop 1.6%
Microsoft Corporation	70,000		1,999,200
Cosmetics - Personal Care 2.0%
The Procter & Gamble Company	44,000		2,395,360
Diversified Operations 8.1%
E.I. Du Pont de Nemours & Company	86,000		3,820,120
Fortune Brands, Inc.	20,000		1,508,600
Johnson Controls, Inc.	46,000		2,455,480
United Technologies Corporation	23,000		2,104,040

			9,888,240
Electronics - Semiconductor Manufacturing 3.4%
Intel Corporation	150,000		4,140,000
Finance - Investment Brokers 0.9%
Morgan Stanley	20,000		1,055,400
Food - Miscellaneous Preparation 1.2%
H.J. Heinz Company	39,000		1,528,800
Insurance - Diversified 2.6%
Assurant, Inc.	120,000		3,165,600
Insurance - Life 1.2%
MetLife, Inc.	40,000		1,434,000
Insurance - Property/Casualty/Title 3.9%
The Allstate Corporation	100,000		4,655,000
Montpelier Re Holdings, Ltd.	5,000		174,750

			4,829,750
Media - Diversified 0.2%
Time Warner, Inc. (b)	15,000		263,700
Medical - Ethical Drugs 5.6%
Pfizer, Inc.	139,000		4,764,920
Wyeth	56,000		2,024,960

			6,789,880
Medical/Dental - Services 0.9%
Express Scripts, Inc. Class A (b)	14,000		1,109,220

STRONG DIVIDEND INCOME FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Medical/Dental - Supplies 2.5%
Becton, Dickinson & Company		59,500	$	3,082,100

Metal Ores - Miscellaneous 0.7%
Alcoa, Inc.		25,000		825,750

Metal Products - Fasteners 1.9%
Illinois Tool Works, Inc.		24,000		2,301,360

Oil & Gas - International Integrated 8.0%
BP PLC Sponsored ADR		46,000		2,464,220
ConocoPhillips		67,500		5,149,575
Royal Dutch Petroleum Company - New York Shares		41,000		2,118,470

				9,732,265
Retail - Home Furnishings 0.3%
Ethan Allen Corporation		10,000		359,100

Retail - Major Discount Chains 1.1%
Costco Wholesale Corporation		34,000		1,396,380

Retail - Restaurants 2.5%
McDonald’s Corporation		118,000		3,068,000

Telecommunications - Services 0.0%
SBC Communications, Inc.		1		24

Telecommunications - Services Foreign 1.6%
BCE, Inc.		100,000		2,004,000

Telecommunications - Wireless Services 0.8%
Vodafone Group PLC Sponsored ADR		45,000		994,500

Tobacco 2.2%
Altria Group, Inc.		31,000		1,551,550
UST, Inc.		30,000		1,080,000

				2,631,550
Transportation - Rail 2.4%
Burlington Northern Santa Fe Corporation		84,500		2,963,415

Utility - Electric Power 4.6%
Constellation Energy Group, Inc.		55,000		2,084,500
Duke Energy Corporation		55,000		1,115,950
TXU Corporation		60,000		2,430,600

				5,631,050
Utility - Gas Distribution 3.4%
ONEOK, Inc.		54,000		1,187,460
Sempra Energy		85,000		2,926,550

				4,114,010

Total Common Stocks (Cost $99,115,869)				119,918,283


Short-Term Investments (a) 1.6%
Repurchase Agreements (d)
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $900,035); Collateralized by: United States Government & Agency Issues	$	900,000		900,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,052,422); Collateralized by: United States Government & Agency Issues		1,052,400		1,052,400

Total Short-Term Investments (Cost $1,952,400)				1,952,400
Total Investments in Securities (Cost $101,068,269) 99.7%				121,870,683
Other Assets and Liabilities, Net 0.3%				368,621

Net Assets 100%			$	122,239,304

CURRENCY ABBREVIATIONS

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound

LEGEND

(a)	Short - term investments include any security which has a remaining maturity of less than one year and investments in money market funds.

(b)	Non-income producing security.

(c)	All or a portion of these securities are held in conjunction with open written option contracts.

(d)	See Note 2(J) of Notes to Financial Statements.

(e)	All or a portion of security is on loan. See Note 2(K) of Notes to Financial Statements

(f)	Security trades in foreign currency and is converted to U.S. dollars daily using current exchange rates.

(g)	All or a portion of security is pledged as collateral to cover open written option contracts.

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)


	(In Thousands, Except Per Share Amounts)

	Strong Dow 30 Value Fund			Strong Mid Cap Disciplined Fund		Strong Multi Cap Value Fund
Assets:
Investments in Securities, at Value
(Including Repurchase Agreements of $3,183, $91,018 and $7,151, respectively)
(Cost of $68,192, $474,787 and $191,232, respectively)	$	78,554		$	534,169	$	208,413
Receivable for Securities Sold		739			265		490
Receivable for Fund Shares Sold		46			1,484		5
Dividends and Interest Receivable		102			311		48
Other Assets		17			79		38

Total Assets		79,458			536,308		208,994

Liabilities:
Payable for Securities Purchased		—			3,080		458
Written Options, at Value (Premiums Received of $0, $2,426 and $222, respectively)		—			3,645		202
Payable for Fund Shares Redeemed		62			101		681
Payable Upon Return of Securities on Loan		1,083			10,035		—
Accrued Operating Expenses and Other Liabilities		61			119		141

Total Liabilities		1,206			16,980		1,482

Net Assets	$	78,252		$	519,328	$	207,512

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	80,746		$	449,708	$	303,488
Undistributed Net Investment Income (Loss)		421			617		(894	)
Undistributed Net Realized Gain (Loss)		(13,277	)		10,841		(112,283	)
Net Unrealized Appreciation (Depreciation)		10,362			58,162		17,201

Net Assets	$	78,252		$	519,328	$	207,512

Capital Shares Outstanding (Unlimited Number Authorized)		6,078			24,581		3,644
Net Asset Value Per Share	$	12.87		$	21.13	$	56.95

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except Per Share Amounts)

	Strong Small Company Value Fund			Strong Small/Mid Cap Value Fund			Strong Strategic Value Fund
Assets:
Investments in Securities, at Value
(Including Repurchase Agreements of $15,615, $83 and $210, respectively)
(Cost of $102,240, $10,958 and $2,732, respectively)	$	112,599		$	12,262		$	2,975
Receivable for Securities Sold		—			27			55
Receivable for Fund Shares Sold		841			—			—
Dividends and Interest Receivable		53			2			1
Other Assets		24			10			8

Total Assets		113,517			12,301			3,039

Liabilities:
Payable for Securities Purchased		528			23			48
Written Options, at Value (Premiums Received of $906, $3 and $0, respectively)		1,258			1			—
Payable for Fund Shares Redeemed		32			2			—
Accrued Operating Expenses and Other Liabilities		25			9			5

Total Liabilities		1,843			35			53

Net Assets	$	111,674		$	12,266		$	2,986

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	98,121		$	10,092		$	2,729
Undistributed Net Investment Income (Loss)		(185	)		(87	)		(13	)
Undistributed Net Realized Gain (Loss)		3,731			955			28
Net Unrealized Appreciation (Depreciation)		10,007			1,306			242

Net Assets	$	111,674		$	12,266		$	2,986

Capital Shares Outstanding (Unlimited Number Authorized)		7,020			954			276
Net Asset Value Per Share	$	15.91		$	12.86		$	10.83

See Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)

	Strong Dividend Income Fund
Assets:
Investments in Securities, at Value (Cost of $ 101,068)	$	121,871
Receivable for Securities Sold		259
Receivable for Fund Shares Sold		13
Dividends and Interest Receivable		234
Other Assets		27

Total Assets		122,404

Liabilities:
Payable for Fund Shares Redeemed		86
Accrued Operating Expenses and Other Liabilities		79

Total Liabilities		165

Net Assets	$	122,239

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	109,315
Undistributed Net Investment Income (Loss)		25
Undistributed Net Realized Gain (Loss)		(7,903	)
Net Unrealized Appreciation (Depreciation)		20,802

Net Assets	$	122,239

Investor Class ($ and shares in full)
Net Assets	$	118,473,274
Capital Shares Outstanding (Unlimited Number Authorized)		7,999,210

Net Asset Value Per Share	$	14.81

Class K ($ and shares in full)
Net Assets	$	3,766,030
Capital Shares Outstanding (Unlimited Number Authorized)		257,432

Net Asset Value Per Share	$	14.63

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Dow 30 Value Fund			Strong Mid Cap Disciplined Fund			Strong Multi Cap Value Fund
Income:
Dividends (net of foreign withholding taxes of $0, $4 and $35, respectively)	$	985		$	2,829		$	806
Interest		12			322			32

Total Income		997			3,151			838

Expenses:
Investment Advisory Fees		228			1,413			823
Administrative Fees		125			565			274
Custodian Fees		8			15			14
Shareholder Servicing Costs		144			476			479
Reports to Shareholders		34			82			135
Other		52			61			58

Total Expenses before Expense Offsets		591			2,612			1,783
Expense Offsets (Note 4)		(15	)		(78	)		(51	)

Expenses, Net		576			2,534			1,732

Net Investment Income (Loss)		421			617			(894	)

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		2,410			7,452			(1,552	)
Futures Contracts		—			1,808			—
Written Options		—			1,154			531

Net Realized Gain (Loss)		2,410			10,414			(1,021	)
Net Change in Unrealized Appreciation/Depreciation on:
Investments		(3,617	)		27,186			7,243
Written Options		—			(1,219	)		(65	)

Net Change in Unrealized Appreciation/Depreciation		(3,617	)		25,967			7,178

Net Gain (Loss) on Investments		(1,207	)		36,381			6,157

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(786	)	$	36,998		$	5,263

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Small Company Value Fund			Strong Small/Mid Cap Value Fund			Strong Strategic Value Fund
Income:
Dividends (net of foreign withholding taxes of $5, $0, and $0, respectively)	$	272		$	27		$	10
Interest		50			1			1

Total Income		322			28			11

Expenses:
Investment Advisory Fees		232			44			9
Administrative Fees		92			18			4
Custodian Fees		6			9			6
Shareholder Servicing Costs		76			15			3
12b-1 Fees		77			15			3
Professional Fees		8			6			6
Federal and State Registration Fees		13			9			8
Other		18			4			2

Total Expenses before Expense Offsets		522			120			41
Expense Offsets (Note 4)		(15	)		(5	)		(16	)

Expenses, Net		507			115			25

Net Investment Income (Loss)		(185	)		(87	)		(14	)

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		2,885			1,131			46
Futures Contracts		(91	)		—			—
Written Options		1,010			1			—

Net Realized Gain (Loss)		3,804			1,132			46
Net Change in Unrealized Appreciation/Depreciation on:
Investments		5,067			(431	)		152
Written Options		(352	)		(3	)		—

Net Change in Unrealized Appreciation/Depreciation		4,715			(434	)		152

Net Gain (Loss) on Investments		8,519			698			198

Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,334		$	611		$	184

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Dividend Income Fund
Income:
Dividends (net of foreign withholding taxes of $18)	$	1,523
Interest		4

Total Income		1,527

Expenses (Note 4):
Investment Advisory Fees		391
Administrative Fees		196
Custodian Fees		15
Shareholder Servicing Costs		226
Reports to Shareholders		63
Other		48

Total Expenses before Expense Offsets		939
Expense Offsets		(27	)

Expenses, Net		912

Net Investment Income (Loss)		615

Realized and Unrealized Gain (Loss):
Net Realized Gain on Investments		10,437
Net Change in Unrealized Appreciation/Depreciation on Investments		(8,245	)

Net Gain (Loss) on Investments		2,192

Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,807

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	(In Thousands)

	Strong Dow 30 Value Fund						Strong Mid Cap Disciplined Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	421		$	819		$	617		$	328
Net Realized Gain (Loss)		2,410			(168	)		10,414			54,447
Net Change in Unrealized Appreciation/Depreciation		(3,617	)		20,065			25,967			32,094

Net Increase (Decrease) in Net Assets Resulting from Operations		(786	)		20,716			36,998			86,869

Distributions:
From Net Investment Income		(9	)		(819	)		(67	)		(300	)
From Net Realized Gains		—			—			(19,271	)		(10,874	)

Total Distributions		(9	)		(819	)		(19,338	)		(11,174	)

Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(9,147	)		(20,063	)		186,904			83,658

Total Increase (Decrease) in Net Assets		(9,942	)		(166	)		204,564			159,353

Net Assets:
Beginning of Period		88,194			88,360			314,764			155,411

End of Period	$	78,252		$	88,194		$	519,328		$	314,764

Undistributed Net Investment Income (Loss)	$	421		$	9		$	617		$	67


	Strong Multi Cap Value Fund						Strong Small Company Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	(894	)	$	(1,013	)	$	(185	)	$	(155	)
Net Realized Gain (Loss)		(1,021	)		(12,977	)		3,804			3,403
Net Change in Unrealized Appreciation/Depreciation		7,178			87,933			4,715			5,594

Net Increase (Decrease) in Net Assets Resulting from Operations		5,263			73,943			8,334			8,842

Distributions from Net Realized Gains		—			—			(855	)		(2,130	)

Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(35,122	)		(56,834	)		64,646			24,966

Total Increase (Decrease) in Net Assets		(29,859	)		17,109			72,125			31,678

Net Assets:
Beginning of Period		237,371			220,262			39,549			7,871

End of Period	$	207,512		$	237,371		$	111,674		$	39,549

Undistributed Net Investment Income (Loss)	$	(894	)	$	—		$	(185	)	$	—

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	(In Thousands)

	Strong Small/Mid Cap Value Fund						Strong Strategic Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	(87	)	$	(25	)	$	(14	)	$	4
Net Realized Gain (Loss)		1,132			81			46			86
Net Change in Unrealized Appreciation/Depreciation		(434	)		2,149			152			227

Net Increase (Decrease) in Net Assets Resulting from Operations		611			2,205			184			317

Distributions:
From Net Investment Income		—			—			—			(4	)
From Net Realized Gains		—			—			(44	)		—

Total Distributions		—			—			(44	)		(4	)

Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		2,930			4,011			1,265			209

Total Increase (Decrease) in Net Assets		3,541			6,216			1,405			522

Net Assets:
Beginning of Period		8,725			2,509			1,581			1,059

End of Period	$	12,266		$	8,725		$	2,986		$	1,581

Undistributed Net Investment Income (Loss)	$	(87	)	$	—		$	(13	)	$	—


	Strong Dividend Income Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	615		$	1,912
Net Realized Gain (Loss)		10,437			(2,505	)
Net Change in Unrealized Appreciation/Depreciation		(8,245	)		33,151

Net Increase (Decrease) in Net Assets Resulting from Operations		2,807			32,558

Distributions:
From Net Investment Income:
Investor Class		(581	)		(1,830	)
Class K		(31	)		(71	)

Total Distributions		(612	)		(1,901	)

Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(25,767	)		(36,570	)

Total Increase (Decrease) in Net Assets		(23,572	)		(5,913	)

Net Assets:
Beginning of Period		145,811			151,724

End of Period	$	122,239		$	145,811

Undistributed Net Investment Income (Loss)	$	25		$	22

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

STRONG DOW 30 VALUE FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	12.99		$	10.35		$	12.44		$	13.49		$	14.22		$	11.43

Income From Investment Operations:
Net Investment Income (Loss)		0.07			0.12			0.09			0.07			0.06			0.05
Net Realized and Unrealized Gains (Losses) on Investments		(0.19	)		2.64			(2.09	)		(1.05	)		(0.73	)		2.79

Total from Investment Operations		(0.12	)		2.76			(2.00	)		(0.98	)		(0.67	)		2.84

Less Distributions:
From Net Investment Income		(0.00	)^(c)		(0.12	)		(0.09	)		(0.07	)		(0.06	)		(0.05	)

Total Distributions		(0.00	)^(c)		(0.12	)		(0.09	)		(0.07	)		(0.06	)		(0.05	)

Net Asset Value, End of Period	$	12.87		$	12.99		$	10.35		$	12.44		$	13.49		$	14.22

Ratios and Supplemental Data
Total Return		–0.91	%		+26.68	%		–16.07	%		–7.29	%		–4.75	%		+24.87	%
Net Assets, End of Period (In Millions)	$	78		$	88		$	88		$	108		$	160		$	114
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.4	%		1.3	%		1.2	%		1.1	%
Ratio of Expenses to Average Net Assets		1.4	%*		1.4	%		1.4	%		1.3	%		1.2	%		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.0	%*		1.0	%		0.8	%		0.5	%		0.5	%		0.6	%
Portfolio Turnover Rate		23.4	%		123.0	%		109.4	%		110.6	%		87.1	%		64.8	%

STRONG MID CAP DISCIPLINED FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	20.13		$	14.85		$	17.42		$	15.50		$	13.52		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.02			0.02			0.01			(0.02	)		(0.00	)^(c)		(0.10	)
Net Realized and Unrealized Gains (Losses) on Investments		2.07			5.99			(2.06	)		1.94			3.00			3.62

Total from Investment Operations		2.09			6.01			(2.05	)		1.92			3.00			3.52

Less Distributions:
From Net Investment Income		(0.00	)^(c)		(0.02	)		—			—			(0.06	)		—
From Net Realized Gains		(1.09	)		(0.71	)		(0.52	)		(0.00	)^(c)		(0.96	)		—

Total Distributions		(1.09	)		(0.73	)		(0.52	)		(0.00	)^(c)		(1.02	)		—

Net Asset Value, End of Period	$	21.13		$	20.13		$	14.85		$	17.42		$	15.50		$	13.52

Ratios and Supplemental Data
Total Return		+10.73	%		+40.66	%		–11.78	%		+12.41	%		+22.80	%		+35.20	%
Net Assets, End of Period (In Millions)	$	519		$	315		$	155		$	92		$	18		$	6
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.5	%		1.5	%		1.5	%		1.9	%		2.0	%
Ratio of Expenses to Average Net Assets		1.3	%*		1.5	%		1.5	%		1.5	%		1.9	%		2.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.3	%*		0.1	%		0.1	%		(0.2	)%		(0.1	)%		(0.9	)%
Portfolio Turnover Rate		23.8	%		251.5	%		430.7	%		647.6	%		300.6	%		245.7	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	Amount calculated is less than $0.005.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG MULTI CAP VALUE FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(c)			Sept. 30, 2001^(d)			Sept. 30, 2000			Sept. 30, 1999
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001^(c)			Sept. 30, 2001^(d)			Sept. 30, 2000			Sept. 30, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	55.63		$	40.13		$	52.60		$	45.71		$	51.89		$	46.10		$	49.85
Income From Investment Operations:
Net Investment Income (Loss)		(0.25	)		(0.24	)		(0.20	)		(0.05	)		0.02			(0.00	)^(e)^(f)		0.44
Net Realized and Unrealized Gains (Losses) on Investments		1.57			15.74			(12.27	)		6.96			(6.20	)		6.29			(3.83	)

Total from Investment Operations		1.32			15.50			(12.47	)		6.91			(6.18	)		6.29			(3.39	)

Less Distributions:
From Net Investment Income		—			—			—			(0.02	)		—			(0.50	)		(0.36	)

Total Distributions		—			—			—			(0.02	)		—			(0.50	)		(0.36	)

Net Asset Value, End of Period	$	56.95		$	55.63		$	40.13		$	52.60		$	45.71		$	51.89		$	46.10

Ratios and Supplemental Data
Total Return		+2.37	%		+38.62	%		–23.71	%		+15.11	%		–11.91	%		+13.73	%		–6.94	%
Net Assets, End of Period (In Millions)	$	208		$	237		$	220		$	353		$	308		$	402		$	659
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%*		1.6	%		1.6	%		1.5	%*		1.6	%		1.5	%		1.4	%
Ratio of Expenses to Average Net Assets		1.6	%*		1.5	%		1.6	%		1.5	%*		1.6	%		1.5	%		1.4	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.8	)%*		(0.5	)%		(0.4	)%		(0.1	)%*		(0.0	)%^(e)		(0.0	)%^(e)		0.6	%
Portfolio Turnover Rate		38.1	%		65.0	%		65.8	%		18.1	%		58.1	%		52.2	%		67.1	%

STRONG SMALL COMPANY VALUE FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(g)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	13.91		$	9.12		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.03	)		(0.05	)		(0.05	)
Net Realized and Unrealized Gains (Losses) on Investments		2.27			5.71			(0.83	)

Total from Investment Operations		2.24			5.66			(0.88	)

Less Distributions:
From Net Realized Gains		(0.24	)		(0.87	)		—

Total Distributions		(0.24	)		(0.87	)		—

Net Asset Value, End of Period	$	15.91		$	13.91		$	9.12

Ratios and Supplemental Data
Total Return		+16.31	%		+62.53	%		–8.80	%
Net Assets, End of Period (In Millions)	$	112		$	40		$	8
Ratio of Expenses to Average Net Assets before Expense Offsets		1.7	%*		1.9	%		2.6	%*
Ratio of Expenses to Average Net Assets		1.6	%*		1.7	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.6	)%*		(0.9	)%		(1.0	)%*
Portfolio Turnover Rate		16.5	%		155.5	%		200.5	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2001, the Fund changed its fiscal year-end from September to December.

(d)	Effective May 14, 2001 Strong Capital Management, Inc. assumed the investment advisory responsibilities from Strong Schafer Capital Management, LLC.

(e)	Amount calculated is less than $0.005 or 0.05%.

(f)	Net investment loss per share represents net investment loss divided by the average shares outstanding throughout the period.

(g)	For the period March 28, 2002 (inception date) to December 31, 2002.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG SMALL/MID CAP VALUE FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	12.01		$	7.58		$	10.00

Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)		(0.03	)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		0.94			4.46			(2.38	)

Total from Investment Operations		0.85			4.43			(2.42	)

Less Distributions:
From Net Investment Income		—			—			—

Total Distributions		—			—			—

Net Asset Value, End of Period	$	12.86		$	12.01		$	7.58

Ratios and Supplemental Data
Total Return		+7.08	%		+58.44	%		–24.20	%
Net Assets, End of Period (In Millions)	$	12		$	9		$	3
Ratio of Expenses to Average Net Assets before Expense Offsets		2.0	%*		2.9	%		3.6	%*
Ratio of Expenses to Average Net Assets		1.9	%*		1.8	%		1.9	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.5	)%*		(0.6	)%		(0.7	)%*
Portfolio Turnover Rate		69.2	%		132.0	%		107.7	%

STRONG STRATEGIC VALUE FUND

	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.06		$	7.99		$	10.00

Income From Investment Operations:
Net Investment Income (Loss)		(0.05	)		0.03			0.02
Net Realized and Unrealized Gains (Losses) on Investments		1.00			2.07			(2.01	)

Total from Investment Operations		0.95			2.10			(1.99	)

Less Distributions:
From Net Investment Income		(0.00	)^(d)		(0.03	)		(0.02	)
From Net Realized Gains		(0.18	)		—			—

Total Distributions		(0.18	)		(0.03	)		(0.02	)

Net Asset Value, End of Period	$	10.83		$	10.06		$	7.99

Ratios and Supplemental Data
Total Return		+9.61	%		+26.24	%		–19.86	%
Net Assets, End of Period (In Millions)	$	3		$	2		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		3.3	%*		4.3	%		5.9	%*
Ratio of Expenses to Average Net Assets		2.0	%*		1.9	%		1.9	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.1	)%*		0.3	%		0.5	%*
Portfolio Turnover Rate		48.1	%		139.3	%		56.9	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period March 28, 2002 (inception date) to December 31, 2002.

(d)	Amount calculated is less than $0.005.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG DIVIDEND INCOME — INVESTOR CLASS


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000			Oct. 31, 1999
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000			Oct. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	14.57		$	11.85		$	15.19		$	17.49		$	17.31		$	17.18		$	16.31
Income From Investment Operations:
Net Investment Income (Loss)		0.07			0.16			0.15			0.35			0.07			0.37			0.37
Net Realized and Unrealized Gains (Losses) on Investments		0.24			2.72			(3.09	)		(2.30	)		1.01			1.88			1.52

Total from Investment Operations		0.31			2.88			(2.94	)		(1.95	)		1.08			2.25			1.89

Less Distributions:
From Net Investment Income		(0.07	)		(0.16	)		(0.15	)		(0.35	)		(0.08	)		(0.36	)		(0.41	)
From Net Realized Gains		—			—			(0.25	)		—			(0.82	)		(1.76	)		(0.61	)

Total Distributions		(0.07	)		(0.16	)		(0.40	)		(0.35	)		(0.90	)		(2.12	)		(1.02	)

Net Asset Value, End of Period	$	14.81		$	14.57		$	11.85		$	15.19		$	17.49		$	17.31		$	17.18

Ratios and Supplemental Data
Total Return		+2.13	%		+24.50	%		–19.77	%		–11.20	%		+6.60	%		+15.36	%		+11.81	%
Net Assets, End of Period (In Millions)	$	118		$	141		$	151		$	234		$	298		$	260		$	245
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.4	%		1.1	%		1.0	%*		1.0	%		1.0	%
Ratio of Expenses to Average Net Assets		1.4	%*		1.4	%		1.4	%		1.1	%		1.0	%*		1.0	%		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.9	%*		1.2	%		1.0	%		2.1	%		2.5	%*		2.3	%		2.2	%
Portfolio Turnover Rate^(d)		33.0	%		92.2	%		114.1	%		76.9	%		7.0	%		106.8	%		74.9	%

STRONG DIVIDEND INCOME FUND — CLASS K


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	14.39		$	11.71		$	15.19
Income From Investment Operations:
Net Investment Income (Loss)		0.09			0.19			0.25
Net Realized and Unrealized Gains (Losses) on Investments		0.25			2.71			(3.13	)

Total from Investment Operations		0.34			2.90			(2.88	)

Less Distributions:
From Net Investment Income		(0.10	)		(0.22	)		(0.35	)
From Net Realized Gains		—			—			(0.25	)

Total Distributions		(0.10	)		(0.22	)		(0.60	)

Net Asset Value, End of Period	$	14.63		$	14.39		$	11.71

Ratios and Supplemental Data
Total Return		+2.37	%		+24.99	%		–19.42	%
Net Assets, End of Period (In Millions)	$	4		$	5		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		2.1	%
Ratio of Expenses to Average Net Assets		1.0	%*		1.0	%		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.3	%*		1.6	%		1.6	%
Portfolio Turnover Rate^(d)		33.0	%		92.2	%		114.1	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2000, the Fund changed its fiscal year-end from October to December.

(d)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS

June 30, 2004 (Unaudited)

1.	Organization

The accompanying financial statements represent the following Strong Value Funds (the “Funds”), each with its own investment objectives and policies:

•

Strong Dow 30 Value Fund⁽¹⁾(a series fund of Strong Equity Funds, Inc.)

•

Strong Mid Cap Disciplined Fund⁽²⁾(a series fund of Strong Equity Funds, Inc.)

•

Strong Multi Cap Value Fund⁽²⁾(a series fund of Strong Equity Funds II, Inc.)

•

Strong Small Company Value Fund⁽²⁾(a series fund of Strong Equity Funds II, Inc.)

•

Strong Small/Mid Cap Value Fund⁽²⁾(a series fund of Strong Equity Funds II, Inc.)

•

Strong Strategic Value Fund⁽²⁾(a series fund of Strong Equity Funds II, Inc.)

•

Strong Dividend Income Fund⁽²⁾(a series fund of Strong Conservative Equity Funds, Inc.)

⁽¹⁾	Non-diversified Fund

⁽²⁾	Diversified Fund

Each Fund is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”).

Strong Dow 30 Value Fund, Strong Mid Cap Disciplined Fund, Strong Multi Cap Value Fund, Strong Small Company Value Fund, Strong Small/Mid Cap Value Fund, and Strong Strategic Value Fund offer Investor Class shares. Strong Dividend Income Fund offers Investor Class shares and Class K shares. All classes of shares differ principally in their respective administration, transfer agent, and distribution expenses and sales charges, if any. All classes of shares have identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.

Investor Class shares are available to the general public and Class K shares are primarily available through retirement plans.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

(A)

The Funds may own certain securities that are restricted as to resale. Restricted securities include Section 4(2) commercial paper, securities issued in a private placement, or securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933. Restricted securities may be determined to be liquid or illiquid. Securities are deemed illiquid based upon guidelines established by the Funds’ Board of Directors. Illiquid securities are valued after giving due consideration to pertinent factors, such as recent private sales, market conditions, and the issuer’s financial performance. The Funds held no restricted and illiquid securities at June 30, 2004.

(B)

Each Fund, other than Strong Dividend Income Fund, generally pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Strong Dividend Income Fund generally pays dividends from net investment income quarterly and distributes net realized capital gains, if any, at least annually.

(C)

(D)

Certain Investment Risks — The Funds may utilize derivative instruments including options, futures, and other instruments with similar characteristics to the extent that they are consistent with the Funds’ investment objectives and limitations. The Funds intend to use such derivative instruments primarily to hedge or protect itself from adverse movements in securities’ prices, foreign currencies, or interest rates. The use of these instruments involves certain risks, including the possibility that the future value of the underlying assets or indices fluctuate (in the case of futures and options), the derivative becomes illiquid, imperfect correlation arises between the value of the derivative and the underlying assets or indices, or that the counterparty fails to perform its obligations when due.

(E)

(F)

(G)

(H)

(I)

Short Positions — The Funds may engage in short sale transactions. For financial statement purposes, an amount equal to the settlement amount is included in the Statements of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the short position. Changes between the amount of the liability and the current market value of the short positions are recorded as unrealized gains or losses. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Fund and are included in Other Expenses in the Statement of Operations. If the Funds sell securities short while also holding the long position in the security, they may protect unrealized gains, but will lose the opportunity to profit on such securities if the price rises. If the Funds sell securities short when not holding the long position in the security, they will experience a loss if the market price of the security increases between the date of the short sale and the date the security is replaced.

(J)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

(K)

Securities Lending — The Funds have entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank, which was subsequently assumed by State Street Bank and Trust Company. Under the terms of the Agreement, the Funds may lend portfolio securities to qualified institutional borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash and cash equivalents equal to at least 102% of the market value of the aggregate loaned securities, plus accrued interest, and the collateral is marked-to-market daily. Cash collateral received is invested in repurchase agreements, investment funds, government obligations, and/or bank obligations.

At June 30, 2004, Strong Dow 30 Value Fund and Strong Mid Cap Disciplined Fund had securities with a market value of $1,057,000 and $9,709,373, respectively, on loan and had received $1,083,400 and $10,034,648, respectively, in collateral (both included within Investments in the Statements of Assets and Liabilities). Amounts earned as interest on investments of cash collateral, net of rebates and other securities lending expenses, are included in Interest Income in the Statements of Operations. For the six months ended June 30, 2004, this securities lending income totaled $741 and $6,910, respectively.

(L)

(M)

(N)

(O)

(P)

(Q)

3.	Related Party Transactions


	Advisory Fees		Administrative Fees - Investor Class		Administrative Fees - Class K
Strong Dow 30 Value Fund	0.55	%	0.30	%	*
Strong Mid Cap Disciplined Fund	0.75	%⁽¹⁾	0.30	%	*
Strong Multi Cap Value Fund	0.75	%	0.25	%	*
Strong Small Company Value Fund	0.75	%⁽¹⁾	0.30	%	*
Strong Small/Mid Cap Value Fund	0.75	%⁽¹⁾	0.30	%	*
Strong Strategic Value Fund	0.75	%⁽¹⁾	0.30	%	*
Strong Dividend Income Fund	0.70	%⁽²⁾⁽³⁾	0.30	%	0.25	%

*	Fund does not offer share class.

⁽¹⁾	The investment advisory fees are 0.75% for assets under $4 billion, 0.725% for the next $2 billion assets, and 0.70% for assets $6 billion and above.

⁽²⁾	The investment advisory fees are 0.70% for assets under $4 billion, 0.675% for the next $2 billion assets, and 0.65% for assets $6 billion and above.

⁽³⁾	The annual advisory fee actually paid may be lower than these figures based on the subadvisory agreement described below.

The Funds’ Advisor and/or Administrator may voluntarily waive or absorb certain expenses at their discretion. The Advisor and/or Administrator has contractually agreed to waive its fees and/or absorb expenses until May 1, 2005 for Strong Small Company Value Fund, Strong Small/Mid Cap Value Fund, Strong Strategic Value Fund, and Strong Dividend Income Fund Class K to keep Net Annual Operating Expenses at no more than 2.00%, 2.00%, 2.00%, and 0.99%, respectively. Transfer agent and related service fees for the Investor Class shares are paid at an annual rate of $27.00 for each open shareholder account and $4.20 for each closed shareholder account. Transfer agent and related service fees for the Class K shares are paid an annual rate of 0.20% of the average daily net assets of the class. Transfer agent fees are recorded in shareholder servicing costs in the Funds’ Statements of Operations. The Administrator also allocates to each Fund certain charges or credits resulting from transfer agency banking activities based on each Class’ level of subscription and redemption activity. Transfer Agency Banking Charges allocated to the Funds by the Administrator, if any, are included in Other Expenses in the Funds’ Statements of Operations. Transfer Agency Banking Credits allocated by the Administrator, if any, serve to reduce the transfer agent expenses incurred by the Funds and are included in Expense Offsets in the Funds’ Statements of Operations and in Note 4. The Administrator is also compensated for certain other out-of-pocket expenses related to transfer agent services.

The W.H. Reaves & Co., Inc. (“Reaves”) manages the investments of Strong Dividend Income Fund under a subadvisory agreement with the Advisor. Reaves is compensated by the Advisor (not the Fund) and bears all of its own expenses in providing subadvisory services. The investment subadvisory fees begin at 0.585% and are reduced based on breakpoints ranging from net asset values of $200 million to $2.5 billion. The investment subadvisory fees are also subject to adjustment upward or downward depending on the Fund’s performance measured against a benchmark. The benchmark is 90% of the performance of the Russell 1000 Value Index. The Fund’s advisory fee rate will be adjusted to reflect the increase or decrease in subadvisory fees. In addition, Reaves directly affects purchases and sales of securities for the Fund. In conjunction therewith, brokerage commissions paid to Reaves by the Fund for the six months ended June 30, 2004, totaled $93,214.

Strong Small Company Value Fund, Strong Small/Mid Cap Value Fund, and Strong Strategic Value Fund have adopted a Rule 12b-1 distribution and service plan under the 1940 Act. Under this plan, Strong Investments, Inc. (the “Distributor,” and an affiliate of the Advisor) is paid an annual rate of 0.25% of the average daily net assets of each Fund as compensation for services provided and expenses incurred, including amounts paid to brokers or dealers, in connection with the sale of each Fund’s shares.

The Funds may invest cash in money market funds managed by the Advisor, subject to certain limitations set by the Fund’s Board of Directors and applicable law.

Certain information regarding related party transactions, excluding the effects of waivers and absorptions, for the six months ended June 30, 2004, is as follows:


	Payable to/ (Receivable From) Advisor or Administrator at June 30, 2004		Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ and Independent Officers’ Fees
Strong Dow 30 Value Fund	$	30,452	$	144,890	$	680	$	2,396
Strong Mid Cap Disciplined Fund		76,341		478,131		3,227		8,275
Strong Multi Cap Value Fund		77,135		479,908		2,738		6,209
Strong Small Company Value Fund		10,317		78,100		320		1,046
Strong Small/Mid Cap Value Fund		2,514		14,967		51		525
Strong Strategic Value Fund		490		3,334		18		406
Strong Dividend Income Fund		46,666		227,258		3,876		4,033

Strong Financial Corporation, the Advisor’s parent, owned 18% of Strong Strategic Value Fund at June 30, 2004.

4.	Expenses and Expense Offsets

For the six months ended June 30, 2004, the class specific expenses are as follows:


	Administrative Fees		Shareholder Servicing Costs		Reports to Shareholders		Other
Strong Dividend Income Fund
Investor Class	$	190,199	$	221,648	$	58,640	$	3,071
Class K		5,835		4,678		4,242		1,738

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

For the six months ended June 30, 2004, the expense offsets are as follows:


	Expense Waivers and Absorptions			Directed Brokerage Credits			Earnings Credits
Strong Dow 30 Value Fund	$	(11,524	)	$	—		$	(3,875	)
Strong Mid Cap Disciplined Fund		(48,413	)		(23,173	)		(6,601	)
Strong Multi Cap Value Fund		(38,805	)		(12,060	)		(106	)
Strong Small Company Value Fund		(7,096	)		(6,250	)		(2,014	)
Strong Small/Mid Cap Value Fund		(1,714	)		(3,129	)		(31	)
Strong Strategic Value Fund		(16,103	)		(297	)		(3	)
Strong Dividend Income Fund
Investor Class		(6,171	)		—			—
Class K		(9,017	)		—			—
Fund Level		(11,856	)		—			(1	)

5.	Line of Credit

The Strong Funds have established a line of credit agreement (“LOC”) with certain financial institutions, which expires October 8, 2004, to be used for temporary or emergency purposes. Combined borrowings among all participating Strong Funds are subject to a $350 million cap on the total LOC. For an individual Fund, borrowings under the LOC are limited to either the lesser of 15% (except Strong Multi Cap Value Fund, which is limited to 5%) of the market value of the Fund’s total assets or any explicit borrowing limits in the Fund’s registration statement. The principal amount of each borrowing under the LOC is due not more than 45 days after the date of the borrowing. Borrowings under the LOC bear interest based on prevailing market rates as defined in the LOC. A commitment fee of 0.09% per annum is incurred on the unused portion of the LOC and is allocated to all participating Strong Funds based on their net asset values. Strong Dow 30 Value Fund, Strong Small Company Value Fund, Strong Strategic Value Fund and Strong Dividend Income Fund had no borrowings under the LOC during the period. Strong Mid Cap Disciplined Fund, and Strong Multi Cap Value Fund had minimal borrowings under the LOC during the period. The Strong Small/Mid Cap Value Fund had an outstanding average daily balance of $23,757, under the LOC. The maximum amount outstanding during the period was $600,000. Interest expense for the Fund that had borrowings under the LOC amounted to $182 for the six months ended June 30, 2004. At June 30, 2004, there were no borrowings by the Funds outstanding under the LOC.

6.	Investment Transactions

The aggregate purchases and sales of long-term securities during the six months ended June 30, 2004, are as follows:


	Purchases		Sales
Strong Dow 30 Value Fund	$	18,847,139	$	29,643,175
Strong Mid Cap Disciplined Fund		205,448,979		75,783,672
Strong Multi Cap Value Fund		82,407,435		113,674,596
Strong Small Company Value Fund		59,100,324		8,837,952
Strong Small/Mid Cap Value Fund		10,977,724		7,860,408
Strong Strategic Value Fund		2,162,541		1,093,041
Strong Dividend Income Fund		43,322,098		68,798,900

There were no purchases or sales of long-term U.S. government securities during the six months ended June 30, 2004.

7.	Income Tax Information

The following information for the Funds is presented on an income tax basis as of June 30, 2004:


	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments
Strong Dow 30 Value Fund	$	72,261,760	$	7,855,367	$	(1,563,221	)	$	6,292,146
Strong Mid Cap Disciplined Fund		475,251,604		62,384,850		(3,467,882	)		58,916,968
Strong Multi Cap Value Fund		202,104,811		21,544,359		(15,236,303	)		6,308,056
Strong Small Company Value Fund		102,240,324		11,981,565		(1,622,828	)		10,358,737
Strong Small/Mid Cap Value Fund		11,157,208		1,569,834		(464,793	)		1,105,041
Strong Strategic Value Fund		2,732,167		299,831		(57,427	)		242,404
Strong Dividend Income Fund		102,704,239		19,524,642		(358,198	)		19,166,444

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.


	Net Capital Loss Carryovers		Post-October Losses
Strong Dow 30 Value Fund	$	9,866,775	$	848,578
Strong Mid Cap Disciplined Fund		—		—
Strong Multi Cap Value Fund		100,542,054		—
Strong Small Company Value Fund		—		—
Strong Small/Mid Cap Value Fund		4,374		—
Strong Strategic Value Fund		—		15,764
Strong Dividend Income Fund		15,131,989		—

8.	Capital Share Transactions


	Strong Dow 30 Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each of the Funds Were as Follows:
Proceeds from Shares Sold	$	7,307,128		$	22,801,363
Proceeds from Reinvestment of Distributions		8,837			781,361
Payment for Shares Redeemed		(16,462,836	)		(43,645,756	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(9,146,871	)	$	(20,063,032	)

Transactions in Shares of Each of the Funds Were as Follows:
Sold		570,379			2,048,446
Issued in Reinvestment of Distributions		709			60,151
Redeemed		(1,282,161	)		(3,857,035	)

Net Increase (Decrease) in Shares of the Fund		(711,073	)		(1,748,438	)


	Strong Mid Cap Disciplined Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	292,178,627		$	221,120,972
Proceeds from Reinvestment of Distributions		18,994,228			10,984,836
Payment for Shares Redeemed		(124,268,646	)		(148,447,685	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	186,904,209		$	83,658,123

Transactions in Shares of the Fund Were as Follows:
Sold		14,006,081			13,318,232
Issued in Reinvestment of Distributions		949,709			565,234
Redeemed		(6,011,754	)		(8,711,364	)

Net Increase (Decrease) in Shares of the Fund		8,944,036			5,172,102

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Multi Cap Value Fund						Strong Small Company Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	16,330,938		$	42,217,248		$	84,287,186		$	42,355,981
Proceeds from Reinvestment of Distributions		—			—			847,230			2,100,499
Payment for Shares Redeemed		(51,453,057	)		(99,051,486	)		(20,488,183	)		(19,490,406	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(35,122,119	)	$	(56,834,238	)	$	64,646,233		$	24,966,074

Transactions in Shares of the Fund Were as Follows:
Sold		284,175			937,422			5,485,306			3,425,586
Issued in Reinvestment of Distributions		—			—			58,559			157,932
Redeemed		(907,228	)		(2,158,943	)		(1,367,417	)		(1,602,696	)

Net Increase (Decrease) in Shares of the Fund		(623,053	)		(1,221,521	)		4,176,448			1,980,822


	Strong Small/Mid Cap Value Fund						Strong Strategic Value Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Capital Share Transactions of Each of the Funds Were as Follows:
Proceeds from Shares Sold	$	8,902,096		$	8,418,486		$	2,106,447		$	1,433,200
Proceeds from Reinvestment of Distributions		—			—			34,936			2,782
Payment for Shares Redeemed		(5,972,147	)		(4,407,193	)		(876,416	)		(1,226,836	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	2,929,949		$	4,011,293		$	1,264,967		$	209,146

Transactions in Shares of Each of the Funds Were as Follows:
Sold		701,635			864,607			197,383			154,396
Issued in Reinvestment of Distributions		—			—			3,449			276
Redeemed		(473,963	)		(469,373	)		(82,237	)		(130,034	)

Net Increase (Decrease) in Shares of the Fund		227,672			395,234			118,595			24,638


	Strong Dividend Income Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:

INVESTOR CLASS
Proceeds from Shares Sold	$	6,168,956		$	28,984,092
Proceeds from Reinvestment of Distributions		543,766			1,717,170
Payment for Shares Redeemed		(31,116,543	)		(70,862,834	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(24,403,821	)		(40,161,572	)

CLASS K
Proceeds from Shares Sold		622,739			4,507,584
Proceeds from Reinvestment of Distributions		25,183			51,686
Payment for Shares Redeemed		(2,010,929	)		(967,662	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,363,007	)		3,591,608

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(25,766,828	)	$	(36,569,964	)

Transactions in Shares of Each Class of the Fund Were as Follows:

INVESTOR CLASS
Sold		420,492			2,243,781
Issued in Reinvestment of Distributions		37,219			134,583
Redeemed		(2,120,114	)		(5,474,314	)

Net Increase (Decrease) in Shares		(1,662,403	)		(3,095,950	)

CLASS K
Sold		42,831			373,802
Issued in Reinvestment of Distributions		1,745			4,068
Redeemed		(138,307	)		(74,398	)

Net Increase (Decrease) in Shares		(93,731	)		303,472

9.	Legal and Regulatory Matters

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

approval. Additionally, the settlements require, among other things: 1) retention of an independent consultant to develop a payment plan for the amount of investor restoration; 2) the services of an independent compliance consultant to conduct a periodic review of Strong’s compliance policies and procedures; and 3) enhanced corporate governance policies for the Strong Funds. The NYAG settlement also requires: 1) the retention of a senior officer to assist the Board in monitoring compliance and reviewing fee arrangements; and 2) additional fee disclosure to investors in the Funds. Strong and Mr. Strong, and not the investors in any Strong Fund, will bear all the costs of complying with the settlements, including restoration, civil penalties, and associated legal fees stemming from these regulatory proceedings. Strong has not yet determined if the investor restoration or civil penalties will create any financial benefit to the Strong Funds.

10.	Pending Acquisition

The mergers, which are anticipated to close in the first quarter of 2005, are subject to a number of conditions, including approval by the Board and shareholders of the Strong Funds.

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 71 mutual funds (“Strong Funds”).

Willie D. Davis (DOB 7-24-34), Director of the Strong Funds since July 1994.

Mr. Davis has been President and Chief Executive Officer of All Pro Broadcasting, Inc., since 1977; Director of Wisconsin Energy Corporation (formerly WICOR, Inc., a utility company) since 1990, Metro-Goldwyn-Mayer, Inc. (an entertainment company) since 1998, Bassett Furniture Industries, Inc. since 1997, Checker’s Drive-In Restaurants, Inc. (formerly Rally’s Hamburgers, Inc.) since 1994, Johnson Controls, Inc. (an automotive systems and facility management company) since 1992, MGM Mirage (formerly MGM Grand, Inc., an entertainment/hotel company) since 1990, Dow Chemical Company since 1988, Sara Lee Corporation (a food/consumer products company) since 1983, Alliance Bank since 1980, Manpower, Inc. (a worldwide provider of staffing services) since 2001, and Kmart Corporation (a discount consumer products company) from 1985 to 2003; and Trustee of the University of Chicago since 1980 and Marquette University since 1988.

Gordon B. Greer (DOB 2-17-32), Director of the Strong Funds since March 2002.

Mr. Greer was Of Counsel for Bingham McCutchen LLP (a law firm previously known as Bingham Dana LLP) from 1997 to February 2002 and Partner of Bingham McCutchen LLP from 1967 to 1997. On behalf of Bingham McCutchen LLP, Mr. Greer provided representation to the disinterested directors of the Strong Funds from 1991 to February 2002. Bingham McCutchen LLP has provided representation to the Independent Directors of the Strong Funds since 1991.

Stanley Kritzik (DOB 1-9-30), Director of the Strong Funds since January 1995 and Chairman of the Audit Committee of the Strong Funds since July 2000.

Mr. Kritzik has been Partner of Metropolitan Associates (a real estate firm) since 1962; Director of Wisconsin Health Information Network since November 1997, Health Network Ventures, Inc. from 1992 to April 2000, and Aurora Health Care from September 1987 to September 2002; and Member of the Board of Governors of Snowmass Village Resort Association from October 1999 to October 2002.

Neal Malicky (DOB 9-14-34), Director of the Strong Funds since December 1999.

William F. Vogt (DOB 7-19-47), Director and Chairman of the Independent Directors Committee of the Strong Funds since January 1995.

Mr. Vogt has been Senior Vice President of IDX Systems Corporation (a management consulting firm) since June 2001; President of Vogt Management Consulting, Inc. from July 1990 to June 2001; and former Fellow of the American College of Medical Practice Executives.

DIRECTORS AND OFFICERS (continued)

Ane K. Ohm (DOB 10-16-69), Anti-Money Laundering Compliance Officer of the Strong Funds since November 2002.

Ms. Ohm has been Anti-Money Laundering Compliance Officer of Strong Financial Corporation since February 2003; Assistant Executive Vice President of Strong Financial Corporation since November 2003; Assistant Executive Vice President of Strong Capital Management, Inc. (the “Advisor”) since December 2001; Director of Mutual Fund Administration of Strong Investor Services, Inc. since April 2001; Vice President of Strong Investor Services, Inc. since December 2001; and Marketing Services Manager of Strong Investments, Inc. (the “Distributor”) from November 1998 to April 2001.

Phillip O. Peterson (DOB 12-5-44), Independent President of the Strong Funds since January 2004.

Richard W. Smirl (DOB 4-18-67), Vice President of the Strong Funds since February 2002 and Secretary of the Strong Funds since November 2001.

Mr. Smirl has been Senior Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of Strong Financial Corporation from December 2001 to February 2003; Secretary of Strong Financial Corporation since February 2003; Assistant Executive Vice President of the Advisor since December 2001; Chief Legal Officer of the Advisor since February 2003; Secretary of the Advisor since November 2002; Assistant Secretary of the Advisor from December 2001 to November 2002; Senior Counsel of the Advisor from July 2000 to December 2001; General Counsel of the Distributor since November 2001; Secretary of the Distributor since July 2000; Vice President and Chief Compliance Officer of the Distributor from July 2000 to December 2003; Lead Counsel of the Distributor from July 2000 to November 2001; Vice President of Strong Investor Services, Inc. since December 2001; Assistant Secretary of Strong Investor Services, Inc. from December 2001 to May 2003; Secretary of Strong Investor Services, Inc. since May 2003; Partner at Keesal, Young & Logan LLP (a law firm) from September 1999 to July 2000; and Associate at Keesal, Young & Logan LLP from September 1992 to September 1999.

Gilbert L. Southwell III (DOB 4-13-54), Assistant Secretary of the Strong Funds since July 2001.

Mr. Southwell has been Associate Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of the Advisor since December 2002; Associate Counsel of the Advisor from April 2001 to December 2001; Partner at Michael, Best & Friedrich, LLP (a law firm) from October 1999 to March 2001; and Assistant General Counsel of U.S. Bank, National Association (formerly Firstar Bank, N.A.) and/or certain of its subsidiaries from November 1984 to September 1999.

John W. Widmer (DOB 1-19-65), Treasurer of the Strong Funds since April 1999.

Thomas M. Zoeller (DOB 2-21-64), Vice President of the Strong Funds since October 1999.

The statement of additional information contains additional information about fund directors and officers and is available without charge, upon request, by calling 1-800-368-3863.

NOTES

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky William F. Vogt

Officers

Phillip O. Peterson, Independent President

Thomas M. Zoeller, Vice President

Richard W. Smirl, Vice President and Secretary

Gilbert L. Southwell III, Assistant Secretary

John W. Widmer, Treasurer

Ane K. Ohm, Anti-Money Laundering Compliance Officer

Investment Advisor

Strong Capital Management, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Distributor

Strong Investments, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue, Kansas City, Missouri 64105

Transfer Agent and Dividend-Disbursing Agent

Strong Investor Services, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Independent Accountants

PricewaterhouseCoopers LLP

100 East Wisconsin Avenue, Milwaukee, Wisconsin 53202

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee, Wisconsin 53202

LOGO

Strong Investments

P.O. Box 2936 | Milwaukee, WI 53201

To learn more about our funds, discuss an existing

account, or conduct a transaction, call 1-800-368-3863

or visit www.Strong.com.

Please carefully consider a fund’s investment objectives,

risks, charges, and expenses before investing. For this

and other information, call us or visit our web site for

a free prospectus. Please read it carefully before you

invest or send money.

To receive a free copy of the policies and procedures

the funds use to determine how to vote proxies relating

to portfolio securities, or to receive a free copy of a fund’s

proxy voting record for the most recent 12-month period

ending on June 30, call 1-800-368-3863, or visit the

Securities and Exchange Commission’s web site

at www.sec.gov.

If you are a Financial Professional, call 1-800-368-1683.

This report does not constitute an offer for the sale of securities. Strong Funds are offered for sale by prospectus only. Securities are offered through Strong Investments, Inc. RT45365 08-04

SVLU/WH3295 06-04

Item 1. Reports to Shareholders

Semiannual Report | June 30, 2004

Strong

Core

Funds

LOGO


Strong Balanced Fund

Strong Large Cap Core Fund

Strong Growth and Income Fund

Strong Opportunity Fund

LOGO

Semiannual Report | June 30, 2004

Strong

Core

Funds

Table of Contents


Investment Reviews

Strong Balanced Fund		2

Strong Large Cap Core Fund		4

Strong Growth and Income Fund		6

Strong Opportunity Fund		8

Financial Information

Schedules of Investments in Securities

Strong Balanced Fund		10

Strong Large Cap Core Fund		14

Strong Growth and Income Fund		15

Strong Opportunity Fund		17

Statements of Assets and Liabilities		20

Statements of Operations		23

Statements of Changes in Net Assets		26

Financial Highlights		28

Notes to Financial Statements		33

Directors and Officers		45

Market Update From Dick Weiss

January 1, 2004, to June 30, 2004

LOGO

Uncertainty is the Enemy

The answer? In a word — clarity.

In order for stocks to start moving in a positive direction, the market needs an injection of confidence.

One final piece of practical advice: when uncertainty is the order of the day, resist doing anything dramatic with your money. Sometimes the “muddle-through” approach proves best.

. . .if you do your homework and stick to what is real rather than imagined, we think you can uncover common stocks worth owning.

LOGO

Richard T.Weiss

Vice Chairman

Strong Financial Corporation

Strong Balanced Fund

The Strong Balanced Fund underperformed its broad-based benchmark during the first half of 2004. For the six months ended June 30, 2004, the Fund returned 1.49% compared with a return of 3.44% for the S&P 500 Index. A balanced benchmark, the 60/40 Balanced Fund Index (which blends a 60% weighting in the S&P 500 Index with a 40% weighting in the Lehman Brothers Intermediate U.S. Government/Credit Bond Index), returned 2.03% for the same period.

In its equity position, the Fund focuses on the largest-capitalization stocks in the market, which hurt performance as the smaller stocks within the index outperformed their larger counterparts. The Fund’s fixed-income allocation hurt its returns relative to the S&P 500 Index, as returns in the fixed-income market generally trailed those of the index.

Many factors drove performance

Performance was mixed during the period. The Fund was stronger in the second quarter than in the first, primarily because larger, higher-quality stocks that are this Fund’s focus performed better at that time.

Throughout the period, there were many signs of continued economic and corporate profit growth. We, therefore, positioned the Fund with a cyclical orientation; that is, we emphasized sectors and companies that could benefit most from this macroeconomic tailwind. With this approach, we had larger weightings in capital goods, technology, and advertising-related companies.

Our capital goods stocks made a positive contribution to the Fund’s performance. While there were some signs of increased corporate spending on technology, this trend was not as pronounced as many had hoped. In spite of what was a difficult period for the tech area, our stock picking contributed positively to our returns. Stocks like Broadcom Corporation, a semiconductor company involved in many of the new high growth areas of broadband and wireless communication, had a positive return for the period. Within the advertising arena, stock performance was mixed; while some companies were able to capitalize on the economic strength that bolstered ad spending and even gain additional market share, others, such as media giant Viacom, simply were not able to keep up with changing industry dynamics.

We positioned the fixed-income portion of the portfolio with a slightly shorter duration than its benchmark for much of the period. This means that the Fund’s fixed-income position was somewhat less vulnerable to the negative impact of rising interest rates. As interest rates rose in anticipation of further economic growth and action from the Federal Reserve, this part of the Fund was able to be somewhat resilient; the positioning had a modestly positive impact on the Fund’s performance relative to the balanced benchmark.

LOGO

Our approach to equities

Beyond positioning the Fund in sectors that we believed would benefit from the stronger economy, we also employed screening techniques that focused on earnings growth and valuation. We used these techniques to identify companies that had solid potential, but were not yet fully exploiting it. This process, which is part of our ongoing investment strategy, includes an analysis of a company’s end market, its competitive environment, and its ability to meet or exceed stated financial goals.

One of the companies that made it through this evaluation was Internet-based leader Yahoo!. Yahoo! was a major beneficiary of the increased use of high-speed data access, as well as the popularity of its on-line search and marketing services. Traditional advertisers have begun to take note of the Internet’s ability to deliver potential customers from the right demographic groups to providers of appropriate products and services. Yahoo!’s share of the corporate advertising budget is still currently in the low single digits; as advertisers seek out distinctive advertising channels, we believe that share should continue to grow.

A moderately positive outlook

The fixed-income portion of the portfolio could come under continued pressure if the Fed raises short-term interest rates further, as many anticipate they may. The Fed’s stated willingness to move at a measured pace suggests that drastic hikes are not on the horizon, however.

It is impossible to ignore that the economy has continued to expand and drive corporate earnings growth. So while the environment may not be as positive as it was at this point last year, we are confident the opportunity for attractive returns remains.

Thank you for your investment in the Strong Balanced Fund.


Rimas Milaitis		Bradley D. Doyle
Portfolio Co-Manager		Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	10.19	%
5-year	–1.43	%
10-year	6.95	%
Since Fund Inception (12-30-81)	10.71	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Bond fund values fluctuate in response to the financial condition of individual issuers, changes in interest rates, and general market and economic conditions.

The Fund invests a portion of its assets in lower-quality securities that present a significant risk for loss of principal and interest. Please consider this before investing.

Growth of an Assumed $10,000 Investment^†

from 12-30-81 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond’s duration (short, intermediate, or long).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”), the 60/40 Balanced Fund Index, and the Lipper Flexible Portfolio Funds Average. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Definitions: **The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. The 60/40 Balanced Fund Index is comprised of 60% S&P 500 Index and 40% Lehman Brothers Intermediate U.S. Government/Credit Bond Index. The Lipper Flexible Portfolio Funds Average is the average of all funds in the Lipper Flexible Portfolio Funds Category. These funds allocate their investments across various asset classes, including domestic common stocks, bonds, and money market instruments with a focus on total return. Source of the S&P Index and 60/40 Balanced Fund Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.

Strong Large Cap Core Fund

Equity markets posted moderate returns in the first half of 2004, after their strong performance in 2003. In a climate of continued economic growth, the Strong Large Cap Core Fund posted a return of 2.60% for the six months ended June 30, 2004. This placed it behind its broad-based benchmark, the S&P 500 Index, which returned 3.44% for the same period.

Moderate returns prevailed

It is not unusual for stocks to take a breather following the type of large gains they saw in 2003. But that has not been the only factor that has kept equity returns moderate in the first half of this year. Questions about the resolution of the situation in Iraq, rising market interest rates and impending short-term rate hikes from the Federal Reserve, high energy prices, and the Chinese government’s actions to slow the growth of that far-reaching economy all weighed on the U.S. markets.

April was a particularly challenging month for the markets and the Fund. A sharp improvement in employment data sparked fears that the economic recovery would spark a new round of inflation and lead to substantially higher interest rates. At that point, it was not clear when, and by how much, the Federal Reserve might raise rates, which exacerbated our concerns. Because this Fund has significant positions in financial stocks — the largest sector in the S&P 500 — it was particularly susceptible to interest-rate concerns. Investors’ fears were overblown, we believe, driven more by emotion than by any truly serious problems in the economy.

Investor sentiment began to improve somewhat near the end of May, as the market once again focused its attention on the good news regarding strong corporate profits and new job creation. Equities in the portfolio that had been hurt by investors’ concerns in April had largely stabilized and recovered by the end of the period. When the Fed acted to raise short-term rates by a quarter percentage point at the end of June, the modest move was widely anticipated.

Factors in our performance

The Fund’s positions in energy stocks contributed positively to our performance for the period. Our emphasis in this sector was on the large integrated oil companies, which benefited from higher demand for oil, strong margins on refining operations, and low debt levels that helped to mute the impact of rising interest rates.

In our assessment, energy companies remain reasonably priced. Many projections of their earnings — and thus estimates of appropriate valuations — are based on an assumption that oil prices may decline significantly in coming months; we are not convinced that prices will in fact drop soon. Should they stay at more elevated levels, these companies’ earnings could rise further. We are confident that even at these higher levels, oil prices are not so high as to put a severe crimp in economic growth. Energy consumption per unit of Gross Domestic Product (GDP) is dramatically lower than it was in the 1970s, indicating a level of efficiency that allows the economy to absorb higher prices.

LOGO

As its name suggests, this Fund focuses on large-capitalization stocks; its median market capitalization typically exceeds that of the S&P 500. That orientation hurt performance in the period, as smaller companies generally outperformed larger-cap stocks.

Looking ahead

We anticipate that economic growth will continue at a healthy, sustainable pace in the coming months, helping to foster more positive investor sentiment as well. Corporate earnings have been strong, and we believe there is every reason they will continue to be so. Including the fourth quarter of 2003, the S&P 500 companies have experienced two consecutive quarters of year-over-year earnings growth well in excess of 20%, with another similar gain expected for the second quarter of 2004.

Although equity markets have been moving in a narrow trading range for most of the year to date, we anticipate that this may change in the second half. Among the factors that could help to bump stocks higher are positive news regarding corporate earnings, job creation, and economic activity.

Thank you for your investment in the Strong Large Cap Core Fund.


Karen E. McGrath
Portfolio Manager

Fund Highlights

Average Annual Total Returns

as of 6-30-04


Investor Class
1-year	16.05	%
5-year	–3.01	%
Since Fund Inception (6-30-98)	1.52	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 6-30-98 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Strong Growth and Income Fund

The Strong Growth and Income Fund Investor Class posted positive results for the first half of 2004, though it somewhat underperformed its broad-based benchmark, the S&P 500 Index. For the six months ended June 30, 2004, the Fund produced a return of 2.45%, while the S&P 500 returned 3.44% for the same period. The Fund’s focus on the largest-capitalization stocks available in the marketplace contributed to this underperformance, as the smaller companies within the index continued to outperform.

Positioning for a stronger economy

Performance was mixed during the period. The Fund was stronger in the second quarter than in the first, primarily because the larger, higher-quality stocks that are this Fund’s focus performed better at that time.

Our capital goods stocks made a positive contribution to the Fund’s performance. Holdings in this area included Danaher Corporation, Tyco International, and 3M. While there were some signs of increased corporate spending on technology, this trend was not as pronounced as many had hoped. In spite of what was a difficult period for the tech area, our stock picking contributed positively to our returns. Stocks like Broadcom Corporation, a semiconductor company involved in many of the new high growth areas of broadband and wireless communication, had a positive return for the period. Within the advertising arena, stock performance was mixed; while some companies were able to capitalize on the economic strength that bolstered ad spending and even gain additional market share, others, such as media giant Viacom, simply were not able to keep up with changing industry dynamics.

Screening for stronger stocks

Beyond positioning the Fund in sectors that we believed would benefit from the stronger economy, we also employed screening techniques that focused on earnings growth and valuation. We used these techniques to identify companies that had solid potential but were not yet fully exploiting it. This process, which is part of our ongoing investment strategy, includes an analysis of a company’s end market, its competitive environment, and its ability to meet or exceed stated financial goals.

Companies that made it through this evaluation included Internet-based leader Yahoo! and industrial company Tyco International. These stocks both benefited from the strength in the economy, but their financial returns were influenced by very different factors.

LOGO

Yahoo! was a major beneficiary of the increased use of high-speed data access, as well as the popularity of its on-line search and marketing services. Traditional advertisers have begun to take note of the Internet’s ability to deliver potential customers from the right demographic groups to providers of appropriate products and services. Yahoo!’s share of the corporate advertising budget is still currently in the low single digits; as advertisers seek out distinctive advertising channels, we believe that share should continue to grow.

Tyco International was a turnaround story. The company was and still is involved in a highly publicized legal battle. What can be lost in the controversy is that it appears previous management brought together a collection of well-positioned businesses that simply weren’t being managed to their best advantage. New management came in and cleaned up the balance sheet, modified overly aggressive financial targets, and began to rebuild investor confidence in the company. We now believe management has put the company on a clear growth path. By recognizing the capability of the new management, taking note of the intrinsic value of the company’s varied operations, and identifying its underutilization of assets, we were able to purchase this stock in a timely fashion, with positive results for the portfolio.

Our outlook for the second half of 2004

At this point, our outlook is one of cautious optimism. While this Fund’s focus on high-quality, large-capitalization stocks put it at a disadvantage during the period, we do not intend to move away from this approach. The economy continues to grow, as do corporate profits. The Presidential election, interest-rate hikes from the Federal Reserve, and turmoil in the Middle East could all hurt equity performance in the coming months. Nonetheless, it is impossible to ignore that the economy has continued to expand and spur on earnings growth, which in turn can drive stock prices upward. So while the environment may not be as positive as it was at this point last year, we are confident the opportunity for attractive returns remains.

Thank you for your investment in the Strong Growth and Income Fund.


Rimas Milaitis
Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	16.02	%
5-year	–3.51	%
Since Fund Inception (12-29-95)	9.49	%

Institutional Class¹
1-year	16.78	%
5-year	–2.96	%
Since Fund Inception (12-29-95)	9.85	%

Advisor Class²
1-year	16.01	%
5-year	–3.58	%
Since Fund Inception (12-29-95)	9.33	%

Class K³
1-year	16.41	%
5-year	–3.31	%
Since Fund Inception (12-29-95)	9.62	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 12-29-95 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^TMreveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Investor Class shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹The performance of the Institutional Class shares prior to 2-29-00 is based on the Fund’s Investor Class shares’ performance and has not been restated for the lower expense ratio of the Institutional Class shares.

²	The performance of the Advisor Class shares prior to 2-29-00 is based on the Fund’s Investor Class shares’ performance, restated for the higher expense ratio of the Advisor Class shares.

³	The performance of the Class K shares prior to 12-31-01 is based on the Fund’s Investor Class shares’ performance and has not been restated for the lower expense ratio of the Class K shares.

Please consult a prospectus for information about all share classes.

Strong Opportunity Fund

The Strong Opportunity Fund offered solid performance for the first half of 2004. The Fund’s Investor Class shares posted a return of 8.14% for the six months ended June 30, 2004, while its broad-based benchmark, the Russell Midcap Index, returned 6.67% for the same period.

An uncertain environment

The consensus opinion at the start of the year was that equities would be strong in the first half of the year and flat in the second half due to the uncertainty that a presidential election normally brings. But we know from history that things rarely go according to plan, and we did not need to wait for the second half for the uncertainty to take hold. However, we continue to be optimistic, as there are many factors pointing to a positive economic environment.

An improving economy is favorable for equities in general and our style of investing in particular. Over the first half of the year, we continued to find reasonably priced companies in many sectors that are experiencing good rates of growth.

During the first half of 2004, the Fund benefited from our holdings in the energy and distribution sectors, which we had overweighted relative to the benchmark. Our health care holdings, which were skewed toward the biotechnology and medical technology areas, also contributed positively to performance. One area of disappointment was our overweighting in media, an industry that came under a number of pressures that hurt stock valuations.

An intensive research process

The Fund’s over- and under-weightings relative to the benchmark were the result of where our investment process finds value in the market. A key step in this process is determining a private market value (PMV) for a company we are considering — that is, determining the price we would be willing to pay if we were acquiring the whole company. We look for companies whose current stock valuations are between 50% and 60% of their private market value.

This process is research-intensive. We spend much of our time talking to and visiting with the management teams of the companies we own or in which we are interested in investing. These conversations help us to understand the company, its management strategy, and the industry in which it competes.

An example of private market value at work

Biogen Idec is a biotech company that we added to the Fund in mid-2003 (when it was known as Biogen). At the time, it had an approved Multiple Sclerosis (MS) drug, Avonex, and was also developing new drugs. The market was fearful that Avonex sales would lose ground to new competition and was not giving the company credit for the drugs it had in the developmental stage. In November 2003, Biogen merged with IDEC Pharmaceuticals, a company we knew well but didn’t own. We were able to meet with the management shortly after the merger and saw potential for greater cost-cutting than the market anticipated; more important, the research we had done on Antegren (a new class of drug the company has in development for MS) appeared positive. From this work, we determined that the merged company was trading at 50% to 55% of its PMV.

LOGO

Our work paid off. On June 28, the Food and Drug Administration granted Biogen Idec a priority review of Antegren. This move does not ensure approval of the drug, but it does accelerate the timeline and means the drug is likely to be approved and on the market sooner then our model expects. The stock’s price neared 90% of our PMV by the end of the second quarter, and we began taking profits.

Optimism tempered by uncertainty

Although uncertainties remain, we are optimistic as we look ahead to the rest of 2004 with respect to both the economy and the equity market. We continue to find new names that fit within our investment style and that we believe can help the Fund to outperform over the longer term.

We intend to continue to focus on those factors that are within our control: sticking to our time-tested investment style, diversifying the Fund within industry groups to manage our risk, and striving to bring you investment results of which we will be proud.

We thank you for your continued investment and confidence in the Strong Opportunity Fund.


Richard T. Weiss		Ann M. Miletti
Portfolio Co-Manager		Portfolio Co-Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	27.95	%
5-year	4.71	%
10-year	12.69	%
Since Fund Inception (12-31-85)	15.15	%

Advisor Class¹
1-year	27.72	%
5-year	4.46	%
10-year	12.37	%
Since Fund Inception (12-31-85)	14.81	%

Class K²
1-year	28.19	%
5-year	4.80	%
10-year	12.73	%
Since Fund Inception (12-31-85)	15.17	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions.

Growth of an Assumed $10,000 Investment^†

from 12-31-85 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

^*	The Morningstar Style Box^TMreveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell Midcap^® Index and the Lipper Multi-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. This graph is based on Investor Class shares only; performance for other classes will vary due to differences in fee structures.

Performance Information: ¹The performance of the Advisor Class shares prior to 02-24-00, is based on the Fund’s Investor Class shares’ performance, restated for the higher expense ratio of the Advisor Class shares.

²	The performance of the Class K shares prior to 8-30-02 is based on the Fund’s Investor Class shares’ performance, and has not been restated for the lower expense ratio of the Class K shares.

Please consult a prospectus for information about all share classes.

Definitions: ^**The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The Lipper Multi-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Multi-Cap Core Funds Category. Source of the Russell Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.


SCHEDULES OF INVESTMENTS IN SECURITIES		June 30, 2004 (Unaudited)

STRONG BALANCED FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 65.3%
Aerospace - Defense 1.4%
The Boeing Company	11,100	$	567,099
General Dynamics Corporation	9,300		923,490
Northrop Grumman Corporation	15,000		805,500

			2,296,089
Aerospace - Defense Equipment 0.3%
Goodrich Corporation (h)	15,500		501,115
Banks - Money Center 4.1%
Bank of America Corporation	26,350		2,229,737
The Bank of New York Company, Inc.	20,900		616,132
Citigroup, Inc.	54,000		2,511,000
J.P. Morgan Chase & Company	29,700		1,151,469

			6,508,338
Banks - Super Regional 2.0%
Bank One Corporation	11,300		576,300
Mellon Financial Corporation	10,600		310,898
U.S. Bancorp	31,100		857,116
Wells Fargo & Company	25,400		1,453,642

			3,197,956
Beverages - Alcoholic 0.5%
Anheuser-Busch Companies, Inc.	15,000		810,000
Chemicals - Basic 0.3%
The Dow Chemical Company	10,900		443,630
Commercial Services - Miscellaneous 0.9%
Automatic Data Processing, Inc.	16,300		682,644
Paychex, Inc.	20,100		680,988

			1,363,632
Commercial Services - Staffing 0.5%
Manpower, Inc.	16,500		837,705
Computer - Data Storage 0.2%
EMC Corporation (b)	28,000		319,200
Computer - IT Services 1.0%
Accenture, Ltd. Class A (b)	16,600		456,168
International Business Machines Corporation	12,400		1,093,060

			1,549,228
Computer - Local Networks 1.4%
Cisco Systems, Inc. (b)	94,800		2,246,760
Computer - Manufacturers 0.6%
Dell, Inc. (b)	25,800		924,156
Computer - Peripheral Equipment 0.6%
Lexmark International, Inc. Class A (b)	10,600		1,023,218
Computer - Software Design 0.4%
Autodesk, Inc.(h)	13,400		573,654
Computer Software - Desktop 2.1%
Microsoft Corporation	118,900		3,395,784
Computer Software - Enterprise 1.0%
Mercury Interactive Corporation (b) (h)	11,100		553,113
SAP AG Sponsored ADR	25,400		1,061,974

			1,615,087
Computer Software - Security 0.2%
Symantec Corporation (b)	7,800		341,484
Cosmetics - Personal Care 2.6%
Avon Products, Inc.	23,900	$	1,102,746
The Gillette Company	23,100		979,440
LIFE TIME FITNESS, Inc. (b)	200		4,200
The Procter & Gamble Company	38,000		2,068,720

			4,155,106
Diversified Operations 5.6%
E.I. Du Pont de Nemours & Company	9,100		404,222
General Electric Company	124,200		4,024,080
Honeywell International, Inc.	23,200		849,816
3M Co.	12,300		1,107,123
Tyco International, Ltd. (h)	65,100		2,157,414
United Technologies Corporation	4,900		448,252

			8,990,907
Electronics - Contract Manufacturing 0.4%
Flextronics International, Ltd. (b)	37,000		590,150
Electronics - Scientific Measuring 1.0%
Danaher Corporation	21,100		1,094,035
PerkinElmer, Inc.	27,200		545,088

			1,639,123
Electronics - Semiconductor Manufacturing 2.5%
Analog Devices, Inc.	8,500		400,180
Broadcom Corporation Class A (b) (h)	25,100		1,173,927
Intel Corporation	71,600		1,976,160
National Semiconductor Corporation (b) (h)	17,300		380,427

			3,930,694
Finance - Consumer/Commercial Loans 0.2%
MBNA Corporation	14,200		366,218
Finance - Investment Brokers 1.3%
The Goldman Sachs Group, Inc.	8,100		762,696
Merrill Lynch & Company, Inc.	13,100		707,138
Morgan Stanley	11,800		622,686

			2,092,520
Finance - Investment Management 0.3%
Franklin Resources, Inc.	10,000		500,800
Finance - Mortgage & Related Services 0.6%
FNMA	14,300		1,020,448
Finance - Savings & Loan 0.3%
Golden West Financial Corporation	4,700		499,845
Financial Services - Miscellaneous 1.0%
American Express Company	18,400		945,392
First Data Corporation	13,300		592,116

			1,537,508
Food - Miscellaneous Preparation 1.7%
H.J. Heinz Company	17,600		689,920
Kellogg Company	14,100		590,085
PepsiCo, Inc.	27,300		1,470,924

			2,750,929
Insurance - Diversified 1.8%
American International Group, Inc.	28,700		2,045,736
Prudential Financial, Inc.	17,300		803,931

			2,849,667
Insurance - Property/Casualty/Title 1.7%
The Allstate Corporation	20,400		949,620
Hartford Financial Services Group, Inc.	11,900		818,006
MGIC Investment Corporation	7,000		531,020
The PMI Group, Inc.	8,300		361,216

			2,659,862

STRONG BALANCED FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Internet - E^*Commerce 0.7%
eBay, Inc. (b)	12,400	$	1,140,180
Internet - Internet Content 0.8%
Yahoo! Inc. (b)	36,900		1,340,577
Leisure - Gaming/Equipment 0.6%
Station Casinos, Inc. (h)	20,900		1,011,560
Leisure - Hotels & Motels 1.0%
Marriott International, Inc. Class A	16,200		808,056
Starwood Hotels & Resorts Worldwide, Inc.	19,300		865,605

			1,673,661
Machinery - General Industrial 0.4%
Ingersoll-Rand Company Class A	8,100		553,311
Media - Books 0.3%
McGraw-Hill, Inc.	5,500		421,135
Media - Radio/TV 0.9%
The E.W. Scripps Company Class A	6,400		672,000
The Walt Disney Company	31,800		810,582

			1,482,582
Medical - Biomed/Biotech 0.5%
Biogen Idec, Inc. (b)	13,400		847,550
Medical - Drug/Diversified 1.0%
Johnson & Johnson	28,500		1,587,450
Medical - Ethical Drugs 3.1%
Elan Corporation PLC Sponsored ADR (b)	21,300		526,962
Eli Lilly & Company	6,800		475,388
Merck & Company, Inc.	22,400		1,064,000
Pfizer, Inc.	82,780		2,837,698

			4,904,048
Medical - Genetics 0.4%
Genentech, Inc. (b)	11,200		629,440
Medical - Health Maintenance Organizations 0.7%
UnitedHealth Group, Inc.	16,600		1,033,350
Medical - Products 1.6%
Biomet, Inc.	11,500		511,060
Boston Scientific Corporation (b)	20,500		877,400
St. Jude Medical, Inc. (b)	5,500		416,075
Zimmer Holdings, Inc. (b)	9,000		793,800

			2,598,335
Medical - Wholesale Drugs/Sundries 0.3%
Cardinal Health, Inc.	7,600		532,380
Medical/Dental - Services 0.5%
Quest Diagnostics, Inc. (h)	9,700		824,015
Medical/Dental - Supplies 0.3%
Becton, Dickinson & Company	9,300		481,740
Oil & Gas - Field Services 0.8%
Schlumberger, Ltd.	19,100		1,213,041
Oil & Gas - International Integrated 3.7%
ChevronTexaco Corporation	13,600		1,279,896
ConocoPhillips	13,300		1,014,657
Exxon Mobil Corporation	82,100		3,646,061

			5,940,614
Oil & Gas - Machinery/Equipment 0.4%
Baker Hughes, Inc.	17,400		655,110
Oil & Gas - United States Exploration & Production 0.4%
Anadarko Petroleum Corporation	9,700		568,420
Paper & Paper Products 0.6%
Temple-Inland, Inc. (h)	13,900		962,575
Retail - Clothing/Shoe 0.3%
The Gap, Inc.	21,800		528,650
Retail - Department Stores 0.3%
Kohl’s Corporation (b)	10,100		427,028
Retail - Drug Stores 0.4%
CVS Corporation	15,100		634,502
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)	200		3,286
Retail - Major Discount Chains 2.0%
Target Corporation	30,600		1,299,582
Wal-Mart Stores, Inc.	36,800		1,941,568

			3,241,150
Retail/Wholesale - Building Products 0.9%
The Home Depot, Inc.	40,300		1,418,560
Retail/Wholesale - Office Supplies 0.4%
Staples, Inc.	22,700		665,337
Soap & Cleaning Preparations 0.2%
Clorox Company	6,100		328,058
Telecom - Fiber Optics 0.4%
Corning, Inc. (b)	43,200		564,192
Telecom - Wireless Equipment 0.7%
QUALCOMM, Inc.	14,700		1,072,806
Telecommunications - Equipment 0.2%
Avaya, Inc. (b)	6,600		104,214
Lucent Technologies, Inc. (b)	70,500		266,490

			370,704
Telecommunications - Services 1.0%
SBC Communications, Inc.	32,400		785,700
Verizon Communications, Inc.	23,600		854,084

			1,639,784
Transportation - Air Freight 0.2%
FedEx Corporation	3,900		318,591
Utility - Electric Power 0.8%
Exelon Corporation	36,300		1,208,427

Total Common Stocks (Cost $92,646,174)			104,352,962


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG BALANCED FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Corporate Bonds 13.6%
AT&T Corporation Senior Notes, 8.05%, Due 11/15/11	$	150,000	$	154,221
AT&T Wireless Services, Inc. Notes, 8.125%, Due 5/01/12		250,000		289,466
Aladdin Gaming Holdings LLC/Aladdin Capital Corporation Senior Discount Notes, 13.50%, Due 3/01/10 (b) (g)		3,700,000		37,000
America Movil SA de CV Guaranteed Senior Yankee Notes, 5.50%, Due 3/01/14 (d)		250,000		230,922
Bank of America Corporation Subordinated Notes, 7.40%, Due 1/15/11		400,000		453,922
Capital One Bank Medium-Term Notes, 6.50%, Due 6/13/13		210,000		216,893
Cendant Corporation Notes, 6.25%, Due 3/15/10		100,000		106,519
CenterPoint Energy Resources Corporation Senior Notes, Series B, 7.875%, Due 4/01/13		100,000		112,071
Citigroup, Inc. Notes, 5.50%, Due 8/09/06		575,000		600,966
Citizens Communications Company Senior Notes, 8.50%, Due 5/15/06		200,000		213,174
Comcast Corporation Senior Notes, 5.85%, Due 1/15/10		250,000		261,174
Core Investment Grade Trust Pass-Thru Certificates, 4.727%, Due 11/30/07		1,000,000		1,019,959
Countrywide Home Loans, Inc. Notes, Series L, 4.00%, Due 3/22/11		520,000		485,704
Cox Communications, Inc. Notes, 4.625%, Due 6/01/13		285,000		263,543
Credit Suisse First Boston USA, Inc. Notes:
4.625%, Due 1/15/08		200,000		203,890
6.50%, Due 1/15/12		250,000		269,049
DaimlerChrysler North America Holding Corporation Guaranteed Notes, 4.05%, Due 6/04/08		100,000		98,140
DaimlerChrysler North America Holding Corporation Notes, 7.75%, Due 1/18/11		200,000		223,810
EOP Operating LP Notes, 6.75%, Due 2/15/12		350,000		376,366
European Investment Bank Yankee Notes:
3.00%, Due 6/16/08 (h)		290,000		283,461
4.625%, Due 3/01/07		500,000		516,869
FedEx Corporation Notes, 2.65%, Due 4/01/07 (d)		245,000		238,073
FirstEnergy Corporation Notes, 6.45%, Due 11/15/11		150,000		155,741
Florida Power & Light Company First Mortgage Notes, 6.875%, Due 12/01/05		110,000		116,356
Ford Motor Credit Company Notes:
6.50%, Due 1/25/07		250,000		262,836
7.00%, Due 10/01/13 (h)		300,000		303,351
7.60%, Due 8/01/05		160,000		167,541
France Telecom SA Yankee Notes, 9.00%, Due 3/01/11		350,000		406,114
General Electric Capital Corporation Notes:
2.75%, Due 9/25/06		530,000		524,977
6.50%, Due 12/10/07		250,000		271,947
General Motors Acceptance Corporation Notes, 6.875%, Due 9/15/11		370,000		379,895
Goldman Sachs Group, Inc. Senior Notes, 5.15%, Due 1/15/14 (h)		275,000		264,576
Goodrich Corporation Senior Notes, 7.625%, Due 12/15/12		100,000		112,717
Harrah’s Operating Company, Inc. Senior Notes, 5.50%, Due 7/01/10 (d)		220,000		221,381
Highwoods Realty LP Notes, 7.00%, Due 12/01/06		400,000		422,238
Household Finance Corporation Senior Notes, 5.875%, Due 2/01/09		580,000		612,872
Hutchison Whampoa International, Ltd. Guaranteed Yankee Notes, 6.25%, Due 1/24/14 (d)		200,000		194,305
Intelsat, Ltd. Senior Notes, 5.25%, Due 11/01/08		240,000		229,399
J.P. Morgan Chase & Company Subordinated Notes, 6.625%, Due 3/15/12		300,000		324,884
Kraft Foods, Inc. Notes, 5.25%, Due 10/01/13		605,000		590,475
Kroger Company Notes, 6.75%, Due 4/15/12		100,000		108,498
Liberty Media Corporation Senior Notes, 5.70%, Due 5/15/13		300,000		296,044
M&T Bank Corporation, Floating Rate Subordinated Notes, 3.85%, Due 4/01/13		250,000		245,432
Merrill Lynch & Company, Inc. Medium-Term Notes, Tranche #312, 4.00%, Due 11/15/07		200,000		200,675
MidAmerican Energy Holdings Company Senior Notes, 7.23%, Due 9/15/05		345,000		362,624
Morgan Stanley Notes:
5.30%, Due 3/01/13		200,000		197,146
5.80%, Due 4/01/07		500,000		529,052
National Rural Utilities Cooperative Finance Corporation Notes, 6.50%, Due 3/01/07 (h)		300,000		322,019
NiSource Finance Corporation Notes, 7.625%, Due 11/15/05		305,000		323,649
Norfolk Southern Corporation Senior Notes, 6.00%, Due 4/30/08		250,000		264,995
Normandy Finance, Ltd. Yankee Notes, 7.625%, Due 7/15/08 (d)		200,000		221,205
PNC Funding Corporation Subordinated Notes, 6.125%, Due 2/15/09		450,000		480,393
Principal Life Global Funding I Medium-Term Notes, Tranche #23, 3.625%, Due 4/30/08 (d)		250,000		249,083
Province of Quebec Notes, 5.00%, Due 7/17/09		335,000		344,678
Public Service Company of Colorado Corporate Notes, 7.875%, Due 10/01/12		175,000		206,893
Republic of Italy Yankee Notes, 3.625%, Due 9/14/07		300,000		299,818
Republic of South Africa Yankee Notes, 6.50%, Due 6/02/14		180,000		182,250
Rogers Cable, Inc. Senior Secured Second Priority Yankee Notes, 6.25%, Due 6/15/13		145,000		137,231
Safeway, Inc. Notes, 4.80%, Due 7/16/07		200,000		204,579
Salomon Smith Barney Holdings, Inc. Senior Notes, 5.875%, Due 3/15/06		510,000		535,059
Shaw Communications, Inc. Senior Yankee Notes, 7.20%, Due 12/15/11		315,000		327,586
Sovereign Bancorp Senior Notes, 10.50%, Due 11/15/06		150,000		171,943

STRONG BALANCED FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Sprint Capital Corporation Notes, 8.375%, Due 3/15/12	$	250,000	$	287,749
Texas Eastern Transmission Corporation Notes, 5.25%, Due 7/15/07		200,000		206,652
Time Warner Entertainment Company LP Senior Notes, 8.875%, Due 10/01/12		250,000		301,524
Travelers Property and Casualty Corporation Senior Notes, 5.00%, Due 3/15/13		150,000		145,545
Tyco International Group SA Yankee Notes, 6.00%, Due 11/15/13		120,000		123,582
UFJ Finance Aruba AEC Yankee Notes, 6.75%, Due 7/15/13		200,000		207,162
Union Pacific Corporation Notes, 5.75%, Due 10/15/07		305,000		321,081
United Mexican States Yankee Notes, 7.50%, Due 1/14/12		200,000		216,000
Valero Energy Corporation Notes, 6.875%, Due 4/15/12		215,000		234,140
Verizon Global Funding Corporation Notes, 4.375%, Due 6/01/13		300,000		275,842
Wal-Mart Stores, Inc. Notes, 4.125%, Due 2/15/11		260,000		251,301
Waste Management, Inc. Senior Notes, 6.50%, Due 11/15/08		200,000		216,355
Wells Fargo & Company Senior Notes, 5.25%, Due 12/01/07		415,000		433,342
XTO Energy, Inc. Senior Notes, 6.25%, Due 4/15/13		165,000		171,932

Total Corporate Bonds (Cost $ 22,619,833)				21,819,856

Municipal Bonds 0.6%
California GO, 6.30%, Due 10/01/07		400,000		443,000
Racine, Wisconsin Solid Waste Disposal Revenue Refunding - Republic Services Project, 3.25%, Due 12/01/37 (Mandatory Put at $100 on 4/01/09)		500,000		482,500

Total Municipal Bonds (Cost $ 931,046)				925,500

Non-Agency Mortgage & Asset-Backed Securities 2.4%
ABN AMRO Mortgage Corporation Variable Rate Pass-Thru Certificates, Series 2002-1A, Class IIA-3, 5.35%, Due 6/25/32		76,634		77,527
Asset Securitization Corporation Commercial Mortgage Pass-Thru Certificates, Series 1995-MD4, Class A-1, 7.10%, Due 8/13/29		558,160		584,908
Community Program Loan Trust Bonds, Series 1987, Class A-4, 4.50%, Due 10/01/18		1,088,955		1,087,891
FHLMC Adjustable Rate Guaranteed Mortgage Participation Certificates, 4.23%, Due 10/25/43		557,209		568,577
JP Morgan Chase Commercial Mortgage Securities Corporation Variable Rate Pass-Thru Certificates, Series 2004-C2, Class A2, 5.26%, Due 5/15/41		475,000		476,938
Residential Asset Securities Corporation Variable Rate Home Equity Mortgage Asset-Backed Pass-Thru Certificates, Series 2004-KS1, Class AI1, 1.45%, Due 9/25/20		665,795		665,915
Washington Mutual Mortgage Pass-Thru Certificates, Series 2002-AR7, Class A-6, 5.53%, Due 7/25/32		314,261		316,905

Total Non-Agency Mortgage & Asset-Backed Securities (Cost $ 3,738,675)				3,778,661

United States Government & Agency Issues 16.1%
FHLMC Adjustable Rate Guaranteed Mortgage Participation Certificates, 4.30%, Due 7/25/43		527,050		535,862
FHLMC Adjustable Rate Participation Certificates, Pool #865469, 6.114%, Due 8/01/25		191,206		195,318
FHLMC Notes:
5.50%, Due 7/15/06 (c)		150,000		157,048
5.75%, Due 3/15/09 (c)		1,115,000		1,190,593
6.00%, Due 6/15/11 (h)		800,000		860,230
FHLMC Participation Certificates:
8.00%, Due 3/01/16		391,261		418,160
10.25%, Due 3/01/15		24,153		26,804
10.50%, Due 1/01/16		3,912		4,438
FNMA Guaranteed Mortgage Adjustable Rate Pass-Thru Certificates, 6.96%, Due 1/01/07		2,055,654		2,190,563
FNMA Guaranteed Real Estate Mortgage Investment Conduit Pass-Thru Trust, 9.50%, Due 11/25/31		726,647		814,526
FNMA Guaranteed Real Estate Mortgage Investment Conduit Variable Rate Pass - Thru Certificates, Series G92-61, Class FJ, 2.902%, Due 10/25/22		78,974		79,638
FNMA Notes:
2.875%, Due 5/19/08 (h)		575,000		554,054
3.25%, Due 8/15/08 (h)		925,000		901,108
4.375%, Due 10/15/06 (c) (h)		200,000		205,180
4.625%, Due 10/15/13		955,000		921,295
5.25%, Due 6/15/06 (h)		1,500,000		1,564,142
5.50%, Due 2/15/06 (h)		2,560,000		2,671,875
5.75%, Due 2/15/08		1,000,000		1,066,462
6.00%, Due 5/15/08		1,350,000		1,455,326
FNMA TBA, 5.50%, Due 7/15/34		1,200,000		1,194,374
GNMA Guaranteed Pass-Thru Certificates, 7.50%, Due 12/15/07		193,438		201,048
United States Treasury Bonds, 11.25%, Due 2/15/15 (h)		145,000		223,742
United States Treasury Notes:
2.25%, Due 2/15/07 (h)		250,000		245,205
2.625%, Due 3/15/09 (h)		980,000		932,761
3.00%, Due 2/15/09 (h)		170,000		164,780
3.125%, Due 4/15/09 (h)		555,000		539,413
3.875%, Due 5/15/09 (h)		350,000		351,285
4.25%, Due 11/15/13 (h)		1,055,000		1,027,183
4.75%, Due 5/15/14 (h)		1,389,000		1,403,922
5.75%, Due 11/15/05		1,025,000		1,072,046
5.75%, Due 8/15/10 (h)		100,000		109,063
6.50%, Due 2/15/10 (h)		90,000		101,440
10.375%, Due 11/15/12 (h)		1,985,000		2,424,493

Total United States Government & Agency Issues (Cost $ 25,988,239)				25,803,377


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG BALANCED FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a)13.8%
Collateral Received for Securities Lending 11.4%
Navigator Prime Portfolio		18,181,603	$	18,181,603
Corporate Bonds 0.9%
AOL Time Warner, Inc. Notes, 5.625%, Due 5/01/05	$	300,000		307,409
KN Energy, Inc. Senior Notes, 6.65%, Due 3/01/05		250,000		256,989
Kroger Company Guaranteed Notes, 7.375%, Due 3/01/05		205,000		211,507
MetLife, Inc. Debentures, 3.911%, Due 5/15/05		205,000		207,775
Pioneer National Resources Company Senior Notes, 8.875%, Due 4/15/05		200,000		209,236
Tyson Foods, Inc. Notes, 6.625%, Due 10/01/04		210,000		211,779

				1,404,695
Repurchase Agreements (e) 0.6%
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $984,821); Collateralized by: United States Government & Agency Issues		984,800		984,800
United States Government & Agency Issues 0.9%
United States Treasury Bills, Due 8/26/04 (c)		100,000		99,837
United States Treasury Notes, 1.25%, Due 5/31/05		1,300,000		1,291,368

				1,391,205

Total Short-Term Investments (Cost $21,962,716)				21,962,303

Total Investments in Securities (Cost $167,886,683) 111.8%				178,642,659
Other Assets and Liabilities, Net (11.8%)				(18,784,322	)

Net Assets 100.0%			$	159,858,337

FUTURES


	Expiration Date	Underlying Face Amount at Value			Unrealized Appreciation/ (Depreciation)
Sold:
18 Five-Year U.S. Treasury Notes	9/04	($	1,956,375	)	($	10,717	)
3 Ten-Year U.S. Treasury Notes	9/04		(327,984	)		(3,716	)

STRONG LARGE CAP CORE FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 95.1%
Apparel - Shoes & Related Manufacturing 2.2%
NIKE, Inc. Class B	1,100	$	83,325
Auto Manufacturer 2.1%
Toyota Motor Corporation Sponsored ADR	1,000		81,620
Banks - Money Center 9.4%
Bank of America Corporation	1,400		118,468
Citigroup, Inc.	3,200	$	148,800
J.P. Morgan Chase & Company	2,500		96,925

			364,193
Building - Resident/Commercial 9.7%
D.R. Horton, Inc.	2,850		80,940
Lennar Corporation Class A	1,800		80,496
Pulte Homes, Inc.	2,600		135,278
Standard Pacific Corporation	1,600		78,880

			375,594
Computer - Local Networks 2.8%
Cisco Systems, Inc. (b)	4,600		109,020
Computer Software - Desktop 3.0%
Microsoft Corporation	4,100		117,096
Cosmetics - Personal Care 5.5%
Avon Products, Inc.	1,700		78,438
LIFE TIME FITNESS, Inc. (b)	100		2,100
The Procter & Gamble Company	2,400		130,656

			211,194
Diversified Operations 10.0%
General Electric Company	3,200		103,680
3M Co.	1,600		144,016
Tyco International, Ltd.	4,200		139,188

			386,884
Electronics - Semiconductor Manufacturing 3.8%
Analog Devices, Inc.	1,500		70,620
National Semiconductor Corporation (b)	3,400		74,766

			145,386
Finance - Consumer/Commercial Loans 2.8%
Capital One Financial Corporation	1,600		109,408
Finance - Investment Brokers 5.1%
The Goldman Sachs Group, Inc.	1,000		94,160
Merrill Lynch & Company, Inc.	1,900		102,562

			196,722
Finance - Mortgage & Related Services 2.0%
Countrywide Financial Corporation	1,100		77,275
Internet - E*Commerce 2.9%
eBay, Inc. (b)	1,200		110,340
Internet - Internet Content 3.9%
Yahoo! Inc. (b)	4,200		152,586
Medical - Ethical Drugs 6.1%
Merck & Company, Inc.	2,400		114,000
Pfizer, Inc.	3,500		119,980

			233,980
Medical/Dental - Supplies 2.1%
Becton, Dickinson & Company	1,600		82,880
Metal Ores - Miscellaneous 2.0%
Phelps Dodge Corporation (b)	1,000		77,510
Oil & Gas - International Integrated 10.2%
Amerada Hess Corporation	1,600		126,704
ConocoPhillips	2,000		152,580
Exxon Mobil Corporation	2,600		115,466

			394,750
Oil & Gas - Refining/Marketing 2.7%
Valero Energy Corporation	1,400		103,264

STRONG LARGE CAP CORE FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Retail - Drug Stores 2.2%
Walgreen Company		2,300	$	83,283
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)		100		1,643
Retail/Wholesale - Building Products 2.3%
Lowe’s Companies, Inc.		1,700		89,335
Telecommunications - Wireless Equipment 2.3%
QUALCOMM, Inc.		1,200		87,576

Total Common Stocks (Cost $3,102,281)				3,674,864

Short-Term Investments (a) 4.8%
Repurchase Agreements (e)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $185,404); Collateralized by: United States Government & Agency Issues	$	185,400		185,400

Total Short-Term Investments (Cost $185,400)				185,400

Total Investments in Securities (Cost $3,287,681) 99.9%				3,860,264
Other Assets and Liabilities, Net 0.1%				2,230

Net Assets 100.0%			$	3,862,494

STRONG GROWTH & INCOME FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.8%
Aerospace - Defense 2.2%
The Boeing Company	66,600	$	3,402,594
General Dynamics Corporation	56,100		5,570,730
Northrop Grumman Corporation	90,800		4,875,960

			13,849,284
Aerospace - Defense Equipment 0.5%
Goodrich Corporation	93,100		3,009,923
Banks - Money Center 6.2%
Bank of America Corporation	158,600		13,420,732
The Bank of New York Company, Inc.	126,100		3,717,428
Citigroup, Inc.	325,600		15,140,400
J.P. Morgan Chase & Company	178,300		6,912,691

			39,191,251
Banks - Super Regional 3.1%
Bank One Corporation	68,200		3,478,200
Mellon Financial Corporation	64,300		1,885,919
U.S. Bancorp	187,600		5,170,256
Wells Fargo & Company	153,100		8,761,913

			19,296,288
Beverages - Alcoholic 0.8%
Anheuser-Busch Companies, Inc.	90,300		4,876,200
Chemicals - Basic 0.4%
The Dow Chemical Company	66,100		2,690,270
Commercial Services - Miscellaneous 1.3%
Automatic Data Processing, Inc.	97,900		4,100,052
Paychex, Inc.	121,700		4,123,196

			8,223,248
Commercial Services - Staffing 0.8%
Manpower, Inc.	99,600		5,056,692
Computer - Data Storage 0.3%
EMC Corporation (b)	169,000		1,926,600
Computer - IT Services 1.5%
Accenture, Ltd. Class A (b)	99,400		2,731,512
International Business Machines Corporation	75,000		6,611,250

			9,342,762
Computer - Local Networks 2.2%
Cisco Systems, Inc. (b)	572,000		13,556,400
Computer - Manufacturers 0.9%
Dell, Inc. (b)	155,800		5,580,756
Computer - Peripheral Equipment 1.0%
Lexmark International, Inc. Class A (b)	63,400		6,120,002
Computer - Software Design 0.5%
Autodesk, Inc.	80,600		3,450,486
Computer Software - Desktop 3.2%
Microsoft Corporation	712,900		20,360,424
Computer Software - Enterprise 1.5%
Mercury Interactive Corporation (b)	67,200		3,348,576
SAP AG Sponsored ADR	152,300		6,367,663

			9,716,239
Computer Software - Security 0.3%
Symantec Corporation (b)	46,900		2,053,282
Cosmetics - Personal Care 4.0%
Avon Products, Inc.	144,000		6,644,160
The Gillette Company	139,300		5,906,320
LIFE TIME FITNESS, Inc. (b)	1,200		25,200
The Procter & Gamble Company	228,800		12,455,872

			25,031,552
Diversified Operations 8.6%
E.I. Du Pont de Nemours & Company	55,100		2,447,542
General Electric Company	749,500		24,283,800
Honeywell International, Inc.	140,300		5,139,189
3M Co.	74,300		6,687,743
Tyco International, Ltd.	390,600		12,944,484
United Technologies Corporation	29,400		2,689,512

			54,192,270
Electronics - Contract Manufacturing 0.6%
Flextronics International, Ltd. (b)	223,000		3,556,850
Electronics - Scientific Measuring 1.6%
Danaher Corporation	126,700		6,569,395
PerkinElmer, Inc.	163,900		3,284,556

			9,853,951
Electronics - Semiconductor Manufacturing 3.7%
Analog Devices, Inc.	50,900		2,396,372
Broadcom Corporation Class A (b)	150,000		7,015,500
Intel Corporation	431,900		11,920,440
National Semiconductor Corporation (b)	103,600		2,278,164

			23,610,476


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG GROWTH & INCOME FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Finance - Consumer/Commercial Loans 0.3%
MBNA Corporation	85,400	$	2,202,466
Finance - Investment Brokers 2.0%
The Goldman Sachs Group, Inc.	48,467		4,563,653
Merrill Lynch & Company, Inc.	78,400		4,232,032
Morgan Stanley	71,000		3,746,670

			12,542,355
Finance - Investment Management 0.5%
Franklin Resources, Inc.	60,700		3,039,856
Finance - Mortgage & Related Services 1.0%
FNMA	86,000		6,136,960
Finance - Savings & Loan 0.5%
Golden West Financial Corporation	27,900		2,967,165
Financial Services - Miscellaneous 1.5%
American Express Company	111,000		5,703,180
First Data Corporation	80,000		3,561,600

			9,264,780
Food - Miscellaneous Preparation 2.6%
H.J. Heinz Company	105,700		4,143,440
Kellogg Company	84,700		3,544,695
PepsiCo, Inc.	163,800		8,825,544

			16,513,679
Insurance - Diversified 2.7%
American International Group, Inc.	172,800		12,317,184
Prudential Financial, Inc.	103,900		4,828,233

			17,145,417
Insurance - Property/Casualty/Title 2.5%
The Allstate Corporation	122,300		5,693,065
Hartford Financial Services Group, Inc.	72,000		4,949,280
MGIC Investment Corporation	42,200		3,201,292
The PMI Group, Inc.	50,500		2,197,760

			16,041,397
Internet - E*Commerce 1.1%
eBay, Inc. (b)	74,800		6,877,860
Internet - Internet Content 1.3%
Yahoo! Inc. (b)	222,600		8,087,058
Leisure - Gaming/Equipment 1.0%
Station Casinos, Inc.	126,100		6,103,240
Leisure - Hotels & Motels 1.6%
Marriott International, Inc. Class A	94,000		4,688,720
Starwood Hotels & Resorts Worldwide, Inc.	116,900		5,242,965

			9,931,685
Machinery - General Industrial 0.5%
Ingersoll-Rand Company Class A	48,800		3,333,528
Media - Books 0.4%
McGraw-Hill, Inc.	32,700		2,503,839
Media - Radio/TV 1.4%
The E.W. Scripps Company Class A	39,100		4,105,500
The Walt Disney Company	192,200		4,899,178

			9,004,678
Medical - Biomedical/Biotechnology 0.8%
Biogen Idec, Inc. (b)	80,300		5,078,975
Medical - Drug/Diversified 1.5%
Johnson & Johnson	171,500		9,552,550
Medical - Ethical Drugs 4.7%
Elan Corporation PLC Sponsored ADR (b)	128,100		3,169,194
Eli Lilly & Company	41,600		2,908,256
Merck & Company, Inc.	135,400		6,431,500
Pfizer, Inc.	499,600		17,126,288

			29,635,238
Medical - Genetics 0.6%
Genentech, Inc. (b)	67,400		3,787,880
Medical - Health Maintenance Organizations 1.0%
UnitedHealth Group, Inc.	99,800		6,212,550
Medical - Products 2.5%
Biomet, Inc.	69,270		3,078,359
Boston Scientific Corporation (b)	124,100		5,311,480
St. Jude Medical, Inc. (b)	32,900		2,488,885
Zimmer Holdings, Inc. (b)	54,400		4,798,080

			15,676,804
Medical - Wholesale Drugs/Sundries 0.5%
Cardinal Health, Inc.	45,700		3,201,285
Medical/Dental - Services 0.8%
Quest Diagnostics, Inc.	58,000		4,927,100
Medical/Dental - Supplies 0.5%
Becton, Dickinson & Company	56,300		2,916,340
Oil & Gas - Field Services 1.2%
Schlumberger, Ltd.	115,500		7,335,405
Oil & Gas - International Integrated 5.7%
ChevronTexaco Corporation	82,000		7,717,020
ConocoPhillips	80,100		6,110,829
Exxon Mobil Corporation	495,200		21,991,832

			35,819,681
Oil & Gas - Machinery/Equipment 0.6%
Baker Hughes, Inc.	104,200		3,923,130
Oil & Gas - United States Exploration & Production 0.5%
Anadarko Petroleum Corporation	58,600		3,433,960
Paper & Paper Products 0.9%
Temple-Inland, Inc.	83,600		5,789,300
Retail - Clothing/Shoe 0.5%
The Gap, Inc.	131,700		3,193,725
Retail - Department Stores 0.4%
Kohl’s Corporation (b)	60,800		2,570,624
Retail - Drug Stores 0.6%
CVS Corporation	90,900		3,819,618
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)	1,200		19,716

STRONG GROWTH & INCOME FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Retail - Major Discount Chains 3.1%
Target Corporation	183,300	$	7,784,751
Wal-Mart Stores, Inc.	220,300		11,623,028

			19,407,779
Retail/Wholesale - Building Products 1.4%
The Home Depot, Inc.	242,900		8,550,080
Retail/Wholesale - Office Supplies 0.6%
Staples, Inc.	135,600		3,974,436
Soap & Cleaning Preparations 0.3%
Clorox Company	36,500		1,962,970
Telecom - Fiber Optics 0.5%
Corning, Inc. (b)	260,100		3,396,906
Telecom - Wireless Equipment 1.0%
QUALCOMM, Inc.	88,870		6,485,732
Telecommunications - Equipment 0.4%
Avaya, Inc. (b)	40,100		633,179
Lucent Technologies, Inc. (b)	423,000		1,598,940

			2,232,119
Telecommunications - Services 1.6%
SBC Communications, Inc.	195,500		4,740,875
Verizon Communications, Inc.	142,300		5,149,837

			9,890,712
Transportation - Air Freight 0.3%
FedEx Corporation	23,200		1,895,208
Utility - Electric Power 1.2%
Exelon Corporation	219,200		7,297,168

Total Common Stocks (Cost $495,474,869)			628,228,160

Short-Term Investments (a) 0.2%
Collateral Received for Securities Lending 0.0%
Navigator Prime Portfolio	21,225		21,225
Repurchase Agreements (e)
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,368,929); Collateralized by: United States Government & Agency Issues	1,368,900		1,368,900

Total Short-Term Investments (Cost $1,390,125)			1,390,125

Total Investments in Securities (Cost $496,864,994) 100.0%			629,618,285
Other Assets and Liabilities, Net 0.0%			22,979

Net Assets 100.0%		$	629,641,264

STRONG OPPORTUNITY FUND


	Shares or Principal Amount	Value (Note 2)
Common Stocks 95.7%
Auto/Truck - Original Equipment 1.4%
Eaton Corporation	565,000	$	36,578,100
Banks - Super Regional 3.4%
Comerica, Inc.	555,000		30,458,400
Mellon Financial Corporation	1,040,000		30,503,200
SouthTrust Corporation	770,000		29,883,700

			90,845,300
Building - Air Conditioning & Heating Products 1.5%
American Standard Companies, Inc. (b)	992,700		40,015,737
Building - Construction Products/Miscellaneous 2.7%
Masco Corporation	1,245,000		38,819,100
Mohawk Industries, Inc. (b)	460,000		33,731,800

			72,550,900
Building Products - Wood 1.2%
Weyerhaeuser Company	495,000		31,244,400
Chemicals - Specialty 1.9%
Praxair, Inc.	1,300,000		51,883,000
Commercial Services - Advertising 1.1%
The Interpublic Group of Companies, Inc. (b) (h)	2,225,000		30,549,250
Computer - Data Storage 1.4%
Network Appliance, Inc. (b)	1,695,000		36,493,350
Computer - IT Services 2.7%
Accenture, Ltd. Class A (b)	1,150,000		31,602,000
Computer Sciences Corporation (b)	840,000		39,001,200

			70,603,200
Computer - Manufacturers 1.1%
Sun Microsystems, Inc. (b)	6,635,000		28,795,900
Computer - Software Design 2.4%
Cadence Design Systems, Inc. (b)	2,250,000		32,917,500
Synopsys, Inc. (b)	1,130,000		32,125,900

			65,043,400
Computer Software - Financial 1.5%
DST Systems, Inc. (b) (h)	825,000		39,674,250
Computer Software - Security 1.8%
VeriSign, Inc. (b) (h)	2,425,000		48,257,500
Cosmetics - Personal Care 0.6%
LIFE TIME FITNESS, Inc. (b)	4,800		100,800
Weight Watchers International, Inc. (b)	371,300		14,532,682

			14,633,482
Electronics - Contract Manufacturing 2.4%
Flextronics International, Ltd. (b)	2,150,000		34,292,500
Sanmina-SCI Corporation (b)	3,330,000		30,303,000

			64,595,500
Electronics - Miscellaneous Components 1.7%
Molex, Inc. Class A	1,615,000		44,057,200


SCHEDULES OF INVESTMENTS IN SECURITIES (continued)		June 30, 2004 (Unaudited)

STRONG OPPORTUNITY FUND (continued)


	Shares or Principal Amount	Value (Note 2)
Electronics - Parts Distributors 1.7%
W.W. Grainger, Inc.	800,000	$	46,000,000
Electronics - Scientific Measuring 2.0%
Waters Corporation (b)	1,100,000		52,558,000
Electronics - Semiconductor Manufacturing 1.2%
SanDisk Corporation (b) (h)	1,454,700		31,552,443
Finance - Consumer/Commercial Loans 1.1%
CIT Group, Inc.	795,000		30,440,550
Finance - Index Tracking Fund 1.3%
iShares Trust S&P SmallCap 600 Index Fund (h)	230,000		33,856,000
Food - Dairy Products 1.4%
Dean Foods Company (b)	1,020,000		38,056,200
Household - Appliances 1.3%
Whirlpool Corporation (h)	505,000		34,643,000
Insurance - Diversified 0.7%
Genworth Financial, Inc. Class A (b) (h)	870,000		19,966,500
Insurance - Property/Casualty/Title 3.4%
ACE, Ltd.	800,000		33,824,000
MGIC Investment Corporation (h)	255,000		19,344,300
XL Capital, Ltd. Class A	500,000		37,730,000

			90,898,300
Internet - E*Commerce 1.2%
InterActiveCorp (b)	1,030,000		31,044,200
Internet - Internet Content 1.2%
CNET Networks, Inc. (b) (h)	2,800,000		30,996,000
Machinery - General Industrial 1.3%
Dover Corporation	840,000		35,364,000
Media - Cable TV 4.3%
Comcast Corporation Class A (Non-Voting) (b)	1,575,000		43,485,750
Cox Communications, Inc. Class A (b)	1,240,000		34,459,600
The DIRECTV Group, Inc. (b)	2,100,000		35,910,000
Telewest Communications PLC (GBP) (b) (i)	39,540,000		636,633

			114,491,983
Media - Diversified 1.3%
Time Warner, Inc. (b)	1,950,000		34,281,000
Media - Newspapers 1.5%
Tribune Company	875,000		39,847,500
Media - Radio/TV 3.2%
The E.W. Scripps Company Class A (h)	485,000		50,925,000
Liberty Media Corporation Class A (b)	3,415,000		30,700,850
Liberty Media International, Inc. Class A (b) (h)	130,000		4,823,000

			86,448,850
Medical - Biomedical/Biotechnology 3.4%
Biogen Idec, Inc. (b)	575,000		36,368,750
Genzyme Corporation (b) (h)	810,000		38,337,300
Protein Design Labs, Inc. (b)	865,000		16,547,450

			91,253,500
Medical/Dental - Supplies 1.2%
Apogent Technologies, Inc. (b)	1,005,000		32,160,000
Metal Ores - Gold/Silver 1.4%
Barrick Gold Corporation (h)	1,877,400		37,078,650
Metal Ores - Miscellaneous 0.6%
The RTZ Corporation PLC (GBP) (i)	615,000		14,903,342
Metal Products - Fasteners 1.3%
Illinois Tool Works, Inc.	350,000		33,561,500
Mining - Gems 0.6%
BHP Billiton PLC (GBP) (i)	1,755,000		15,369,249
Office - Equipment & Automation 1.0%
Canon, Inc. (JPY) (i)	485,000		25,916,592
Oil & Gas - Drilling 3.0%
ENSCO International, Inc. (h)	1,350,000		39,285,000
GlobalSantaFe Corporation	1,580,000		41,870,000

			81,155,000
Oil & Gas - International Integrated 1.7%
ConocoPhillips	585,000		44,629,650
Oil & Gas - Machinery/Equipment 2.1%
Weatherford International, Ltd. (b) (h)	1,230,000		55,325,400
Oil & Gas - United States Exploration & Production 3.5%
Apache Corporation (h)	1,130,000		49,211,500
Devon Energy Corporation	665,000		43,890,000

			93,101,500
Pollution Control - Services 1.5%
Waste Management, Inc.	1,280,000		39,232,000
Retail - Clothing/Shoes 4.2%
Abercrombie & Fitch Company Class A	955,000		37,006,250
Nordstrom, Inc.	885,000		37,709,850
The TJX Companies, Inc.	1,515,000		36,572,100

			111,288,200
Retail - Discount & Variety 1.4%
Dollar Tree Stores, Inc. (b)	1,385,000		37,990,550
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)	4,900		80,507
Retail - Major Discount Chains 1.4%
Target Corporation	905,000		38,435,350
Retail - Restaurants 1.4%
Brinker International, Inc. (b)	1,085,000		37,020,200
Retail - Super/Mini Markets 1.4%
Safeway, Inc. (b) (h)	1,440,000		36,489,600
Retail/Wholesale - Building Products 1.2%
Lowe’s Companies, Inc.	615,000		32,318,250
Retail/Wholesale - Office Supplies 1.4%
Staples, Inc.	1,235,000		36,197,850
Telecommunications - Services 1.6%
Sprint Corporation (h)	2,450,000		43,120,000

STRONG OPPORTUNITY FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Telecommunications - Wireless Services 1.4%
United States Cellular Corporation (b)		973,900	$	37,543,845
Transportation - Airline 1.0%
Northwest Airlines Corporation Class A (b) (h)		2,350,000		26,132,000
Utility - Gas Distribution 1.1%
NiSource, Inc. (h)		1,480,000		30,517,600

Total Common Stocks (Cost $ 1,910,110,832)				2,547,085,330

Short-Term Investments (a) 5.6%
Collateral Received for Securities Lending 3.1%
Navigator Prime Portfolio		81,411,672		81,411,672
Repurchase Agreements (e) 2.5%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $64,902,524); Collateralized by: United States Government & Agency Issues (e)	$	64,900,000		64,900,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $3,876,281); Collateralized by: United States Government & Agency Issues (e)		3,876,200		3,876,200

Total Short-Term Investments (Cost $150,187,872)				150,187,872

Total Investments in Securities (Cost $2,060,298,704) 101.3%				2,697,273,202
Other Assets and Liabilities, Net (1.3%)				(34,329,253	)

Net Assets 100.0%			$	2,662,943,949

CURRENCY ABBREVIATIONS

GBP — British Pound

JPY — Japanese Yen

LEGEND

(a)	Short-term investments include any security which has a remaining maturity of less than one year and investments in money market funds.

(b)	Non-income producing security. In case of a debt security, generally denotes that the issuer has defaulted on the payment of principle or interest, the issuer has filed for bankruptcy, or the fund has halted accruing income.

(c)	All or a portion of security is pledged to cover margin requirements on open futures contracts.

(d)	Restricted security.

(e)	See Note 2(J) of Notes to Financial Statements.

(f)	All or a portion of security is when-issued.

(g)	Illiquid security.

(h)	All or a portion of security is on loan. See Note 2(K) of Notes to Financial Statements.

(i)	Security trades in foreign currency and is converted to U.S. dollars daily using current exchange rates.

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)


	(In Thousands, Except Per Share Amounts)
	Strong Balanced Fund			Strong Large Cap Core Fund
Assets:
Investments in Securities, at Value (Cost of $167,887, and $3,288, respectively)	$	178,643		$	3,860
Receivable for Securities Sold		1,086			—
Receivable for Fund Shares Sold		3			—
Dividends and Interest Receivable		692			1
Other Assets		38			13

Total Assets		180,462			3,874
Liabilities:
Payable for Securities Purchased		2,260			3
Payable for Fund Shares Redeemed		76			1
Variation Margin Payable		16			—
Payable Upon Return of Securities on Loan		18,182			—
Accrued Operating Expenses and Other Liabilities		70			8

Total Liabilities		20,604			12

Net Assets	$	159,858		$	3,862

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	170,696		$	4,294
Undistributed Net Investment Income (Loss)		19			(12	)
Undistributed Net Realized Gain (Loss)		(21,598	)		(993	)
Net Unrealized Appreciation (Depreciation)		10,741			573

Net Assets	$	159,858		$	3,862

Capital Shares Outstanding (Unlimited Number Authorized)		8,503			376
Net Asset Value Per Share	$	18.80		$	10.27

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)
	Strong Growth and Income Fund
Assets:
Investments in Securities, at Value (Cost of $496,865)	$	629,618
Receivable for Securities Sold		6,391
Receivable for Fund Shares Sold		3
Dividends and Interest Receivable		474
Other Assets		98

Total Assets		636,584
Liabilities:
Payable for Securities Purchased		6,453
Payable for Fund Shares Redeemed		197
Payable Upon Return of Securities on Loan		21
Accrued Operating Expenses and Other Liabilities		272

Total Liabilities		6,943

Net Assets	$	629,641

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	692,987
Undistributed Net Investment Income (Loss)		92
Undistributed Net Realized Gain (Loss)		(196,191	)
Net Unrealized Appreciation (Depreciation)		132,753

Net Assets	$	629,641

Investor Class ($ and shares in full)
Net Assets	$	520,835,732
Capital Shares Outstanding (Unlimited Number Authorized)		25,852,893
Net Asset Value Per Share	$	20.15

Institutional Class ($ and shares in full)
Net Assets	$	70,125,086
Capital Shares Outstanding (Unlimited Number Authorized)		3,469,682
Net Asset Value Per Share	$	20.21

Advisor Class ($ and shares in full)
Net Assets	$	6,626,538
Capital Shares Outstanding (Unlimited Number Authorized)		330,786
Net Asset Value Per Share	$	20.03

Class K ($ and shares in full)
Net Assets	$	32,053,908
Capital Shares Outstanding (Unlimited Number Authorized)		1,603,358
Net Asset Value Per Share	$	19.99

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)


	(In Thousands, Except As Noted)
	Strong Opportunity Fund
Assets:
Investments in Securities, at Value (Cost of $2,060,299)	$	2,697,273
Receivable for Securities Sold		48,912
Receivable for Fund Shares Sold		1,142
Dividends and Interest Receivable		841
Other Assets		491

Total Assets		2,748,659
Liabilities:
Payable for Securities Purchased		2,636
Payable for Fund Shares Redeemed		778
Payable Upon Return of Securities on Loan		81,412
Accrued Operating Expenses and Other Liabilities		889

Total Liabilities		85,715

Net Assets	$	2,662,944

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	2,257,022
Undistributed Net Investment Income (Loss)		(7,787	)
Undistributed Net Realized Gain (Loss)		(223,265	)
Net Unrealized Appreciation (Depreciation)		636,974

Net Assets	$	2,662,944

Investor Class ($ and shares in full)
Net Assets	$	2,524,195,303
Capital Shares Outstanding (Unlimited Number Authorized)		59,175,756
Net Asset Value Per Share	$	42.66

Advisor Class ($ and shares in full)
Net Assets	$	137,185,574
Capital Shares Outstanding (Unlimited Number Authorized)		3,261,233
Net Asset Value Per Share	$	42.07

Class K ($ and shares in full)
Net Assets	$	1,563,072
Capital Shares Outstanding (Unlimited Number Authorized)		36,489
Net Asset Value Per Share	$	42.84

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)
	Strong Balanced Fund			Strong Large Cap Core Fund
Income:
Dividends (net of foreign withholding taxes of $4 and $0, respectively)	$	838		$	22
Interest		1,185			1

Total Income		2,023			23
Expenses:
Investment Advisory Fees		495			14
Administrative Fees		268			6
Custodian Fees		13			1
Shareholder Servicing Costs		279			14
Reports to Shareholders		49			7
Professional Fees		24			6
Federal and State Registration Fees		15			8
Other		19			1

Total Expenses before Expense Offsets		1,162			57
Expense Offsets (Note 4)		(25	)		(22	)

Expenses, Net		1,137			35

Net Investment Income (Loss)		886			(12	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		11,840			371
Futures Contracts		8			—

Net Realized Gain (Loss):		11,848			371
Net Change in Unrealized Appreciation/(Depreciation) on:
Investments		(9,766	)		(253	)
Futures Contracts		(18	)		—

Net Change in Unrealized Appreciation/Depreciation		(9,784	)		(253	)

Net Gain (Loss) on Investments		2,064			118

Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,950		$	106

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)
	Strong Growth and Income Fund
Income:
Dividends (net of foreign withholding taxes of $11)	$	4,797
Interest		22

Total Income		4,819
Expenses (Note 4):
Investment Advisory Fees		1,866
Administrative Fees		903
Custodian Fees		25
Shareholder Servicing Costs		1,263
12b-1 Fees		9
Reports to Shareholders		247
Other		155

Total Expenses before Expense Offsets		4,468
Expense Offsets		(102	)

Expenses, Net		4,366

Net Investment Income (Loss)		453
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		61,407
Net Change in Unrealized Appreciation/Depreciation on Investments		(46,588	)

Net Gain (Loss) on Investments		14,819

Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,272

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)
	Strong Opportunity Fund
Income:
Dividends (net of foreign withholding taxes of $31)	$	10,287
Interest		612

Total Income		10,899
Expenses (Note 4):
Investment Advisory Fees		10,120
Administrative Fees		4,048
Custodian Fees		80
Shareholder Servicing Costs		3,646
12b-1 Fees		171
Other		1,036

Total Expenses before Expense Offsets		19,101
Expense Offsets		(415	)

Expenses, Net		18,686

Net Investment Income (Loss)		(7,787	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		236,098
Foreign Currencies		4

Net Realized Gain (Loss)		236,102
Net Change in Unrealized Appreciation/Depreciation on:
Investments		(12,110	)
Foreign Currencies		(1	)

Net Change in Unrealized Appreciation/Depreciation		(12,111	)

Net Gain (Loss) on Investments		223,991

Net Increase (Decrease) in Net Assets Resulting from Operations	$	216,204

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	(In Thousands)
	Strong Balanced Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	886		$	2,364
Net Realized Gain (Loss)		11,848			17,341
Net Change in Unrealized Appreciation/Depreciation		(9,784	)		15,228

Net Increase (Decrease) in Net Assets Resulting from Operations		2,950			34,933
Distributions From Net Investment Income		(867	)		(2,605	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(51,180	)		(41,388	)

Total Increase (Decrease) in Net Assets		(49,097	)		(9,060	)
Net Assets:
Beginning of Period		208,955			218,015

End of Period	$	159,858		$	208,955

Undistributed Net Investment Income (Loss)	$	19		$	—

	Strong Large Cap Core Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	(12	)	$	—
Net Realized Gain (Loss)		371			(336	)
Net Change in Unrealized Appreciation/Depreciation		(253	)		1,205

Net Increase (Decrease) in Net Assets Resulting from Operations		106			869
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(298	)		(1,086	)

Total Increase (Decrease) in Net Assets		(192	)		(217	)
Net Assets:
Beginning of Period		4,054			4,271

End of Period	$	3,862		$	4,054

Undistributed Net Investment Income (Loss)	$	(12	)	$	—

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	(In Thousands)
	Strong Growth and Income Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	453		$	2,534
Net Realized Gain (Loss)		61,407			18,558
Net Change in Unrealized Appreciation/Depreciation		(46,588	)		142,318

Net Increase (Decrease) in Net Assets Resulting from Operations		15,272			163,410
Distributions:
From Net Investment Income:
Investor Class		(333	)		(1,427	)
Institutional Class		(239	)		(858	)
Advisor Class		(6	)		(23	)
Class K		(62	)		(214	)

Total Distributions		(640	)		(2,522	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(139,979	)		(84,622	)

Total Increase (Decrease) in Net Assets		(125,347	)		76,266
Net Assets:
Beginning of Period		754,988			678,722

End of Period	$	629,641		$	754,988

Undistributed Net Investment Income (Loss)	$	92		$	279


	Strong Opportunity Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Operations:
Net Investment Income (Loss)	$	(7,787	)	$	(12,170	)
Net Realized Gain (Loss)		236,102			(1,598	)
Net Change in Unrealized Appreciation/Depreciation		(12,111	)		908,575

Net Increase (Decrease) in Net Assets Resulting from Operations		216,204			894,807
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(403,357	)		(656,258	)

Total Increase (Decrease) in Net Assets		(187,153	)		238,549
Net Assets:
Beginning of Period		2,850,097			2,611,548

End of Period	$	2,662,944		$	2,850,097

Undistributed Net Investment Income (Loss)	$	(7,787	)	$	—

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

STRONG BALANCED FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000			Oct. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	18.62		$	16.06		$	18.84		$	21.83		$	24.77		$	24.92		$	21.14
Income From Investment Operations:
Net Investment Income (Loss)		0.10			0.19			0.40			0.58			0.12			0.82			0.71
Net Realized and Unrealized Gains (Losses) on Investments		0.18			2.58			(2.77	)		(2.99	)		(1.53	)		0.61			3.75

Total from Investment Operations		0.28			2.77			(2.37	)		(2.41	)		(1.41	)		1.43			4.46
Less Distributions:
From Net Investment Income		(0.10	)		(0.21	)		(0.41	)		(0.58	)		(0.20	)		(0.83	)		(0.68	)
From Net Realized Gains		—			—			—			—			(1.33	)		(0.75	)		—

Total Distributions		(0.10	)		(0.21	)		(0.41	)		(0.58	)		(1.53	)		(1.58	)		(0.68	)

Net Asset Value, End of Period	$	18.80		$	18.62		$	16.06		$	18.84		$	21.83		$	24.77		$	24.92

Ratios and Supplemental Data
Total Return		+1.49	%		+17.36	%		–12.65	%		–11.03	%		–5.60	%		+5.66	%		+21.26	%
Net Assets, End of Period (In Millions)	$	160		$	209		$	218		$	300		$	347		$	372		$	344
Ratio of Expenses to Average Net Assets before Expense Offsets		1.3	%*		1.3	%		1.3	%		1.2	%		1.1	%*		1.1	%		1.1	%
Ratio of Expenses to Average Net Assets		1.3	%*		1.3	%		1.3	%		1.2	%		1.1	%*		1.1	%		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.0	%*		1.1	%		2.3	%		2.9	%		3.3	%*		3.2	%		3.0	%
Portfolio Turnover Rate		80.2	%		204.7	%		225.5	%		234.1	%		45.1	%		150.9	%		64.7	%

STRONG LARGE CAP CORE FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	10.01		$	8.05		$	11.01		$	12.40		$	13.85		$	11.25
Income From Investment Operations:
Net Investment Income (Loss)		(0.03	)		—			(0.08	)		(0.10	)		(0.09	)		(0.11	)
Net Realized and Unrealized Gains (Losses) on Investments		0.29			1.96			(2.88	)		(1.29	)		(1.19	)		3.41

Total from Investment Operations		0.26			1.96			(2.96	)		(1.39	)		(1.28	)		3.30
Less Distributions:
From Net Realized Gains		—			—			—			—			(0.17	)		(0.70	)

Total Distributions		—			—			—			—			(0.17	)		(0.70	)

Net Asset Value, End of Period	$	10.27		$	10.01		$	8.05		$	11.01		$	12.40		$	13.85

Ratios and Supplemental Data
Total Return		+2.60	%		+24.35	%		–26.88	%		–11.21	%		–9.19	%		+29.36	%
Net Assets, End of Period (In Millions)	$	4		$	4		$	4		$	6		$	6		$	5
Ratio of Expenses to Average Net Assets before Expense Offsets		3.0	%*		3.0	%		2.5	%		2.7	%		2.0	%		2.0	%
Ratio of Expenses to Average Net Assets		1.8	%*		1.7	%		1.8	%		2.0	%		2.0	%		2.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.6	)%*		(0.0	)%^(d)		(0.9	)%		(1.1	)%		(0.8	)%		(1.1	)%
Portfolio Turnover Rate		98.4	%		105.5	%		269.3	%		196.4	%		154.9	%		178.4	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2000, the Fund changed its fiscal year-end from October to December.

(d)	Amount calculated is less than 0.05%.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH AND INCOME FUND — INVESTOR CLASS


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000			Oct. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	19.68		$	15.85		$	20.28		$	25.37		$	28.34		$	25.26		$	18.73
Income From Investment Operations:
Net Investment Income (Loss)		0.00	^(e)		0.04	^(d)		0.02			(0.02	)		(0.00	)^(e)		(0.09	)		(0.03	)
Net Realized and Unrealized Gains (Losses) on Investments		0.48			3.83			(4.45	)		(5.07	)		(2.65	)		3.19			6.56

Total from Investment Operations		0.48			3.87			(4.43	)		(5.09	)		(2.65	)		3.10			6.53
Less Distributions:
From Net Investment Income		(0.01	)		(0.04	)		(0.00	)^(e)		—			—			—			(0.00	)^(e)
From Net Realized Gains		—			—			—			—			(0.32	)		(0.02	)		—

Total Distributions		(0.01	)		(0.04	)		(0.00	)^(e)		—			(0.32	)		(0.02	)		(0.00	)^(e)

Net Asset Value, End of Period	$	20.15		$	19.68		$	15.85		$	20.28		$	25.37		$	28.34		$	25.26

Ratios and Supplemental Data
Total Return		+2.45	%		+24.44	%		–21.83	%		–20.06	%		–9.33	%		+12.29	%		+34.88	%
Net Assets, End of Period (In Millions)	$	521		$	633		$	582		$	886		$	1,109		$	1,228		$	861
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.4	%		1.3	%		1.1	%*		1.1	%		1.1	%
Ratio of Expenses to Average Net Assets		1.4	%*		1.4	%		1.4	%		1.3	%		1.1	%*		1.1	%		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.0	%*		0.2	%		0.1	%		(0.1	)%		(0.0	)%*^(e)		(0.4	)%		(0.1	)%
Portfolio Turnover Rate^(g)		72.3	%		199.4	%		187.8	%		171.9	%		23.3	%		122.0	%		52.3	%

STRONG GROWTH AND INCOME FUND — INSTITUTIONAL CLASS


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000^(f)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	19.72		$	15.92		$	20.49		$	25.46		$	28.41		$	29.15
Income From Investment Operations:
Net Investment Income (Loss)		0.07			0.16	^(d)		0.15			0.08			(0.00	)^(e)		0.01
Net Realized and Unrealized Gains (Losses) on Investments		0.48			3.83			(4.49	)		(5.05	)		(2.63	)		(0.75	)

Total from Investment Operations		0.55			3.99			(4.34	)		(4.97	)		(2.63	)		(0.74	)
Less Distributions:
From Net Investment Income		(0.06	)		(0.19	)		(0.23	)		—			—			—
From Net Realized Gains		—			—			—			—			(0.32	)		—

Total Distributions		(0.06	)		(0.19	)		(0.23	)		—			(0.32	)		—

Net Asset Value, End of Period	$	20.21		$	19.72		$	15.92		$	20.49		$	25.46		$	28.41

Ratios and Supplemental Data
Total Return		+2.81	%		+25.26	%		–21.22	%		–19.52	%		–9.24	%		–2.54	%
Net Assets, End of Period (In Millions)	$	70		$	84		$	67		$	47		$	31		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		0.7	%*		0.7	%		0.7	%		0.6	%		0.6	%*		0.6	%*
Ratio of Expenses to Average Net Assets		0.7	%*		0.7	%		0.7	%		0.6	%		0.6	%*		0.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		0.7	%*		0.9	%		0.9	%		0.6	%		0.1	%*		0.1	%*
Portfolio Turnover Rate^(g)		72.3	%		199.4	%		187.8	%		171.9	%		23.3	%		122.0	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2000, the Fund changed its fiscal year-end from October to December.

(d)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

(e)	Amount calculated is less than $0.005 or 0.05%.

(f)	For the period from February 29, 2000 (commencement of class) to October 31, 2000.

(g)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH AND INCOME FUND — ADVISOR CLASS


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000^(d)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	19.57		$	15.77		$	20.20		$	25.32		$	28.29		$	29.15
Income From Investment Operations:
Net Investment Income (Loss)		0.01			0.05	^(e)		0.04			(0.04	)		(0.00	)^(f)		(0.05	)
Net Realized and Unrealized Gains (Losses) on Investments		0.47			3.80			(4.41	)		(5.08	)		(2.65	)		(0.81	)

Total from Investment Operations		0.48			3.85			(4.37	)		(5.12	)		(2.65	)		(0.86	)
Less Distributions:
From Net Investment Income		(0.02	)		(0.05	)		(0.06	)		—			—			—
From Net Realized Gains		—			—			—			—			(0.32	)		—

Total Distributions		(0.02	)		(0.05	)		(0.06	)		—			(0.32	)		—

Net Asset Value, End of Period	$	20.03		$	19.57		$	15.77		$	20.20		$	25.32		$	28.29

Ratios and Supplemental Data
Total Return		+2.44	%		+24.42	%		–21.67	%		–20.22	%		–9.35	%		–2.95	%
Net Assets, End of Period (In Millions)	$	7		$	9		$	10		$	14		$	5		$	0	^(g)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.3	%		1.5	%		1.3	%*		1.3	%*
Ratio of Expenses to Average Net Assets		1.4	%*		1.3	%		1.3	%		1.5	%		1.3	%*		1.3	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		0.0	%*		0.3	%		0.2	%		(0.3	)%		(0.2	)%*		(0.7	)%*
Portfolio Turnover Rate^(h)		72.3	%		199.4	%		187.8	%		171.9	%		23.3	%		122.0	%

STRONG GROWTH AND INCOME FUND — CLASS K


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	19.52		$	15.75		$	20.28
Income From Investment Operations:
Net Investment Income (Loss)		0.05			0.11	^(e)		0.11
Net Realized and Unrealized Gains (Losses) on Investments		0.46			3.79			(4.46	)

Total from Investment Operations		0.51			3.90			(4.35	)
Less Distributions:
From Net Investment Income		(0.04	)		(0.13	)		(0.18	)
From Net Realized Gains		—			—			—

Total Distributions		(0.04	)		(0.13	)		(0.18	)

Net Asset Value, End of Period	$	19.99		$	19.52		$	15.75

Ratios and Supplemental Data
Total Return		+2.63	%		+24.90	%		–21.47	%
Net Assets, End of Period (In Millions)	$	32		$	30		$	19
Ratio of Expenses to Average Net Assets before Expense Offsets		1.1	%*		1.1	%		1.1	%
Ratio of Expenses to Average Net Assets		1.0	%*		1.0	%		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.4	%*		0.6	%		0.7	%
Portfolio Turnover Rate^(h)		72.3	%		199.4	%		187.8	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2000, the Fund changed its fiscal year-end from October to December.

(d)	For the period from February 29, 2000 (commencement of class) to October 31, 2000.

(e)	Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

(f)	Amount calculated is less than $0.005.

(g)	Amount is less than $500,000.

(h)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG OPPORTUNITY FUND — INVESTOR CLASS


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	39.45		$	28.70		$	39.29		$	42.35		$	44.69		$	38.62
Income From Investment Operations:
Net Investment Income (Loss)		(0.12	)		(0.14	)^(c)		(0.08	)		0.07			0.17			0.08
Net Realized and Unrealized Gains (Losses) on Investments		3.33			10.89			(10.51	)		(2.11	)		3.30			12.42

Total from Investment Operations		3.21			10.75			(10.59	)		(2.04	)		3.47			12.50
Less Distributions:
From Net Investment Income		—			—			—			(0.07	)		(0.17	)		(0.08	)
From Net Realized Gains		—			—			—			(0.95	)		(5.64	)		(6.35	)

Total Distributions		—			—			—			(1.02	)		(5.81	)		(6.43	)

Net Asset Value, End of Period	$	42.66		$	39.45		$	28.70		$	39.29		$	42.35		$	44.69

Ratios and Supplemental Data
Total Return		+8.14	%		+37.46	%		–26.95	%		–4.80	%		+8.57	%		+33.39	%
Net Assets, End of Period (In Millions)	$	2,524		$	2,709		$	2,507		$	3,664		$	3,337		$	2,537
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.4	%		1.4	%		1.3	%		1.2	%		1.2	%
Ratio of Expenses to Average Net Assets		1.4	%*		1.4	%		1.4	%		1.3	%		1.2	%		1.2	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.6	)%*		(0.4	)%		(0.2	)%		0.2	%		0.5	%		0.2	%
Portfolio Turnover Rate^(d)		19.4	%		60.2	%		70.9	%		87.8	%		86.5	%		80.8	%

STRONG OPPORTUNITY FUND — ADVISOR CLASS


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(e)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	38.94		$	28.37		$	38.92		$	42.10		$	43.16
Income From Investment Operations:
Net Investment Income (Loss)		(0.16	)		(0.19	)^(c)		(0.11	)		(0.06	)^(c)		0.03
Net Realized and Unrealized Gains (Losses) on Investments		3.29			10.76			(10.44	)		(2.08	)		4.83

Total from Investment Operations		3.13			10.57			(10.55	)		(2.14	)		4.86
Less Distributions:
From Net Investment Income		—			—			—			(0.09	)		(0.28	)
From Net Realized Gains		—			—			—			(0.95	)		(5.64	)

Total Distributions		—			—			—			(1.04	)		(5.92	)

Net Asset Value, End of Period	$	42.07		$	38.94		$	28.37		$	38.92		$	42.10

Ratios and Supplemental Data
Total Return		+8.04	%		+37.26	%		–27.11	%		–5.08	%		+12.10	%
Net Assets, End of Period (In Millions)	$	137		$	141		$	104		$	89		$	3
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%*		1.6	%		1.6	%		1.7	%		1.6	%*
Ratio of Expenses to Average Net Assets		1.6	%*		1.6	%		1.6	%		1.7	%		1.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.7	)%*		(0.6	)%		(0.4	)%		(0.3	)%		0.1	%*
Portfolio Turnover Rate^(d)		19.4	%		60.2	%		70.9	%		87.8	%		86.5	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	Net investment loss per share represents net investment loss divided by the average shares outstanding throughout the year.

(d)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e)	For the period from February 24, 2000 (commencement of class) to December 31, 2000.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS (continued)

STRONG OPPORTUNITY FUND — CLASS K


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002^(c)
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	39.58		$	28.73		$	29.48
Income From Investment Operations:
Net Investment Income (Loss)		(0.04	)		(0.06	)^(d)		0.02
Net Realized and Unrealized Gains (Losses) on Investments		3.30			10.91			(0.77	)

Total from Investment Operations		3.26			10.85			(0.75	)
Less Distributions:
From Net Investment Income		—			—			—

Total Distributions		0.00			—			—

Net Asset Value, End of Period	$	42.84		$	39.58		$	28.73

Ratios and Supplemental Data
Total Return		+8.24	%		+37.77	%		–2.54	%
Net Assets, End of Period (In Millions)	$	2		$	0	^(e)	$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%*		1.6	%		1.2	%*
Ratio of Expenses to Average Net Assets		1.2	%*		1.2	%		1.2	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.3	)%*		(0.2	)%		0.2	%*
Portfolio Turnover Rate^(f)		19.4	%		60.2	%		70.9	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	For the period from August 30, 2002 (commencement of class) to December 31, 2002.

(d)	Net investment loss per share represents net investment loss divided by the average shares outstanding throughout the year.

(e)	Amount is less than $500,000.

(f)	Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS

June 30, 2004 (Unaudited)

1.	Organization

The accompanying financial statements represent the following Strong Core Funds (the “Funds”), each with its own investment objectives and policies:

•

Strong Balanced Fund (a series fund of Strong Balanced Fund, Inc.)

•

Strong Large Cap Core Fund (a series fund of Strong Equity Funds, Inc.)

•

Strong Growth and Income Fund (a series fund of Strong Conservative Equity Funds, Inc.)

•

Strong Opportunity Fund (a series fund of Strong Opportunity Fund, Inc.)

Each Fund is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”).

Strong Balanced Fund and Strong Large Cap Core Fund offer Investor Class shares. Strong Growth and Income Fund offers Investor Class, Institutional Class, Advisor Class, and Class K shares. Strong Opportunity Fund offers Investor Class, Advisor Class, and Class K shares. All classes of shares differ principally in their respective administration, transfer agent, and distribution expenses and sales charges, if any. All classes of shares have identical rights to earnings, assets, and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes.

Investor Class shares are available to the general public, Institutional Class shares are generally available to investors that meet certain higher investment minimums, Advisor Class shares are available only through financial professionals and Class K shares are primarily available through retirement plans.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

(A)

Security Valuation — Securities of the Funds traded on a national securities exchange are valued each business day at the last sales price. Securities traded on the NASDAQ Stock Market are valued each business day using the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which there were no transactions and NASDAQ-traded securities for which there is no NOCP are valued at the mean of the bid and ask prices. Debt securities of the Funds are generally valued each business day at the last sales price or the mean of the bid and asked prices when no last sales price is available, or are valued through a commercial pricing service that utilizes matrix pricing and/or pricing models to determine market values for normal institutional-sized trading units of debt securities and non-rated or thinly traded securities when their pricing models are believed to more accurately reflect the fair market value for such securities. Securities for which market quotations are not readily available are fair valued as determined in good faith under the general supervision of the Board of Directors. Some of the Fund’s portfolio securities may be listed on foreign exchanges that close before the U.S. markets and that trade on days when the U.S. markets are closed. As a result, management, under the supervision of the Strong Funds’ Board of Directors, will consider significant events affecting foreign securities and the movements of the domestic markets that occur after the close of the foreign markets and before the time a Fund’s net asset value (“NAV”) is calculated in valuing such foreign securities. Securities that are purchased within 60 days of their stated maturity are valued at amortized cost, which approximates fair value.

The Funds may own certain securities that are restricted as to resale. Restricted securities include Section 4(2) commercial paper, securities issued in a private placement, or securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933. Restricted securities may be determined to be liquid or illiquid. Securities are deemed illiquid based upon guidelines established by the Funds’ Board of Directors. Illiquid securities are valued after giving due consideration to pertinent factors, such as recent private sales, market conditions, and the issuer’s financial performance. The Strong Funds held no restricted securities that were deemed illiquid at June 30, 2004.

(B)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

Strong Balanced Fund and Strong Growth and Income Fund generally pay dividends from net investment income quarterly and distribute net realized capital gains, if any, at least annually. Strong Large Cap Core Fund and Strong Opportunity Fund generally pay dividends from net investment income and distribute net realized capital gains, if any, at least annually.

(C)

(D)

(E)

(F)

(G)

(H)

(I)

Short Positions — The Funds may engage in short sale transactions. For financial statement purposes, an amount equal to the settlement amount is included in the Statements of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the short position. Changes between the amount of the liability and the current market value of the short positions are recorded as unrealized gains or losses. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Fund and are included in Other Expenses in the Statement of Operations. If the Funds sell securities short while also holding the long position in the security, they may protect unrealized gains, but will lose the opportunity to profit on such securities if the price rises. If the Funds sell securities short when not holding the long position in the security, they will experience a loss if the market price of the security increases between the date of the short sale and the date the security is replaced.

(J)

Repurchase Agreements — The Funds may enter into repurchase agreements with institutions that the Funds’ investment advisor, Strong Capital Management, Inc. (the “Advisor”) has determined are creditworthy. Each repurchase transaction is recorded at cost, which approximates fair value. The Funds require that the collateral, represented by cash and/or securities (primarily U.S. government securities), in a repurchase transaction be maintained in a segregated account under the control of the Funds’ custodial bank in a manner sufficient to enable the Funds to liquidate those securities in the event of a default of the counterparty. On a daily basis, the Funds’ custodial bank monitors the value of the collateral, including accrued interest, to ensure it is at least equal to the amounts owed to the Funds under each repurchase agreement.

(K)

At June 30, 2004, Strong Balanced Fund, Strong Growth and Income Fund, and Strong Opportunity Fund had securities with a market value of $17,737,072, $20,544, and $78,379,463, respectively, on loan and had received $18,181,603, $21,225, and $81,411,672, respectively, in collateral (both are included within Investments in the Statements of Assets and Liabilities). Amounts earned as interest on investments of cash collateral, net of rebates and other securities lending expenses, are included in Interest Income in the Statements of Operations. For the year ended June 30, 2004, the securities lending income totaled $10,587, $6,102, and $48,722 for Strong Balanced Fund, Strong Growth and Income Fund, and Strong Opportunity Fund, respectively.

(L)

(M)

Earnings Credit Arrangements — Credits are earned on positive cash balances maintained in custodian accounts. These credits serve to reduce the custodian’s fees incurred by the Funds and are included in Expense Offsets reported in the Funds’ Statements of Operations and in Note 4.

(N)

Expenses — The Funds and other affiliated Strong Funds contract for certain services on a collective basis. The majority of the expenses are directly identifiable to an individual Fund. Expenses that are not readily identifiable to a specific Fund will be allocated in such manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative sizes of the Strong Funds.

(O)

(P)

(Q)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

3.	Related Party Transactions


			Administrative Fees
	Advisory Fees		Investor Class		Institutional Class		Advisor Class		Class K
Strong Balanced Fund	0.60	%⁽¹⁾	0.30	%	*		*		*
Strong Large Cap Core Fund	0.75	%⁽²⁾	0.30	%	*		*		*
Strong Growth and Income Fund	0.55	%	0.30	%	0.02	%	0.30	%	0.25	%
Strong Opportunity Fund	0.75	%⁽²⁾	0.30	%	*		0.30	%	0.25	%

*	Does not offer Share class.

⁽¹⁾	The investment advisory fees are 0.60% for the first $35 million assets and 0.55% for assets above $35 million.

⁽²⁾	The Investment Advisory fees are 0.75% for assets under $4 billion, 0.725% for the next $2 billion assets, and 0.70% for assets $6 billion and above.

The Funds’ Advisor and/or Administrator may voluntarily waive or absorb certain expenses at their discretion. The Advisor and/or Administrator has contractually agreed to waive its fees and/or absorb expenses until May 1, 2005 for Strong Large Cap Core Fund, Strong Growth and Income Fund Class K, and Strong Opportunity Fund Class K to keep Net Annual Operating Expenses at no more than 2.00%, 0.99%, and 1.20%, respectively. Transfer agent and related service fees for the Investor Class shares are paid at an annual rate of $27.00 for each open shareholder account and $4.20 for each closed shareholder account. Transfer agent and related service fees for the Institutional Class, Advisor Class, and Class K shares are paid at an annual rate of 0.015%, 0.20%, and 0.20%, respectively, of the average daily net assets of each respective class. Transfer agent fees are recorded in Shareholder Servicing Costs in the Funds’ Statements of Operations. The Administrator also allocates to each Fund certain charges or credits resulting from transfer agency banking activities based on each Class’ level of subscription and redemption activity. Transfer Agency Banking Charges allocated to the Funds by the Administrator, if any, are included in Other Expenses in the Funds’ Statements of Operations. Transfer Agency Banking Credits allocated by the Administrator, if any, serve to reduce the transfer agent expenses incurred by the Funds and are included in Expense Offsets in the Funds’ Statements of Operations and in Note 4. The Administrator is also compensated for certain other out-of-pocket expenses related to transfer agent services.

Strong Growth and Income Fund and Strong Opportunity Fund have adopted a Rule 12b-1 distribution and service plan under the 1940 Act on behalf of each of the Fund’s Advisor Class shares. Under the plan, Strong Investments, Inc. (the “Distributor,” and an affiliate of the Advisor) is paid an annual rate of 0.25% of the average daily net assets of the Advisor Class shares as compensation for services provided and expenses incurred, including amounts paid to brokers or dealers, in connection with the sale of each Fund’s Advisor Class shares. See Note 4.

The Funds may invest cash in money market funds managed by the Advisor, subject to certain limitations set by the Fund’s Board of Directors and applicable law.

Certain information regarding related party transactions, excluding the effects of waivers and absorptions, for the six months ended June 30, 2004 is as follows:


	Payable to/ (Receivable From) Advisor or Administrator at June 30, 2004		Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ and Independent Officers’ Fees
Strong Balanced Fund	$	48,446	$	279,581	$	3,530	$	5,666
Strong Large Cap Core Fund		3,253		14,023		206		469
Strong Growth and Income Fund		184,224		1,266,516		13,859		20,271
Strong Opportunity Fund		657,029		3,652,619		25,112		76,812

4.	Expenses and Expense Offsets

For the six months ended June 30, 2004, the class specific expenses are as follows:


	Administrative Fees		Shareholder Servicing Costs		Reports to Shareholders		12b-1 Fees		Other
Strong Growth and Income Fund
Investor Class	$	844,925	$	1,218,972	$	215,634	$	—	$	12,607
Institutional Class		7,643		5,816		25,077		—		2,907
Advisor Class		10,938		7,329		1,574		9,115		508
Class K		39,221		31,377		4,349		—		860
Strong Opportunity Fund
Investor Class		3,841,975		3,508,261		630,114		—		29,709
Advisor Class		204,970		137,137		42,108		170,808		1,618
Class K		992		795		465		—		211

For the six months ended June 30, 2004, the expense offsets are as follows:


	Expense Waivers and Absorptions			Transfer Agency Banking Credits		Directed Brokerage Credits			Earnings Credits
Strong Balanced Fund	$	(18,766	)	$	—	$	(6,588	)	$	(62	)
Strong Large Cap Core Fund		(18,808	)		—		(3,349	)		(0	)
Strong Growth and Income Fund
Investor Class		15,272			—		—			—
Institutional Class		1,255			—		—			—
Class K		(11,500	)		—		—			—
Advisor Class		581			—		—			—
Fund Level		(60,612	)		—		(12,425	)		(79	)
Strong Opportunity Fund
Investor Class		92,963			—		—			—
Advisor Class		9,419			—		—			—
Class K		(693	)		—		—			—
Fund Level		(246,622	)		—		(65,026	)		(87	)

5.	Line of Credit

6.	Investment Transactions

The aggregate purchases and sales of shares of long-term securities during the six months ended June 30, 2004 are as follows:


	Purchases				Sales
	U.S. Government and Agency		Other		U.S. Government and Agency		Other
Strong Balanced Fund	$	43,299,477	$	101,332,924	$	43,441,564	$	147,996,282
Strong Large Cap Core Fund		—		3,702,683		—		4,138,662
Strong Growth and Income Fund		—		491,293,407		—		632,324,141
Strong Opportunity Fund		—		507,336,050		—		936,256,429

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

7.	Income Tax Information

The following information for the Funds is presented on an income tax basis as of June 30, 2004:


	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments
Strong Balanced Fund	$	170,012,664	$	10,763,575	$	(2,133,580	)	$	8,629,995
Strong Large Cap Core Fund		3,287,681		595,879		(23,296	)		572,583
Strong Growth and Income Fund		513,483,880		118,419,040		(2,284,635	)		116,134,405
Strong Opportunity Fund		2,099,712,323		678,561,449		(81,000,570	)		597,560,879

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.


	Net Capital Loss Carryovers		Post-October Losses
Strong Balanced Fund	$	29,257,442	$	—
Strong Large Cap Core Fund		1,329,240		34,841
Strong Growth and Income Fund		246,233,478		7,799,769
Strong Opportunity Fund		416,414,763		—

8.	Capital Share Transactions


	Strong Balanced Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	17,262,811		$	32,626,685
Transfer in from Merger (Note 9)		—			5,544,540
Proceeds from Reinvestment of Distributions		835,061			2,514,411
Payment for Shares Redeemed		(69,277,501	)		(82,073,813	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(51,179,629	)	$	(41,388,177	)

Transactions in Shares of the Fund Were as Follows:
Sold		913,686			1,911,180
Transfer in from Merger (Note 9)		—			348,494
Issued in Reinvestment of Distributions		44,813			144,599
Redeemed		(3,675,681	)		(4,758,107	)

Net Increase (Decrease) in Shares of the Fund		(2,717,182	)		(2,353,834	)


	Strong Large Cap Core Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	475,768		$	938,346
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(773,956	)		(2,023,881	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(298,188	)	$	(1,085,535	)

Transactions in Shares of the Fund Were as Follows:
Sold		47,129			107,906
Issued in Reinvestment of Distributions		—			—
Redeemed		(76,355	)		(233,342	)

Net Increase (Decrease) in Shares of the Fund		(29,226	)		(125,436	)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Growth and Income Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	36,741,021		$	203,112,596
Proceeds from Reinvestment of Distributions		326,807			1,392,195
Payment for Shares Redeemed		(161,274,968	)		(289,307,195	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(124,207,140	)		(84,802,404	)
INSTITUTIONAL CLASS
Proceeds from Shares Sold		6,598,552			16,100,601
Proceeds from Reinvestment of Distributions		180,573			705,353
Payment for Shares Redeemed		(22,176,568	)		(17,235,352	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(15,397,443	)		(429,398	)
ADVISOR CLASS
Proceeds from Shares Sold		552,764			1,932,654
Proceeds from Reinvestment of Distributions		6,008			23,212
Payment for Shares Redeemed		(2,741,895	)		(5,560,191	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(2,183,123	)		(3,604,325	)
CLASS K
Proceeds from Shares Sold		14,527,108			15,545,119
Proceeds from Reinvestment of Distributions		30,511			114,699
Payment for Shares Redeemed		(12,748,468	)		(11,445,984	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,809,151			4,213,834

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(139,978,555	)	$	(84,622,293	)


	Strong Growth and Income Fund
	Six Months Ended June 30, 2004		Year Ended Dec. 31, 2003
	(Unaudited)
Transactions in Shares of Each Class of the Funds Were as Follows:
INVESTOR CLASS
Sold	1,842,356		11,952,254
Issued in Reinvestment of Distributions	17,022		79,360
Redeemed	(8,182,227	)	(16,571,248	)

Net Increase (Decrease) in Shares	(6,322,849	)	(4,539,634	)

INSTITUTIONAL CLASS
Sold	331,176		939,263
Issued in Reinvestment of Distributions	9,307		40,748
Redeemed	(1,108,644	)	(951,684	)

Net Increase (Decrease) in Shares	(768,161	)	28,327

ADVISOR CLASS
Sold	28,054		115,023
Issued in Reinvestment of Distributions	315		1,344
Redeemed	(138,574	)	(331,631	)

Net Increase (Decrease) in Shares	(110,205	)	(215,264	)

CLASS K
Sold	736,475		926,705
Issued in Reinvestment of Distributions	1,590		6,709
Redeemed	(648,826	)	(643,521	)

Net Increase (Decrease) in Shares	89,239		289,893

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)


	Strong Opportunity Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	162,545,807		$	531,529,373
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(553,344,454	)		(1,184,570,695	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(390,798,647	)		(653,041,322	)
ADVISOR CLASS
Proceeds from Shares Sold		13,384,406			38,084,933
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(27,308,628	)		(40,603,841	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		(13,924,222	)		(2,518,908	)
CLASS K
Proceeds from Shares Sold		1,474,093			198,407
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(108,701	)		(896,534	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,365,392			(698,127	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(403,357,477	)	$	(656,258,357	)

Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold		3,938,874			16,208,728
Issued in Reinvestment of Distributions		—			—
Redeemed		(13,451,967	)		(34,871,478	)

Net Increase (Decrease) in Shares		(9,513,093	)		(18,662,750	)

ADVISOR CLASS
Sold		327,170			1,179,895
Issued in Reinvestment of Distributions		—			—
Redeemed		(674,525	)		(1,234,407	)

Net Increase (Decrease) in Shares		(347,355	)		(54,512	)

CLASS K
Sold		35,439			6,374
Issued in Reinvestment of Distributions		—			—
Redeemed		(2,605	)		(24,791	)

Net Increase (Decrease) in Shares		32,834			(18,417	)

9.	Acquisition Information

Effective March 28, 2003, Strong Balanced Fund acquired, through a non-taxable exchange, substantially all of the net assets of Strong Balanced Asset Fund. Strong Balanced Fund issued 348,494 shares (valued at $5,544,540) for the outstanding shares of Strong Balanced Asset Fund at March 28, 2003. The aggregate net assets of Strong Balanced Fund and Strong Balanced Asset Fund immediately before the acquisition were $208,384,213 and $5,544,540, respectively. The combined net assets of Strong Balanced Fund immediately after the acquisition were $213,928,753. The net assets of Strong Balanced Asset Fund included net unrealized depreciation on investments of $503,735 and accumulated net realized losses of $731,189. Subject to IRS regulations, Strong Balanced Fund may use $709,865 of capital loss carryovers from Strong Balanced Asset Fund. Strong Balanced Fund results of operations shown herein, do not include the results of operations for Strong Balanced Asset Fund prior to March 28, 2003.

10.	Legal and Regulatory Matters

Strong has received one or more subpoenas or requests for information from the West Virginia Attorney General and other regulatory agencies requesting documents, if any, related to market timing and late trading practices. Strong is aware of multiple outstanding class and derivative actions (“Actions”) filed since September 4, 2003, against Strong, Strong Funds, Strong Financial Corporation, Strong Investments, Inc., Strong affiliates, and certain of their officers and directors as defendants in certain federal and state courts with respect to factual matters referenced in the NYAG settlement. On February 20 and June 15, 2004, the United States Judicial Panel for Multi District Litigation (“MDL”) ordered the transfer of all but one of the Actions to the District of Maryland so those cases involving Strong could be coordinated and consolidated into one or two actions covered by a single complaint (“MDL Consolidated Actions”). A single Wisconsin state court Action involving Strong was not removed to the District of Maryland court. The District of Maryland court has since appointed co-chairs/chief administrative counsel for the plaintiffs in the actions involving all of the fund families before it. It has also appointed a lead plaintiff and lead plaintiff’s counsel for the actions involving each individual fund family, including Strong. The Actions generally allege, among other things, that the defendants violated their fiduciary duty to fund shareholders and certain retirement plan participants, and made false and misleading statements in the funds’ prospectuses in violation of federal and state securities laws. The Actions generally seek one or more of the following: compensatory damages, punitive damages, special damages, exemplary damages, rescission, restitution, payment of plaintiffs’ attorneys’ fees and experts’ fees, and/or replacement of the Board of Directors of the Strong Funds. Strong expects that the MDL Consolidated Actions will allege the same types of violations of law and seek the same forms of damages and remedies as did the numerous prior Actions. Certain state Actions will not be consolidated into the MDL Consolidated Actions and proceedings in these state court Actions may be stayed or proceed independently of the MDL Consolidated Actions.

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

11.	Pending Acquisition

The mergers, which are anticipated to close in the first quarter of 2005, are subject to a number of conditions, including approval by the Board and shareholders of the Strong Funds.

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 71 mutual funds (“Strong Funds”).

Willie D. Davis (DOB 7-24-34), Director of the Strong Funds since July 1994.

Gordon B. Greer (DOB 2-17-32), Director of the Strong Funds since March 2002.

Stanley Kritzik (DOB 1-9-30), Director of the Strong Funds since January 1995 and Chairman of the Audit Committee of the Strong Funds since July 2000.

Neal Malicky (DOB 9-14-34), Director of the Strong Funds since December 1999.

William F. Vogt (DOB 7-19-47), Director and Chairman of the Independent Directors Committee of the Strong Funds since January 1995.

DIRECTORS AND OFFICERS (continued)

Ane K. Ohm (DOB 10-16-69), Anti-Money Laundering Compliance Officer of the Strong Funds since November 2002.

Ms. Ohm has been Anti-Money Laundering Compliance Officer of Strong Financial Corporation since February 2003; Assistant Executive Vice President of Strong Financial Corporation since November 2003; Assistant Executive Vice President of Strong Capital Management, Inc. (the “Advisor”) since December 2001; Director of Mutual Fund Administration of Strong Investor Services, Inc. since April 2001; Vice President of Strong Investor Services, Inc. since December 2001; and Marketing Services Manager of Strong Investments, Inc. (the “Distributor”) from November 1998 to April 2001.

Phillip O. Peterson (DOB 12-5-44), Independent President of the Strong Funds since January 2004.

Richard W. Smirl (DOB 4-18-67), Vice President of the Strong Funds since February 2002 and Secretary of the Strong Funds since November 2001.

Mr. Smirl has been Senior Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of Strong Financial Corporation from December 2001 to February 2003; Secretary of Strong Financial Corporation since February 2003; Assistant Executive Vice President of the Advisor since December 2001; Chief Legal Officer of the Advisor since February 2003; Secretary of the Advisor since November 2002; Assistant Secretary of the Advisor from December 2001 to November 2002; Senior Counsel of the Advisor from July 2000 to December 2001; General Counsel of the Distributor since November 2001; Secretary of the Distributor since July 2000; Vice President and Chief Compliance Officer of the Distributor from July 2000 to December 2003; Lead Counsel of the Distributor from July 2000 to November 2001; Vice President of Strong Investor Services, Inc. since December 2001; Assistant Secretary of Strong Investor Services, Inc. from December 2001 to May 2003; Secretary of Strong Investor Services, Inc. since May 2003; Partner at Keesal, Young & Logan LLP (a law firm) from September 1999 to July 2000; and Associate at Keesal, Young & Logan LLP from September 1992 to September 1999.

Gilbert L. Southwell III (DOB 4-13-54), Assistant Secretary of the Strong Funds since July 2001.

Mr. Southwell has been Associate Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of the Advisor since December 2002; Associate Counsel of the Advisor from April 2001 to December 2001; Partner at Michael, Best & Friedrich, LLP (a law firm) from October 1999 to March 2001; and Assistant General Counsel of U.S. Bank, National Association (formerly Firstar Bank, N.A.) and/or certain of its subsidiaries from November 1984 to September 1999.

John W. Widmer (DOB 1-19-65), Treasurer of the Strong Funds since April 1999.

Thomas M. Zoeller (DOB 2-21-64), Vice President of the Strong Funds since October 1999.

The statement of additional information contains additional information about fund directors and officers and is available without charge, upon request, by calling 1-800-368-3863.

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky

William F. Vogt

Officers

Phillip O. Peterson, Independent President

Thomas M. Zoeller, Vice President

Richard W. Smirl, Vice President and Secretary

Gilbert L. Southwell III, Assistant Secretary

John W. Widmer, Treasurer

Ane K. Ohm, Anti-Money Laundering Compliance Officer

Investment Advisor

Strong Capital Management, Inc.

P.O. Box 2936, Milwaukee,Wisconsin 53201

Distributor

Strong Investments, Inc.

P.O. Box 2936, Milwaukee,Wisconsin 53201

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue, Kansas City, Missouri 64105

Transfer Agent and Dividend-Disbursing Agent

Strong Investor Services, Inc.

P.O. Box 2936, Milwaukee,Wisconsin 53201

Independent Accountants

PricewaterhouseCoopers LLP

100 East Wisconsin Avenue, Milwaukee,Wisconsin 53202

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee,Wisconsin 53202

LOGO

Strong Investments

P.O. Box 2936 | Milwaukee, WI 53201

To learn more about our funds, discuss an existing

account, or conduct a transaction, call 1-800-368-3863

or visit www.Strong.com.

Please carefully consider a fund’s investment objectives,

risks, charges, and expenses before investing. For this

and other information, call us or visit our web site for

a free prospectus. Please read it carefully before you

invest or send money.

To receive a free copy of the policies and procedures

the funds use to determine how to vote proxies relating

to portfolio securities, or to receive a free copy of a fund’s

proxy voting record for the most recent 12-month period

ending on June 30, call 1-800-368-3863, or visit the

Securities and Exchange Commission’s web site

at www.sec.gov.

If you are a Financial Professional, call 1-800-368-1683.

This report does not constitute an offer for the sale of securities. Strong Funds are offered for sale by prospectus only. Securities are offered through Strong Investments, Inc. RT45357 08-04

SCOR/WH2056 06-04

Item 1. Reports to Shareholders

Semiannual Report | June 30, 2004

Strong

Sector

Funds

LOGO


Strong Energy Fund

Strong Technology 100 Fund

LOGO

Semiannual Report | June 30, 2004

Strong

Sector

Funds

Table of Contents


Investment Reviews

Strong Energy Fund		2

Strong Technology 100 Fund		4

Financial Information

Schedules of Investments in Securities

Strong Energy Fund		6

Strong Technology 100 Fund		6

Statements of Assets and Liabilities		8

Statements of Operations		9

Statements of Changes in Net Assets		10

Financial Highlights		11

Notes to Financial Statements		12

Directors and Officers		19

Market Update From Dick Weiss

January 1, 2004, to June 30, 2004

LOGO

Uncertainty is the Enemy

The answer? In a word — clarity.

In order for stocks to start moving in a positive direction, the market needs an injection of confidence.

One final piece of practical advice: when uncertainty is the order of the day, resist doing anything dramatic with your money. Sometimes the “muddle-through” approach proves best.

...if you do your homework and stick to what is real rather than imagined, we think you can uncover common stocks worth owning.

LOGO

Richard T. Weiss

Vice Chairman

Strong Financial Corporation

Strong Energy Fund

In a strong environment for energy stocks, the Strong Energy Fund solidly outperformed its broad-based benchmark. For the six months ended June 30, 2004, the Fund returned 13.38%, while the S&P 500 Index returned 3.44% for the same period. The Fund’s performance during this period reflected growing investor awareness of the sound earnings fundamentals that currently prevail among the oil, natural gas, and coal sectors of the economy.

Many factors in energy’s power

There were three major trends that drove the outperformance of the energy sector and this Fund. First, the world’s major industrial countries — the United States, Japan, China, and India — experienced above-average growth. As a consequence, their demand for oil and natural gas rose; the year-over-year growth in demand was among the largest such changes seen in the past 50 years.

Second, energy companies have had very strong financial characteristics. Over the past five years, these companies have been able to substantially improve their balance sheets and tighten their operations. The combination of higher oil and natural-gas commodity prices and improved financial fundamentals has had an enormous bottom-line impact on these companies. As a result, these developments have broadened investor interest in these companies.

The third variable working in energy companies’ favor has been the creation of a so-called “war premium” in the pricing of oil. As demand for oil has increased, and the risk of supply interruption due to the ongoing conflict in the Middle East has remained, customers have been willing to pay a premium price for oil and related products. While energy companies may in fact face some risks from the conflict in Iraq and elsewhere, higher prices do provide attractive revenues for these companies.

Considerations for the portfolio

Our approach in managing this Fund has been to try to create a diversified portfolio of high-quality companies in the three major sectors of the industry — exploration and production, oil service, and large integrated oil companies. Our emphasis in the exploration and drilling areas of the energy industry contributed positively to the Fund’s performance over the six months. The rising prices for oil and natural gas, and the inability of many producers to maintain their projected resource levels, are leading companies to make higher capital expenditures for exploration and, when successful, subsequent drilling of new wells. Thus, it appears that the companies that focus on this activity should be able to generate higher earnings that in turn could lead to higher valuations for their stock.

LOGO

When we look at an individual company for the portfolio, we weigh a number of factors to determine if its valuation makes it an attractive candidate. We emphasize cash flows in this analysis, and also consider enterprise value, as demonstrated by recent takeover activity, reserve creation, and exposure to the expected cyclical developments (positive and negative) that may be at play in or projected for the industry.

Valero Energy is one example of the type of company we seek for the portfolio. This company is a major refiner of oil in the United States. Its earnings have been accelerating due to higher operating margins, greater levels of production, and, of course, the rising price for oil. With this combination of internal strengths and external tailwind, the company has been able to create continuously higher earnings and cash flow levels.

Looking at energy’s prospects

We believe the overall direction for the industry will continue to be positive for the foreseeable future. The most difficult variable to assess will be how long the “war premium” will continue to be a factor in oil prices; we believe the premium is adding between $5.00 and $10.00 to the price for a barrel of oil. If there were to be a sharp contraction in this premium, it could trigger a short-term interruption in energy stocks’ positive direction.

To help keep risk in check, we are also closely monitoring current price/earnings and price/cash-flow multiples for companies in the industry. The energy sector was out of favor for almost 20 years. If the current investor enthusiasm for these stocks continues and increases over the next several months, it could cause valuations on some individual stocks or subsectors to rise to excessive levels. That said, we believe the current valuations on many stocks in the sector still leave room for meaningful appreciation.

Thank you for your investment in the Strong Energy Fund.

J. Richard Walton

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	26.91	%
5-year	8.20	%
Since Fund Inception (9-30-97)	4.35	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions. • The Fund concentrates its assets in energy companies. As a result, the fund’s shares are likely to fluctuate in value more than those of a fund investing in a broader range of securities.

Growth of an Assumed $10,000 Investment^†

from 9-30-97 to 6-30-04

LOGO

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Natural Resources Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Strong Technology 100 Fund

For the first half of 2004, the Strong Technology 100 Fund outperformed its broad-based benchmark, the S&P 500 Index. The Fund posted a return of 3.98% for the six months ended June 30, 2004, while the S&P 500 Index returned 3.44% for the same period.

Technology faces challenges

The technology sector started the year with positive investor sentiment — and a rally. On January 20, the NASDAQ closed up 7.2% for the year to date; unfortunately, that marked the top in the market for the first half of 2004. Sentiment quickly turned more cautious as company managements indicated that they expected to see normal seasonal trends in the first quarter, while investors — coming off of a very strong 2003 — had come to expect above-normal trends.

Positioning the Fund

The Fund started the year positioned aggressively in fast growing, potentially volatile stocks as the economy continued to show signs of recovery. In late January, coming off a rally in tech stocks, the fund began to reduce its exposure to more aggressive names as concerns about higher interest rates and higher oil prices mounted. Our move was also motivated by historical data that showed technology-related stocks tended to underperform the broader market in the first half of a presidential election year. The fund benefited from this neutral position throughout most of the six-month period before becoming more aggressive in the month of May.

Using the Fund’s three-pronged approach to investing — based on stock valuation, market sentiment, and company fundamentals, we saw an overall less positive environment. Valuations appeared to us to have become too high; market sentiment, which we use as a contrarian indicator, seemed to be overly bullish; and fundamentals, in this case growth, appeared to be slowing to a moderate pace.

The Fund’s emphasis shifted away from fast-growing, higher-risk companies, which were the main outperformers in 2003, and toward companies that have strong product cycles and visibility into continued growth of revenues. The product cycle stories included OSI Pharmaceuticals, which was granted FDA fast-track status for Tarceva, its drug for treatment of non-small cell lung cancer, Cyberonics, which was granted panel recommendation for its vagus nerve stimulation (VNS) therapy treatment for refractory depression patients, Genentech, which was granted approval for Avastin, its drug for treatment of colorectal cancer, Research in Motion, which began to gain widespread acceptance of its wireless e-mail device, BlackBerry, and Corning, which benefited from continued consumer adoption of flat panel displays for notebooks, desktop PCs and the emerging flat panel LCD televisions.

LOGO

We identified a number of broader, secular growth trends as well. These included the emergence of the Internet as a mainstream advertising medium; we gained exposure to this trend by investing in Yahoo!. Another was the accelerating cycle of upgrades in telephone handsets, as consumers shed their basic phones and bought color, camera-enabled, feature-rich phones. Qualcomm was our chosen means of taking part in this development. The continued growth and usage of broadband technology was the third major trend we incorporated into the portfolio; two holdings, Broadcom and Marvell Technology, allowed the Fund to participate.

A cautious outlook ahead

The outlook for the technology sector is somewhat uncertain at this point. It is clear that the sector recovered in 2003, but the duration of the recovery is now in question. With both interest rates and oil prices rising, it is uncertain whether or not the consumer will be able to continue to spend at levels seen in the past two years. In addition, it remains to be seen at what pace enterprises will expand IT budgets, as many still remember the crash of the bubble. The fund is currently taking a cautious approach to technology stocks, as investors remain concerned about the strength of the consumer and the pace at which enterprises will spend.

Thank you for your investment in the Strong Technology 100 Fund.

Rimas Milaitis

Portfolio Manager

Fund Highlights

Average Annual Total Returns

As of 6-30-04


Investor Class
1-year	25.00	%
3-year	–6.01	%
Since Fund Inception (12-31-99)	–15.45	%

Risks: Stock funds should only be considered for long-term goals as values fluctuate in response to the activities of individual companies and general market and economic conditions. • The Fund concentrates its assets in the technology market sector. As a result, the Fund’s shares are likely to fluctuate in value more than those of a fund investing in a broader range of securities.

Growth of an Assumed $10,000 Investment^†

from 12-31-99 to 6-30-04

LOGO

The Fund has a redemption fee of 1.00% against shares that are held 30 calendar days or fewer after purchase. Performance data does not reflect the deduction of this fee, which, if reflected, would reduce the performance.

Mention of specific securities in this report is not indicative of whether the Fund may make additional purchases of, sell all or a portion of, or continue to hold those securities.

*	The Morningstar Style Box^™ reveals a fund’s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

^†

This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Science & Technology Funds Index. Results include the reinvestment of all dividends and capital gains distributions. The graph and the Average Annual Total Returns table do not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Definitions: **The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. The Lipper Science and Technology Funds Index is the average of the 30 largest funds in the Lipper Science and Technology Funds Category. These funds invest primarily in science and technology stocks. Source of the S&P Index data is Standard & Poor’s Micropal. Source of the Lipper Index data is Lipper. It is not possible to invest directly in an index.


SCHEDULE OF INVESTMENTS IN SECURITIES		June 30, 2004 (Unaudited)

STRONG ENERGY FUND


	Shares or Principal Amount		Value (Note 2)
Common Stocks 80.9%
Oil & Gas - Canadian Exploration & Production 4.4%
Oil & Gas - Canadian Exploration & Production 4.4%
Talisman Energy, Inc.		27,000	$	586,980
Oil & Gas - Drilling 4.5%
ENSCO International, Inc.		6,500		189,150
Nabors Industries, Ltd. (b)		5,000		226,100
Noble Corporation (b)		5,000		189,450

				604,700
Oil & Gas - Field Services 1.2%
Schlumberger, Ltd.		2,500		158,775
Oil & Gas - International Integrated 24.1%
BP PLC Sponsored ADR		6,000		321,420
ChevronTexaco Corporation		5,000		470,550
ConocoPhillips		8,000		610,320
Exxon Mobil Corporation		12,500		555,125
Murphy Oil Corporation		9,000		663,300
Total SA Sponsored ADR		6,000		576,480

				3,197,195
Oil & Gas - Machinery/Equipment 2.4%
Cooper Cameron Corporation (b)		3,000		146,100
Smith International, Inc. (b)		3,000		167,280

				313,380
Oil & Gas - Refining/Marketing 2.2%
Valero Energy Corporation		4,000		295,040
Oil & Gas - United States Exploration & Production 29.0%
Oil & Gas - United States Exploration & Production 29.0%
Anadarko Petroleum Corporation		10,000		586,000
Devon Energy Corporation		8,000		528,000
EOG Resources, Inc.		10,500		626,955
Newfield Exploration Company (b)		7,500		418,050
Noble Energy, Inc.		11,000		561,000
Pioneer Natural Resources Company		13,000		456,040
Spinnaker Exploration Company (b)		12,500		492,250
Unocal Corporation		5,000		190,000

				3,858,295
Oil & Gas - United States Integrated 8.2%
Questar Corporation		13,000		502,320
Western Gas Resources, Inc.		18,000		584,640

				1,086,960
Utility - Gas Distribution 4.9%
Equitable Resources, Inc.		12,500		646,375

Total Common Stocks (Cost $ 6,838,891)				10,747,700

Short-Term Investments (a) 19.1%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $2,000,078); Collateralized by: United States Government & Agency Issues	$	2,000,000		2,000,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase Proceeds $536,111); Collaterized by: United States Government & Agency Issues		536,100		536,100

Total Short-Term Investments (Cost $ 2,536,100)				2,536,100

Total Investments in Securities (Cost $9,374,991) 100.0%				13,283,800
Other Assets and Liabilities, Net (0.0%)				(3,123	)

Net Assets 100.0%			$	13,280,677

STRONG TECHNOLOGY 100 FUND


	Shares or Principal Amount	Value (Note 2)
	Shares or Principal Amount	Value (Note 2)
Common Stocks 98.4%
Commercial Services - Miscellaneous 2.5%
Automatic Data Processing, Inc.	61,975	$	2,595,513
Paychex, Inc.	12,300		416,724

			3,012,237
Computer - Data Storage 0.7%
EMC Corporation (b)	70,770		806,778
Computer - Integrated Systems 0.1%
NCR Corporation (b)	1,200		59,508
Computer - IT Services 0.8%
Cognizant Technology Solutions Corporation (b) (d)	22,900		581,889
Computer Sciences Corporation (b)	835		38,769
International Business Machines Corporation	4,600		405,490

			1,026,148
Computer - Local Networks 6.7%
Cisco Systems, Inc. (b)	108,035		2,560,429
Juniper Networks, Inc. (b)	176,325		4,332,305
Polycom, Inc. (b)	60,700		1,360,287

			8,253,021
Computer - Manufacturers 1.2%
Apple Computer, Inc. (b)	46,560		1,515,062
Computer Software - Desktop 1.2%
Microsoft Corporation	15,500		442,680
Red Hat, Inc. (b) (d)	45,600		1,047,432

			1,490,112
Computer Software - Education/Entertainment 0.9%

Activision, Inc. (b)	66,100		1,050,990
Computer Software - Enterprise 7.1%
Altiris, Inc. (b) (d)	22,500		621,225
Cognos, Inc. (b)	31,900		1,153,504
Computer Associates International, Inc.	2,140		60,048
Hyperion Solutions Corporation (b) (d)	28,900		1,263,508
Mercury Interactive Corporation (b)	13,140		654,766
Novell, Inc. (b)	34,900		292,811
SAP AG Sponsored ADR	81,550		3,409,606
VERITAS Software Corporation (b)	44,250		1,225,725

			8,681,193
Computer Software - Financial 0.4%
DST Systems, Inc. (b) (d)	8,600		413,574
Sungard Data Systems, Inc. (b)	2,200		57,200

			470,774
Computer Software - Security 3.6%
Check Point Software Technologies, Ltd. (b)	44,500		1,201,055
Network Associates, Inc. (b) (d)	43,100		781,403
Symantec Corporation (b)	56,770		2,485,391

			4,467,849
Cosmetics - Personal Care 0.0%
LIFE TIME FITNESS, Inc. (b)	200		4,200
Diversified Operations 1.1%
Agilent Technologies, Inc. (b)	47,335		1,385,969
Electronics - Contract Manufacturing 4.3%
Celestica, Inc. (b) (d)	76,900		1,534,155
Flextronics International, Ltd. (b)	234,800		3,745,060

			5,279,215

STRONG TECHNOLOGY 100 FUND (continued)


	Shares or Principal Amount		Value (Note 2)
Electronics - Military Systems 0.8%
L-3 Communications Corporation (d)		14,700	$	981,960

Electronics - Scientific Measuring 0.6%
PerkinElmer, Inc.		32,100		643,284
Tektronix, Inc.		1,900		64,638

				707,922
Electronics - Semiconductor Manufacturing 31.1%
Advanced Micro Devices, Inc. (b) (d)		42,675		678,532
Altera Corporation (b)		80,900		1,797,598
Analog Devices, Inc.		42,830		2,016,436
Applied Materials, Inc. (b)		87,450		1,715,769
Broadcom Corporation Class A (b)		113,400		5,303,718
Intel Corporation		83,745		2,311,362
KLA-Tencor Corporation (b)		70,425		3,477,587
Lam Research Corporation (b) (d)		29,085		779,478
Linear Technology Corporation		43,905		1,732,930
Marvell Technology Group, Ltd. (b)		94,400		2,520,480
Maxim Integrated Products, Inc.		56,695		2,971,952
Micron Technology, Inc. (b)		40,600		621,586
National Semiconductor Corporation (b) (d)		120,210		2,643,418
Novellus Systems, Inc. (b)		42,670		1,341,545
Silicon Laboratories, Inc. (b) (d)		131,400		6,090,390
Standard Microsystems Corporation (b)		25,800		601,656
Texas Instruments, Inc.		40,855		987,874
Xilinx, Inc.		18,800		626,228

				38,218,539
Financial Services - Miscellaneous 0.6%
Alliance Data Systems Corporation (b) (d)		16,900		714,025
First Data Corporation		1,300		57,876

				771,901
Internet - E*Commerce 0.1%
eBay, Inc. (b)		700		64,365
Internet - Internet Content 5.1%
Yahoo! Inc. (b)		172,550		6,268,742
Medical - Biomedical/Biotechnology 8.7%
Amgen, Inc. (b)		1,100		60,027
Biogen Idec, Inc. (b)		53,463		3,381,535
Digene Corporation (b)		58,100		2,122,393
Genzyme Corporation (b)		1,420		67,209
Gilead Sciences, Inc. (b)		14,900		998,300
Invitrogen Corporation (b)		23,200		1,670,168
Neurocrine Biosciences, Inc. (b) (d)		13,700		710,345
OSI Pharmaceuticals, Inc. (b) (d)		6,100		429,684
Sepracor, Inc. (b) (d)		23,100		1,221,990

				10,661,651
Medical - Ethical Drugs 1.8%
Elan Corporation PLC Sponsored ADR (b) (d)		90,400		2,236,496
Medical - Genetics 5.4%
Affymetrix, Inc. (b) (d)		54,500		1,783,785
Genentech, Inc. (b)		86,450		4,858,490

				6,642,275
Medical - Products 2.1%
Boston Scientific Corporation (b)		51,580		2,207,624
Cytyc Corporation (b)		14,300		362,791
Millipore Corporation (b)		1,100		62,007

				2,632,422
Medical - Systems/Equipment 1.6%
Fisher Scientific International, Inc. (b) (d)		10,500		606,375
Varian Medical Systems, Inc. (b)		17,200		1,364,820

				1,971,195
Retail - Home Furnishings 0.0%
Design Within Reach, Inc. (b)		200		3,286
Telecommunications - Fiber Optics 1.7%
Corning, Inc. (b)		162,390		2,120,813
Telecommunications - Equipment 1.5%
Avaya, Inc. (b)		7,600		120,004
Harris Corporation		1,200		60,900
Scientific-Atlanta, Inc.		46,910		1,618,395

				1,799,299
Telecommunications - Wireless Equipment 6.7%
Motorola, Inc.		42,015		766,774
QUALCOMM, Inc.		77,290		5,640,624
Research in Motion, Ltd. (b)		26,200		1,793,128

				8,200,526

Total Common Stocks (Cost $ 97,519,660)				120,784,448

Short-Term Investments (a) 10.9%
Collateral Received for Securities Lending 9.7%
Navigator Prime Portfolio		11,858,724		11,858,724
Repurchase Agreements (c) 1.2%
ABN AMRO Inc. (Dated 6/30/04), 1.40%, Due 7/01/04 (Repurchase proceeds $500,019); Collateralized by: United States Government & Agency Issues	$	500,000		500,000
State Street Bank (Dated 6/30/04), 0.75%, Due 7/01/04 (Repurchase proceeds $1,009,621); Collateralized by: United States Government & Agency Issues		1,009,600		1,009,600

				1,509,600

Total Short-Term Investments (Cost $ 13,368,324)				13,368,324

Total Investments in Securities (Cost $110,887,984) 109.3%				134,152,772
Other Assets and Liabilities, Net (9.3%)				(11,399,125	)

Net Assets 100.0%			$	122,753,647

LEGEND

(a)	Short-term investments include any security which has a remaining maturity of less than one year and investments in money market funds.

(b)	Non-income producing security.

(c)	See Note 2(J) of Notes to Financial Statements.

(d)	All or portion of security is on loan. See Note 2(K) of Notes to Financial Statements.

Percentages are stated as a percentage of net assets.

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2004 (Unaudited)


	(In Thousands, Except Per Share Amounts)

	Strong Energy Fund			Strong Technology 100 Fund
Assets:
Investments in Securities, at Value (Including Repurchase Agreements of $2,536 and $1,510, respectively) (Cost of $9,375 and $110,888, respectively)	$	13,284		$	134,153
Receivable for Securities Sold		—			722
Dividends and Interest Receivable		2			12
Other Assets		7			23

Total Assets		13,293			134,910

Liabilities:
Payable for Securities Purchased		—			6
Payable for Fund Shares Redeemed		—			74
Payable Upon Return of Securities on Loan		—			11,859
Accrued Operating Expenses and Other Liabilities		12			217

Total Liabilities		12			12,156

Net Assets	$	13,281		$	122,754

Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	12,304		$	353,466
Undistributed Net Investment Income (Loss)		(37	)		(1,128	)
Undistributed Net Realized Gain (Loss)		(2,895	)		(252,849	)
Net Unrealized Appreciation (Depreciation)		3,909			23,265

Net Assets	$	13,281		$	122,754

Capital Shares Outstanding (Unlimited Number Authorized)		998			26,113
Net Asset Value Per Share	$	13.30		$	4.70

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2004 (Unaudited)


	(In Thousands)

	Strong Energy Fund			Strong Technology 100 Fund
Income:
Dividends (net of foreign withholding taxes of $5 and $3, respectively)	$	73		$	127
Interest		6			13

Total Income		79			140

Expenses:
Investment Advisory Fees		44			476
Administrative Fees		18			192
Custodian Fees		1			10
Shareholder Servicing Costs		29			646
Reports to Shareholders		8			164
Professional Fees		8			15
Federal and State Registration Fees		9			13
Other		2			11

Total Expenses before Expense Offsets		119			1,527
Expense Offsets (Note 4)		(3	)		(259	)

Expenses, Net		116			1,268

Net Investment Income (Loss)		(37	)		(1,128	)

Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		768			27,999
Net Change in Unrealized Appreciation/Depreciation on Investments		783			(20,372	)

Net Gain (Loss) on Investments		1,551			7,627

Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,514		$	6,499

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS


	(In Thousands)

	Strong Energy Fund						Strong Technology 100 Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003			Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)						(Unaudited)
Operations:
Net Investment Income (Loss)	$	(37	)	$	(73	)	$	(1,128	)	$	(2,608	)
Net Realized Gain (Loss)		768			162			27,999			(20,471	)
Net Change in Unrealized Appreciation/Depreciation		783			2,083			(20,372	)		84,218

Net Increase (Decrease) in Net Assets Resulting from Operations		1,514			2,172			6,499			61,139
Distributions from Net Investment Income		—			—			—			—

Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		243			(4,583	)		(51,866	)		(19,671	)
		243			(4,583	)		(51,866	)		(19,671	)

Total Increase (Decrease) in Net Assets		1,757			(2,411	)		(45,367	)		41,468

Net Assets:
Beginning of the Period		11,524			13,935			168,121			126,653

End of the Period	$	13,281		$	11,524		$	122,754		$	168,121

Undistributed Net Investment Income (Loss)	$	(37	)	$	—		$	(1,128	)	$	—

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

STRONG ENERGY FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000^(c)			Oct. 31, 2000			Oct. 31, 1999
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	11.73		$	9.68		$	10.82		$	12.48		$	10.98		$	8.62		$	7.79
Income From Investment Operations:
Net Investment Income (Loss)		(0.04	)		(0.07	)		(0.08	)		(0.03	)		0.00	^(d)		(0.02	)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		1.61			2.12			(1.06	)		(1.63	)		1.50			2.38			0.86

Total from Investment Operations		1.57			2.05			(1.14	)		(1.66	)		1.50			2.36			0.84
Less Distributions:
From Net Investment Income		—			—			(0.00	)^(d)		—			—			—			—
In Excess of Net Investment Income		—			—			—			—			—			—			(0.01	)

Total Distributions		—			—			(0.00	)^(d)		—			—			—			(0.01	)

Net Asset Value, End of Period	$	13.30		$	11.73		$	9.68		$	10.82		$	12.48		$	10.98		$	8.62

Ratios and Supplemental Data
Total Return		+13.38	%		+21.18	%		–10.53	%		–13.30	%		+13.66	%		+27.38	%		+10.80	%
Net Assets, End of Period (In Millions)	$	13		$	12		$	14		$	17		$	15		$	11		$	6
Ratio of Expenses to Average Net Assets before Expense Offsets		2.0	%*		2.0	%		2.0	%		1.8	%		1.8	%*		1.9	%		2.0	%
Ratio of Expenses to Average Net Assets		2.0	%*		1.9	%		2.0	%		1.8	%		1.8	%*		1.8	%		2.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.6	)%*		(0.6	)%		(0.7	)%		(0.2	)%		0.2	%*		(0.3	)%		(0.3	)%
Portfolio Turnover Rate		17.3	%		22.1	%		53.8	%		52.3	%		9.3	%		51.4	%		55.4	%

STRONG TECHNOLOGY 100 FUND


	Period Ended
	June 30, 2004^(b)			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data^(a)
Net Asset Value, Beginning of Period	$	4.52		$	3.09		$	4.81		$	8.04		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.04	)		(0.07	)		(0.07	)		(0.10	)		(0.11	)
Net Realized and Unrealized Gains (Losses) on Investments		0.22			1.50			(1.65	)		(3.13	)		(1.85	)

Total from Investment Operations		0.18			1.43			(1.72	)		(3.23	)		(1.96	)
Less Distributions:
From Net Investment Income		—			—			—			—			—

Total Distributions		—			—			—			—			—

Net Asset Value, End of Period	$	4.70		$	4.52		$	3.09		$	4.81		$	8.04

Ratios and Supplemental Data
Total Return		+3.98	%		+46.28	%		–35.76	%		–40.17	%		–19.60	%
Net Assets, End of Period (In Millions)	$	123		$	168		$	127		$	158		$	248
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%*		2.3	%		2.6	%		2.2	%		1.6	%
Ratio of Expenses to Average Net Assets		2.0	%*		2.0	%		2.2	%		2.2	%		1.6	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%*		(1.7	)%		(1.9	)%		(1.9	)%		(1.3	)%
Portfolio Turnover Rate		128.0	%		177.7	%		96.0	%		558.1	%		688.4	%

*	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 six months ended June 30, 2004 (Unaudited).

(c)	In 2000, the Fund changed its fiscal year-end from October to December.

(d)	Amount calculated is less than $0.005.

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS

June 30, 2004 (Unaudited)

1.	Organization

The accompanying financial statements represent the following Strong Sector Funds (the “Funds”), each with its own investment objectives and policies:

–

Strong Energy Fund (a series fund of Strong Conservative Equity Funds, Inc.)

–

Strong Technology 100 Fund (a series fund of Strong Equity Funds, Inc.)

Each Fund is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”).

Strong Energy Fund and Strong Technology 100 Fund offer Investor Class shares, which are available to the general public.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

(A)

The Funds may own certain securities that are restricted as to resale. Restricted securities include Section 4(2) commercial paper, securities issued in a private placement, or securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933. Restricted securities may be determined to be liquid or illiquid based upon guidelines established by the Funds’ Board of Directors. Illiquid securities are valued after giving due consideration to pertinent factors, such as recent private sales, market conditions, and the issuer’s financial performance. The Funds held no restricted and illiquid securities at June 30, 2004.

(B)

Each Fund generally pays dividends from net investment income and distributes net realized capital gains, if any, at least annually.

(C)

(D)

(E)

(F)

Written Options — The Funds may write put or call options. Premiums received by the Funds upon writing put or call options are recorded as an asset with a corresponding liability that is subsequently adjusted daily to the current market value of the option. Changes between the initial premiums received and the current market value of the options are recorded as unrealized gains or losses by the Funds. When a written option is closed, expired, or exercised, the Funds realize a gain or loss, and the liability is eliminated. The Funds continue to bear the risk of adverse movements in the price of the underlying asset during the period of the written option, although any potential loss during the period would be reduced by the amount of the option premium received by the Funds. Each Fund designates liquid securities or cash on its books to cover its financial exposure on open written options contracts

(G)

(H)

(I)

Short Positions — The Funds may engage in short sale transactions. For financial statement purposes, an amount equal to the settlement amount is included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the short position. Changes between the amount of the liability and the current market value of the short positions are recorded as unrealized gains or losses. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Fund and are included in Other Expenses in the Statement of Operations. If the Funds sell securities short while also holding the long position in the security, they may protect unrealized gains, but will lose the opportunity to profit on such securities if the price rises. If the Funds sell securities short when not holding the long position in the security, they will experience a loss if the market price of the security increases between the date of the short sale and date the security is replaced.

(J)

(K)

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

At June 30, 2004, Strong Technology 100 Fund had securities with a market value of $11,464,190 on loan and had received $11,858,724 in collateral (both are included within Investments in the Statement of Assets and Liabilities). Amounts earned as interest on investments of cash collateral, net of rebates and other securities lending expenses, are included in Interest Income in the Statement of Operations. For the six months ended June 30, 2004, this securities lending income totaled $3,869.

The three primary risks associated with securities lending are; a borrower defaulting on its obligation to return the securities loaned resulting in a shortfall on the posted collateral; a principal loss arising from the lending agent’s investment of cash collateral; and the inability of the lending Fund to recall a security in time to exercise valuable voting rights or sell the security. In each case, the lending agent has indemnified the Funds for these types of losses.

(L)

(M)

(N)

(O)

(P)

(Q)

(R)

Redemption Fees — Investor Class shares of Strong Technology 100 Fund held for thirty calendar days or less after purchase are subject to a redemption fee of 1.00%, based on the redeemed share’s market value. Redemption fees are paid directly to the Fund. The amount collected for the period is included in Capital Stock reported in the Statements of Assets and Liabilities and in Note 8.

3.	Related Party Transactions


	Advisory Fees		Administrative Fees
Strong Energy Fund	0.75	%⁽¹⁾	0.30	%
Strong Technology 100 Fund	0.75	%⁽¹⁾	0.30	%

⁽¹⁾	The investment advisory fees are 0.75% for assets under $4 billion, 0.725% for the next $2 billion assets, and 0.70% for assets $6 billion and above.

The Funds’ Advisor and/or Administrator may voluntarily waive or absorb certain expenses at their discretion. The Funds’ Advisor and/or Administrator has contractually agreed to waive its fees and/or absorb expenses until May 1, 2005 for the Strong Technology 100 Fund to keep Net Annual Operating Expenses at no more than 2.00%. Transfer agent and related service fees for the Investor Class shares are paid at an annual rate of $27.00 for each open shareholder account and $4.20 for each closed shareholder account. Transfer agent fees are recorded in Shareholder Servicing Costs in the Funds’ Statement of Operations. The Administrator also allocates to each Fund certain charges or credits resulting from transfer agency banking activities based on each Class’ level of subscription and redemption activity. Transfer Agency Banking Charges allocated to

the Funds by the Advisor are included in Other Expenses in the Funds’ Statements of Operations. Transfer Agency Banking Credits allocated by the Administrator, if any, serve to reduce the transfer agent expenses incurred by the Funds and are included in Expense Offsets in the Funds’ Statements of Operations. The Administrator is also compensated for certain other out-of-pocket expenses related to transfer agent services.

Scarborough Investment Advisers LLC manages the equity investments of Strong Energy Fund under a subadvisory agreement with the Advisor. Scarborough is compensated by the Advisor (not the Fund) and bears all of its own expenses in providing subadvisory services.

The Funds may invest cash in money market funds managed by the Advisor, subject to certain limitations set by the Fund’s Board of Directors and applicable law.

Certain information regarding related party transactions, excluding the effects of waivers and absorptions, for the six months ended June 30, 2004, is as follows:


	Payable to/ (Receivable from) Advisor or Administrator at June 30, 2004		Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ and Independent Officers’ Fees
Strong Energy Fund	$	6,105	$	29,250	$	339	$	671
Strong Technology 100 Fund		147,125		648,815		3,768		4,015

4.	Expense Offsets

For the six months ended June 30, 2004, the expense offsets are as follows:


	Expense Waivers and Absorptions			Directed Brokerage Credits			Earnings Credits
Strong Energy Fund	$	(1,763	)	$	(1,003	)	—
Strong Technology 100 Fund		(255,304	)		(3,433	)	(574	)

5.	Line of Credit

6.	Investment Transactions

The aggregate purchases and sales of long-term securities during the six months ended June 30, 2004, were as follows:


	Purchases		Sales
Strong Energy Fund	$	1,844,800	$	3,405,426
Strong Technology 100 Fund		167,052,251		220,272,508

There were no purchases or sales of long-term U.S. government securities for the six months ended June 30, 2004.

7.	Income Tax Information

The following information for the Funds is presented on an income tax basis as of June 30, 2004:


	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments
Strong Energy Fund	$	9,374,991	$	3,911,989	$	(3,180	)	$	3,908,809
Strong Technology 100 Fund		115,200,394		20,060,340		(1,107,962	)		18,952,378

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions.

The capital loss carryovers (expiring in varying amounts through 2011) as of December 31, 2003 and tax basis post-October losses as of December 31, 2003, which are not recognized for tax purposes until the first day of the following fiscal year, are:


	Net Capital Loss Carryovers		Post-October Losses
Strong Energy Fund	$	3,612,032	$	51,211
Strong Technology 100 Fund		260,830,820		2,118,687

8.	Capital Share Transactions


	Strong Energy Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	5,936,507		$	6,020,918
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(5,693,994	)		(10,604,281	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	242,513		$	(4,583,363	)

Transactions in Shares of the Fund Were as Follows:
Sold		481,299			584,570
Issued in Reinvestment of Distributions		—			—
Redeemed		(465,371	)		(1,041,125	)

Net Increase (Decrease) in Shares of the Fund		15,928			(456,555	)


	Strong Technology 100 Fund
	Six Months Ended June 30, 2004			Year Ended Dec. 31, 2003
	(Unaudited)
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	9,084,851		$	91,358,330
Proceeds from Reinvestment of Distributions		—			—
Proceeds from Redemption Fees		5,091			18,889
Payment for Shares Redeemed		(60,956,054	)		(111,048,399	)

Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(51,866,112	)	$	(19,671,180	)

Transactions in Shares of the Fund Were as Follows:
Sold		1,957,642			25,035,694
Issued in Reinvestment of Distributions		—			—
Redeemed		(13,017,799	)		(28,866,937	)

Net Increase (Decrease) in Shares of the Fund		(11,060,157	)		(3,831,243	)

9.	Legal and Regulatory Matters

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2004 (Unaudited)

10.	Pending Acquisition

The mergers, which are anticipated to close in the first quarter of 2005, are subject to a number of conditions, including approval by the Board and shareholders of the Strong Funds.

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 71 mutual funds (“Strong Funds”).

Willie D. Davis (DOB 7-24-34), Director of the Strong Funds since July 1994.

Gordon B. Greer (DOB 2-17-32), Director of the Strong Funds since March 2002.

Stanley Kritzik (DOB 1-9-30), Director of the Strong Funds since January 1995 and Chairman of the Audit Committee of the Strong Funds since July 2000.

Neal Malicky (DOB 9-14-34), Director of the Strong Funds since December 1999.