Strong Opportunity Fund (SOPFX) N-CSR Certified annual shareholder report (management investment company)

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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: 811-3793

Strong Opportunity Fund, Inc., on behalf

of Strong Advisor Select Fund,

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

Strong Endeavor Fund and Strong Opportunity Fund

(Exact name of registrant as specified in charter)

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

John W. Widmer, 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: December 31, 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

ANNUAL REPORT    |    December 31, 2004

Strong

Advisor Equity

Funds

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

ANNUAL REPORT    |    December 31, 2004

Strong

Advisor Equity

Funds

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) for Wells Fargo to acquire certain assets of SFC and certain of its affiliates, including the Advisor. On December 10, 2004, and on December 22, 2004, shareholders of the Strong Funds met and approved 1) the reorganization of each Strong Fund into a Wells Fargo Advantage Fund (“Reorganization”), and 2) interim investment advisory agreements between the Strong Funds and Wells Fargo Funds Management, LLC and certain sub-advisors (“Interim Agreements”). The Interim Agreements became effective January 1, 2005. The Reorganization of the Funds is expected to occur on or about April 11, 2005.

Table of Contents

Investment Reviews
Strong Advisor Common Stock Fund	2
Strong Advisor Mid Cap Growth Fund	6
Strong Advisor Small Cap Value Fund	10
Strong Advisor U.S. Value Fund	14
Strong Advisor Endeavor Large Cap Fund	18
Strong Advisor Focus Fund	22
Strong Advisor International Core Fund	26
Strong Advisor Select Fund	30
Strong Advisor Technology Fund	34
Strong Advisor U.S. Small/Mid Cap Growth Fund	38
Strong Advisor Utilities and Energy Fund	42
Strong Advisor Large Company Core Fund	46
Your Fund’s Expenses	50
Financial Information
Schedules of Investments in Securities
Strong Advisor Common Stock Fund	52
Strong Advisor Mid Cap Growth Fund	54
Strong Advisor Small Cap Value Fund	55
Strong Advisor U.S. Value Fund	61
Strong Advisor Endeavor Large Cap Fund	63
Strong Advisor Focus Fund	64
Strong Advisor International Core Fund	65
Strong Advisor Select Fund	66
Strong Advisor Technology Fund	67
Strong Advisor U.S. Small/Mid Cap Growth Fund	68
Strong Advisor Utilities and Energy Fund	70
Strong Advisor Large Company Core Fund	70
Statements of Assets and Liabilities	72
Statements of Operations	80
Statements of Changes in Net Assets	86
Financial Highlights	93
Notes to Financial Statements	114
Report of Independent Registered Public Accounting Firm	138
Results of Shareholders Meetings	139
Directors and Officers	144

Market Update From Dick Weiss

January 1, 2004, to December 31, 2004

It’s indisputable: When it comes to the stock market, resolution brings results.

We saw this clearly at the tail end of 2004. The market as a whole had wandered aimlessly for the first 10 months of the year, spooked by uncertainty over the outcome of a contentious U.S. Presidential Election and our continuing involvement in Iraq. With George W. Bush’s reelection in November, the market surged, driven by the knowledge that there would be no change of administration in Washington and the U.S. commitment to democratize Iraq would continue.

One issue that currently weighs on the markets is inflation. There was tremendous inflation at the raw material level in both 2003 and 2004, but it has not shown up in any marked degree in the Consumer Price Index (CPI). The most obvious example occurred in the energy sector, where oil rose well above $50 per barrel. Historically, that sort of spike in oil prices would have dramatically (and negatively) impacted the average American’s financial affairs. This time, however, it did not.

Why? Because rather than pass on those increasing raw material costs to customers, most companies chose to take the hit themselves, largely because demand seemed soft. It seems to me that the tricky question is whether companies will continue to absorb higher prices for raw materials (thus depressing profit margins) or, rather, pass those costs along to the public.

In any event, it’s clear that there’s a lot more inflation in the system than is reflected in the CPI. Hence, it’s become a matter of how that inflation will be managed — and by whom.

It’s also worth noting that there are deflationary pressures afoot in the world’s economy today. China, absorbing millions of new workers into its labor pool, is exporting cheap goods around the globe. The United States is the destination for a disproportionate share of that production, and the Chinese are financing our purchases. For the moment, that practice has helped to prop up the U.S. dollar. In the long run, it has unsettling implications.

As we look at 2005, there are a lot of moving parts out there — inflation, deflation, Iraq, China, the ups-and-downs of the U.S. dollar, and the mind-boggling developments in technology with their transformative effects on both our corporate and personal lives. Rapidly aging populations in Europe and China will cause seismic demographic shifts that we believe will have a long-term, dramatic effect on the world economy and markets.

Thanks for your continued investment.

Richard T. Weiss

Strong Financial Corporation

Strong Advisor Common Stock Fund

Continuing the previous year’s bull market, the U.S. stock market posted another positive year in 2004. The Strong Advisor Common Stock Fund’s Class Z shares gained 9.96% for the 12 months ending December 31, 2004. This result trailed that of the Fund’s broad-based benchmark, the Russell Midcap Index, which returned 20.22% during the same period.

A growing economy and higher rates

Strong consumer spending continued to carry the economy during 2004, while corporate spending gradually strengthened. The Federal Reserve continued to raise interest rates gradually during the period — exemplifying its confidence in the economy’s underlying strength. The Fed initiated five separate quarter-percentage-point rate hikes between June 30 and the end of the year.

We positioned the Strong Advisor Common Stock Fund with an expectation for higher rates and an aggressive economic recovery in 2004. The market rose only modestly for the first two-thirds of the year, as uncertainty surrounded the outcome of the U.S. presidential election and energy costs continued to rise. However, in the year’s fourth quarter, after the election ended in decisive fashion and energy prices began declining, the stock market rallied and ended the year on a very positive note.

Choosing stocks for the portfolio

The Strong Advisor Common Stock Fund uses a private market methodology to build its portfolio of securities. In other words, our investment process leads us to evaluate companies’ competitive strengths, assets, and financial position. We synthesize this information to gauge the value an independent buyer would pay for the entire company, and then we look for stocks to buy that are trading at a discount to that value.

This process attracted us to the Internet sector, especially in companies helping to rejuvenate the advertising business. We believed that Internet advertising companies would benefit from the rising economy as well as take market share from traditional advertising businesses.

DoubleClick was an investment based on this thesis. After the Internet “bubble” burst several years ago, the stock represented a compelling opportunity for value investors attracted to its reasonable price. After the company changed its business model several times in 2003, we concluded that DoubleClick’s acquisitions would complement positive trends we forecasted for Internet stocks in 2004.

Morningstar^® Style Box^™ *

Despite a favorable operating environment in 2004, DoubleClick faced challenges in integrating several of its acquisitions. Also, the company’s core ad-serving technology could not withstand pricing pressure from its competition. In the last quarter of 2004, the company announced intentions to explore strategic opportunities to increase shareholder value. Against this backdrop, DoubleClick was a disappointing performer for the Fund during the period. More helpful for performance was the Fund’s overweight position in energy stocks, which generally enjoyed very strong results. In 2004 we saw record-high energy prices, caused principally by a combination of a strengthening global economy and tightening crude oil and natural gas supplies. As energy companies increased their production to take advantage of the higher prices, the number of drilling rigs worldwide increased significantly.

One energy stock we owned during the period was Noble Corporation, which has one of the world’s most diverse fleets of offshore rigs. As drilling activity increased, the utilization rates of the rigs also increased, allowing Noble Corporation to receive higher day rates. Energy analysts expect that the financial leverage from the increased drilling activity may be fully realized in 2005, for which earnings estimates are more than 80% above 2004 levels. This anticipated future financial strength caused Noble Corporation’s stock price to appreciate nearly 40% during 2004.

What lies ahead?

Our outlook for 2005 depends on several factors, including the pressure of inflation, the dollar’s resilience to large trade and fiscal deficits, and the need for more rapid economic growth from countries outside of the United States. Consumer spending is starting to drop off slightly, but we expect that increased corporate spending and lower fuel costs should support the continued economic recovery.

The Fund is expected to reorganize into the Wells Fargo Advantage Common Stock Fund, the successor to the Strong Advisor Common Stock Fund, on or about April 11, 2005.

We appreciate your trust in our investment expertise and are committed to providing you with positive long-term performance. Best wishes for a happy, healthy, and profitable 2005.

Richard T. Weiss

Portfolio Co-Manager

Ann M. Miletti

Portfolio Co-Manager

* The Morningstar Style Box^™ reflects 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).

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.

2

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

3

Strong Advisor Common Stock Fund

Growth of an Assumed $10,000 Investment^†

From 12-29-89 to 12-31-04

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.

^† 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.

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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Noble Corporation	2.5	%
Burlington Resources, Inc.	2.3	%
Cablevision Systems New York Group Class A	2.2	%
Apache Corporation	2.1	%
Mentor Graphics Corporation	1.8	%
Lonza Group AG	1.8	%
Smith International, Inc.	1.8	%
Pactiv Corporation	1.8	%
City National Corporation	1.7	%
EOG Resources, Inc.	1.7	%
Top Ten	19.7	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

4

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	3.37	%
5-year	2.14	%
10-year	12.44	%
Since Fund Inception (12-29-89)	14.45	%

Class A, excluding sales load
1-year	9.67	%
5-year	3.36	%
10-year	13.11	%
Since Fund Inception (12-29-89)	14.90	%

Class B1,2
1-year	3.89	%
5-year	2.32	%
10-year	12.66	%
Since Fund Inception (12-29-89)	14.62	%

Class C1,2
1-year	7.84	%
5-year	2.68	%
10-year	12.48	%
Since Fund Inception (12-29-89)	14.30	%

Class Z1,3
1-year	9.96	%
5-year	3.64	%
10-year	13.47	%
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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns reflect 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 and the different expenses of the Class B shares, 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.

General:

³ The 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Oil & Gas — United States Exploration & Production	6.1	%
Media — Cable TV	6.1	%
Electronics — Semiconductor Manufacturing	5.3	%
Insurance — Property/Casualty/Title	4.1	%
Oil & Gas — Drilling	4.0	%
Medical/Dental — Services	2.7	%
Retail — Department Stores	2.6	%
Computer — IT Services	2.4	%
Medical — Biomedical/Biotechnology	2.4	%
Medical — Products	2.4	%
Top Ten	38.1	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk and small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

5

Strong Advisor Mid Cap Growth Fund

Recording its second consecutive year of positive double-digit returns, the Strong Advisor Mid Cap Growth Fund Class Z shares recorded a gain of 18.41% during 2004. Though the fund performed well, it fell short of the 20.22% return registered by the broad-based Russell Midcap Index.

During 2004, mid-cap value stocks outperformed mid-cap growth stocks by a wide margin, continuing a pattern we have seen for four of the last five years. This worked against our ability to beat the Russell Midcap Index, which includes both growth and value stocks. Other sources of weakness compared with the benchmark included Fund holdings in generic drug, homebuilding, and biotechnology stocks.

Positive contributors to the Fund’s performance came most noticeably from the consumer discretionary sector, including names such as Starbucks, Harman International, and Station Casinos. Energy was another area of strength for the Fund, led by outstanding performance from Ultra Petroleum, a fast-growing exploration and production company. Other standout positive contributors were Puerto Rican bank, Doral Financial, and technology leaders Apple Computer and Marvell Technology.

Capitalizing on strong, sustainable growth

We believe earnings and revenue growth are critical factors in determining stock price movements. Thus, our research process is centered around finding companies with the prospects for robust and sustainable growth in earnings and revenue. To find that growth, we use thorough, hands-on research, emphasizing the potential profitability of a company’s business model and management’s track record in successfully executing its strategy. We then combine that company-specific analysis with our assessment of macroeconomic, secular, and technical trends to form a decision about whether to invest in a particular stock.

For example, several months ago, we purchased shares of Ultra Petroleum because we believed it had tremendous potential profitability — extremely high production growth combined with the industry’s lowest cost structure. Our conclusion was that Ultra Petroleum’s high production growth rate was likely to continue for several more years, driven by the strength of its drilling prospects and management’s solid track record. Finally, an investment in Ultra Petroleum made sense given the team’s positive overall outlook for crude oil and natural gas prices. Ultra Petroleum was up 95% in 2004 and was one of the Fund’s largest holdings as of December 31, 2004.

Morningstar^® Style Box^™*

The importance of effective selling criteria

Deciding when to sell a stock is just as important as deciding when to buy. Our selling criteria are essentially the opposite of our buying criteria. We may sell a stock when we see a deterioration in its fundamental qualities that causes us to become suspicious about the company’s prospective growth profile or the potential profitability of its business model. Examples of events that can trigger this suspicion are questionable earnings reports, new competitive threats, changes in the economy, or changes in management personnel.

In July of 2004, following its latest quarterly earnings report, we began selling shares of eResearch Technology, which provides software and consulting services to help companies streamline the Food and Drug Administration approval process. For the first time in several quarters, eResearch failed to post earnings that were higher than analysts’ estimates. Also, the growth in backlog of orders, a leading indicator of future growth, slowed dramatically. Our instincts to get more cautious proved accurate. In the following weeks and months, eResearch management guided analysts’ forecasts lower for the remainder of 2004 and for 2005. After falling as low as $10.70 in October, the stock finished the year at $15.85, down sharply from our initial sales in the mid $20s.

Looking ahead

As we begin 2005, our outlook for the next several months remains positive, as we expect the economy to benefit from continued low interest rates and inflation. This environment should allow for solid growth in corporate profits, which is typically beneficial to stock prices. We plan to continue to seek out the fastest-growing companies we can identify that we believe fit within the framework of our investment process.

Effective February 18, 2005, Jerome “Cam” Philpott, CFA, and Stuart Roberts of Wells Capital Management Incorporated will become the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Mid Cap Growth Fund on or about April 11, 2005.

It has been my pleasure being the Fund’s Portfolio Manager over the last year and a half. Thank you for your investment in the Strong Advisor Mid Cap Growth Fund.

Brandon Nelson

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

6

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

7

Strong Advisor Mid Cap Growth Fund

Growth of an Assumed $10,000 Investment^†

From 12-31-96 to 12-31-04

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.

^† 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.

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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Ultra Petroleum Corporation	3.6	%
Doral Financial Corporation	3.3	%
Starbucks Corporation	3.1	%
Apple Computer, Inc.	2.8	%
Marvell Technology Group, Ltd.	2.7	%
Station Casinos, Inc.	2.5	%
Cognizant Technology Solutions Corporation Class A	2.4	%
Sierra Health Services, Inc.	2.4	%
Marriott International, Inc. Class A	2.1	%
Alliance Data Systems Corporation	2.0	%
Top Ten	26.9	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

8

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	11.58	%
5-year	-10.00	%
Since Fund Inception (12-31-96)	4.87	%

Class A, excluding sales load
1-year	18.43	%
5-year	-8.93	%
Since Fund Inception (12-31-96)	5.65	%

Class B1,2
1-year	12.71	%
5-year	-10.12	%
Since Fund Inception (12-31-96)	5.07	%

Class C1,2
1-year	16.71	%
5-year	-9.51	%
Since Fund Inception (12-31-96)	5.07	%

Class Z1,3
1-year	18.41	%
5-year	-8.93	%
Since Fund Inception (12-31-96)	5.79	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns reflect 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 and the different expenses of the Class B shares, 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.

General:

³ The 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Oil & Gas — United States Exploration & Production	8.4	%
Medical — Health Maintenance Organizations	6.8	%
Financial Services — Miscellaneous	5.6	%
Electronics — Semiconductor Manufacturing	4.3	%
Leisure — Gaming/Equipment	3.5	%
Leisure — Hotels & Motels	3.4	%
Computer — IT Services	3.3	%
Finance — Mortgage & Related Services	3.3	%
Retail — Restaurants	3.1	%
Telecommunications — Wireless Services	3.1	%
Top Ten	44.8	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

9

Strong Advisor Small Cap Value Fund

The U.S. equity markets fluctuated for much of 2004 before turning in a strong rally in the fourth quarter. Despite rising interest rates, investors were cheered in part by an incumbent winning the U.S. presidential race and crude oil prices easing from their all-time highs. For the 12 months ending December 31, 2004, the Strong Advisor Small Cap Value Fund’s Class Z shares returned 20.09% versus the 18.33% return of its benchmark, the Russell 2000 Index.

Small-capitalization value stocks outperformed their large-and mid-cap counterparts during the period. In fact, small-cap value was one of the top-performing asset classes in 2004. What’s more, the Russell 2000 Index, which includes both value and growth stocks from the small-cap sector, reached record highs during the year and has outperformed the S&P 500 Index, which is dominated by large-cap stocks, for six years in a row.

The small-cap value asset class contains many stocks that are underfollowed, undervalued, and underloved. Our team employs a qualitative and quantitative screening process, followed by fundamental research, which allows only companies that meet our high standards to become holdings in the Fund.

Industrials, materials, and energy aided performance

The industrials and materials sectors added value to the Fund. Within industrials, stocks in construction and engineering, along with commercial services and supplies, performed well and were among the top contributors for the period. Meanwhile, chemical names aided performance in the materials sector. PolyOne Corporation, a specialty polymer manufacturer, was a strong performer from sales of its resin products. On the other hand, despite a solid rally in metals and mining stocks in the third quarter, the Fund experienced a pullback in many of these names during the fourth quarter. However, we continued to have conviction in these stocks, as we believed they could add significant value to the Fund over the long term.

The energy sector — in which the Fund remained overweighted compared to the benchmark during the period — also contributed to performance. Several energy equipment and services names, as well as oil and gas securities, were top contributors to performance. Range Resources was a top performer for the energy sector as the oil services and natural gas firm reported higher than expected natural gas reserves. Range Resources is an independent oil and gas company operating in the Southwest, Gulf Coast and Appalachian regions of the United States. In addition, Global Industries, an offshore oil pipeline services firm, was a strong contributor. Global has the largest fleet of service vessels available in the Gulf of Mexico. Many of our energy holdings have been long-term positions for the Fund. While some of these stocks lost ground near the end of the year as energy prices retreated from their October highs, we believed the valuations of the Fund’s energy holdings remained attractive. Investors’ concerns about energy supplies, coupled with international political unrest and high global demand, led us to maintain a positive outlook for this sector throughout 2004.

Morningstar^® Style Box^™ *

Late in the year, the Fund’s consumer discretionary stocks began moving up, with commercial services and retailers leading performance. The Fund owned well known, yet underfollowed, stocks such as American Eagle Outfitters, Stamps.com, and Circuit City Stores, all of which contributed to performance.

Technology and financials disappointed

The technology sector slightly detracted from the Fund’s performance for the year. Some technology names rebounded near year end after a difficult third quarter. Software and computer stocks, in particular, produced solid returns and helped performance compared with the benchmark. However, some semiconductor stocks were hit hard at the end of the fourth quarter, namely Cirrus Logic, a multimedia chipmaker for the consumer entertainment industry (DVDs, televisions, digital home theater systems), as well as solutions for automotive and industrial applications. We believed that many technology holdings became overvalued during the year, and therefore we were selective in this area, as we have been for several years.

The Fund also underperformed the benchmark in the financials sector. We remained cautious about this area, especially the banking industry, in which the Fund was significantly underweighted compared to the benchmark. Given the rising interest-rate environment, we believed traditional banks might experience downward pressure on their profit margins. We continued to look for companies with the ability to increase revenue growth while possessing underlying fundamentals that met our stringent criteria. Select names within the insurance industry illustrated this point. Versus the benchmark, the Fund maintains a lower concentration of real estate securities, specifically REITs. Due to this underweighting, the Fund underperformed in this area for the year.

Looking ahead

Despite significant outperformance by the small-cap value asset class during the past six years, we believe many opportunities still exist. While valuations in some groups such as technology and financials appear overextended, we remain alert for pullbacks that could present opportunities for adding to positions in which we have conviction. Meanwhile, our outlook on energy remains constructive, and we continue to maintain larger investments in the sector based on our belief that certain industries in it offer the potential for strong and sustainable earnings growth.

The Fund is expected to reorganize into the Wells Fargo Advantage Small Cap Value Fund, the successor to the Strong Advisor Small Cap Value Fund, on or about April 11, 2005.

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

I. Charles Rinaldi

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

10

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet
	Fund Highlights are continued on next page.

11

Strong Advisor Small Cap Value Fund

Growth of an Assumed $10,000 Investment^†

From 12-31-97 to 12-31-04

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.

^† 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.

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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Range Resources Corporation	4.2	%
Chicago Bridge & Iron Company NV	3.0	%
Forest Oil Corporation	2.7	%
Glamis Gold, Ltd.	2.6	%
Global Industries, Ltd.	2.2	%
United States Steel Corporation	2.0	%
Apex Silver Mines, Ltd.	1.9	%
UNOVA, Inc.	1.8	%
Steel Dynamics, Inc.	1.6	%
Beverly Enterprises, Inc.	1.6	%
Top Ten	23.6	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

12

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	13.00	%
5-year	18.47	%
Since Fund Inception (12-31-97)	17.83	%

Class A, excluding sales load
1-year	19.89	%
5-year	19.88	%
Since Fund Inception (12-31-97)	18.83	%

Class B1,2
1-year	13.95	%
5-year	18.88	%
Since Fund Inception (12-31-97)	18.83	%

Class C1,2
1-year	18.00	%
5-year	19.13	%
Since Fund Inception (12-31-97)	18.15	%

Class Z1,3
1-year	20.09	%
5-year	20.10	%
Since Fund Inception (12-31-97)	19.08	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns reflect 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 and the different expenses of the Class B shares, 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.

General:

³ The 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Oil & Gas — United States Exploration & Production	12.2	%
Oil & Gas — Field Services	8.9	%
Metal Ores — Gold/Silver	8.8	%
Steel — Producers	5.6	%
Oil & Gas — Drilling	3.7	%
Building — Heavy Construction	3.0	%
Insurance — Property/Casualty/Title	2.8	%
Commercial Services — Security/Safety	2.7	%
Commercial Services — Staffing	2.4	%
Medical — Nursing Homes	2.4	%
Top Ten	52.5	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: value-style investing risk and small-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

13

Strong Advisor U.S. Value Fund

The Strong Advisor U.S. Value Fund outperformed its broad-based index, the S&P 500 Index for the year ended December 31, 2004. The Fund’s Class Z shares returned 14.11%, while the S&P 500 Index returned 10.87%.

The first half of 2004 delivered high-energy prices, robust economic data, and solid corporate profits. However, the third quarter was sluggish due to fears that the economy had hit a soft spot. Employment numbers, which were weak in the early stages of the third quarter, turned positive in the final month, which encouraged investors. After the presidential elections in November, we observed a powerful rally in share prices, a resurgence of positive economic data, and a decline in energy prices. The persistence of these positive indicators supported a consensus that a market rally could be sustainable, amid growing concerns over a weaker U.S. dollar, rising interest rates, and a prolonged rebuilding effort in Iraq.

Finding “the right company at the right price”

Our disciplined investment process focuses on finding the right company at the right price at the right time. We spend virtually all of our time and effort on bottom-up, fundamental stock research. Individual stock selection, not sector allocation, drives the Fund’s performance. During the period, stock selection was particularly strong in financials, utilities, and information technology. The strength of stocks this year, particularly in the fourth quarter, was driven by the optimism of not only shareholders but also corporate managers. Merger-and-acquisition activity heated up significantly, and the Fund owned a number of stocks involved in this trend. Bank One, Charter One Financial, Cox Communications, Provident Financial Group, Public Service Enterprise Group, and SOLA International all received takeover bids, directly benefiting our performance.

The Fund’s sector weightings are the direct result of our individual company selections, rather than top-down, macroeconomic considerations. That said, the portfolio benefited this year from having a significant presence in energy, industrial, and utility sectors. As the year progressed, we shifted some energy exposure from exploration and production (E&P) to oil services — for example, Cooper Cameron — amid the euphoric sentiment created by industry consolidation in the E&P group. Moreover, as industrials moved to all-time highs during the year, we moved to an underweighting, compared to the benchmark, in this sector. Within utilities, where we also took profits but remained largely invested throughout the year, electric utility holdings such as First Energy and TXU were standout performers.

Morningstar^® Style Box^™ *

Investments in insurance

Our stance on financial stocks, which was to sell bank stocks into strength and to buy insurance stocks into weakness, has been relatively unchanged for several years and served us well during 2004. Financials have been consistent market performers over this period, never falling out of favor. In fact, financials delivered record earnings and traded at record high prices. One of the primary reasons that value indices have performed so much better than growth indices over the last five years has been the strength in financials. Overall, we significantly reduced financials into 2004’s strength. Within financials, we continued to overweight insurance compared to the benchmark, with names like Loews and SAFECO aiding performance.

The Fund benefited from having fewer investments in the very weak technology sector. Despite the sector’s weakness, we were able to take advantage of some specific opportunities and were rewarded for this selectivity through the performance of software giant Microsoft and semiconductor maker Texas Instruments.

Our consumer discretionary stocks proved to be drags on performance. Lack of exposure to faster-growing industries such as Internet and catalog retailing detracted from performance. We continued to believe our larger holdings in this sector, Clear Channel Communications and Reader’s Digest Association, represented exceptional value and added to both during the year.

As in 2003, the year saw considerable weakness in the U.S. dollar, a condition that is typically more beneficial for larger companies, as they are more likely to be exporters and can therefore benefit from stronger currencies abroad. Despite this, small caps outperformed again in 2004. After six years of underperformance, we believe it is reasonable for investors in large-cap stocks to expect them to play “catch-up” in 2005 and beyond.

Focusing on out-of-favor stocks

We will continue to keep our heads down and our eyes open, seeking out companies with solid assets, manageable debt levels, and credible management teams. We will work to buy the stocks of these companies at attractive prices — which often come when they are temporarily out of favor with investors. Discipline and patience, along with a strong focus on risk management, continue to be hallmarks of our management style.

The Fund is expected to reorganize into the Wells Fargo Advantage U.S. Value Fund, the successor to the Strong Advisor U.S. Value Fund, on or about April 11, 2005.

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

Robert J. Costomiris

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

14

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet
	Fund Highlights are continued on next page.

15

Strong Advisor U.S. Value Fund

Growth of an Assumed $10,000 Investment^†

From 12-29-95 to 12-31-04

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.

^† 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 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.

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 Large-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Value Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Exxon Mobil Corporation	5.3	%
General Electric Company	3.5	%
Comcast Corporation Class A	3.2	%
Bristol-Myers Squibb Company	2.6	%
ImClone Systems, Inc.	2.6	%
Del Monte Foods Company	2.4	%
Kraft Foods, Inc. Class A	2.2	%
The Kroger Company	2.2	%
Clear Channel Communications, Inc.	2.1	%
Cooper Cameron Corporation	2.0	%
Top Ten	28.1	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

16

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	7.50	%
5-year	0.18	%
Since Fund Inception (12-29-95)	10.01	%

Class A, excluding sales load
1-year	14.08	%
5-year	1.38	%
Since Fund Inception (12-29-95)	10.74	%

Class B1,2
1-year	8.20	%
5-year	0.28	%
Since Fund Inception (12-29-95)	10.10	%

Class C1,2
1-year	12.15	%
5-year	0.67	%
Since Fund Inception (12-29-95)	10.00	%

Class K1,2
1-year	14.53	%
5-year	1.81	%
Since Fund Inception (12-29-95)	11.18	%

Class Z1,3
1-year	14.11	%
5-year	1.40	%
Since Fund Inception (12-29-95)	10.93	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns reflect 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 and the different expenses of the Class B shares, 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. The performance of Class K shares prior to 12-31-01, is based on the Fund’s Class Z shares’ performance.

Please consult a prospectus for information about all share classes.

General:

³ The 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Oil & Gas — International Integrated	8.2	%
Diversified Operations	6.4	%
Food — Miscellaneous Preparation	6.0	%
Medical — Biomedical/Biotechnology	5.3	%
Utility — Electric Power	5.0	%
Media — Radio/TV	4.6	%
Telecommunications — Services	4.6	%
Banks — Money Center	4.4	%
Media — Cable TV	3.4	%
Medical — Ethical Drugs	3.2	%
Top Ten	51.1	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to value-style investing risk. Consult the Fund’s prospectus for additional information on this and other risks.

17

Strong Advisor Endeavor Large Cap Fund

The U.S. stock market delivered a second consecutive year of gains to investors in 2004. The economy grew in fits and starts, making equity returns volatile, with much of the year’s gain being produced in the fourth quarter. For the year ended December 31, 2004, the Strong Advisor Endeavor Large Cap Fund’s Class A shares returned 8.79% (15.38% when excluding the initial sales charge), compared to its broad-based benchmark, the S&P 500 Index, which advanced 10.87%. The Fund performed well against its benchmark, as it focused on companies with the strongest fundamentals and avoided many of the period’s highly publicized disappointments.

The year tested investors, as gains in the equity market were limited for much of the year by uncertainty about the presidential election, uneven job growth, increasing energy prices, rising short-term interest rates, a declining dollar, and continued turmoil in Iraq. Despite these trends, the economy continued to expand, and many companies experienced healthy profit growth that supported higher stock prices.

Investigative approach to investing

Throughout the year we executed on our intensive research process of “surrounding the company” in order to generate competitive returns for our shareholders. We attempt to delve deeply into each company through financial statement analysis, conversations with management and channel checks of suppliers, customers and competitors. By utilizing this encompassing model, we are often able to identify companies that have the potential to produce a great deal of value relative to the required investment. Moreover, the process tends to provide us with comprehensive knowledge regarding each of the Fund’s holdings.

Equally important is the fact that our team encourages an environment open to dissent. Within this environment, portfolio managers and analysts constantly challenge each individual investment. Every question presented requires the investment to further justify its position within the Fund. This is a well-established and respected practice of all team members that should continue to assist us in assessing the risk and reward of every investment.

Holdings that outperformed

Due to the concerns about oil supply relative to growing demand, companies that produce energy and those that make equipment to recover energy performed well. One of these was Canadian Natural Resources, a premier exploration and production company with substantial potential for production growth from its Horizon oil sands project, located in Alberta, Canada. Horizon is expected to come on line in 2008 and has been estimated to be capable of producing up to six billion barrels of oil over about 40 years. In addition to its Alberta operations, the company has holdings in the North Sea and West Africa.

Morningstar^® Style Box^™ *

Another top performer for the year was Yahoo!. One of the key drivers for this online media company was an increase in online advertising. During the period, online media represented almost 15% of total media consumption by consumers and continued to gain market share. However, only 3% to 5% of total advertising dollars were spent online. If recent trends persist, this gap could start to close next year. Yahoo!’s competitive advantages are its breadth of offerings to advertisers, its global reach, and its breadth of product offerings on wireline and wireless devices.

Despite solid fundamental results, the Fund’s holding in Teva Pharmaceuticals underperformed in 2004 due to investors’ concern regarding future competition in both the branded and generic pharmaceutical businesses. We believe this negative sentiment will prove misguided and we continue to hold the stock. In 2005, we hope to see confirmation of our positive fundamental outlook for the generic industry, numerous new product launches for Teva, and stable market share trends for Teva’s largest branded product, Copaxone.

Outlook for 2005

As we enter 2005, we are optimistic that the economy will continue to strengthen, driven by accelerating enterprise, capital spending, and a resultant growth in earnings. The market remains constructive, climbing a “wall of worry” reflecting investors’ concerns about the health of the consumer, fading fiscal stimulus, record budget and trade deficits, a falling dollar, and uncertain employment growth.

Companies today have record levels of free cash flow but thus far have been reluctant to invest in large-scale projects. Consequently, we have seen a huge build-up in liquidity, with corporate debt levels at fifty-year lows. Historically rising corporate profits and cash flows have led to accelerating capital investment. For this reason, we believe that most of the capital spending cycle and inventory build-up is yet to come.

In addition, we will pay close attention to the levels of job creation, long-term interest rates and the resulting impact on the U.S. dollar. As always, we will continue to carefully select holdings for the Fund, emphasizing companies possessing unique and strong fundamentals.

The Fund is expected to reorganize into the Wells Fargo Advantage Endeavor Large Cap Fund, the successor to the Strong Advisor Endeavor Large Cap Fund, on or about April 11, 2005.

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

Thomas J. Pence

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

18

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

19

Strong Advisor Endeavor Large Cap Fund

Growth of an Assumed $10,000 Investment^†

From 9-28-01 to 12-31-04

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.

^† 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 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.

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 Large-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Growth Funds Category. Source of the S&P 500 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Yahoo! Inc.	5.1	%
Sprint Corporation	4.6	%
WellPoint, Inc.	4.1	%
EMC Corporation	3.8	%
General Electric Company	3.7	%
Dell, Inc.	3.5	%
Phelps Dodge Corporation	2.9	%
Oracle Systems Corporation	2.7	%
Texas Instruments, Inc.	2.6	%
Halliburton Company	2.6	%
Top Ten	35.6	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

20

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	8.79	%
3-year	1.14	%
Since Fund Inception (9-28-01)	3.61	%

Class A, excluding sales load
1-year	15.38	%
3-year	3.17	%
Since Fund Inception (9-28-01)	5.51	%

Class B1,2
1-year	9.44	%
3-year	1.30	%
Since Fund Inception (9-28-01)	4.06	%

Class C1,2
1-year	13.44	%
3-year	2.58	%
Since Fund Inception (9-28-01)	4.90	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Medical — Products	6.9	%
Electronics — Semiconductor Manufacturing	6.6	%
Telecommunications — Wireless Equipment	5.3	%
Internet — Content	5.1	%
Diversified Operations	5.1	%
Telecommunications — Services	4.6	%
Medical — Health Maintenance Organizations	4.1	%
Computer — Manufacturers	3.9	%
Computer — Data Storage	3.8	%
Metal Ores — Miscellaneous	2.9	%
Top Ten	48.3	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to growth-style investing risk. Consult the Fund’s prospectus for additional information on this and other risks.

21

Strong Advisor Focus Fund

For the year ended December 31, 2004, the Strong Advisor Focus Fund’s Class A shares delivered a very strong return of 11.16% in 2004 (18.03% when excluding the initial sales charge). This bested the S&P 500 Index, the Fund’s broad-based benchmark, which returned 10.87% including reinvested dividends.

Four broad trends dominated 2004. First, the economy experienced continued robust corporate earnings growth. Second, long-term interest rates surprised most market prognosticators by finishing the year lower than where they started. Third, political uncertainty was alleviated by the clean George W. Bush victory, unmarred by any terrorist events or procedural troubles. This, we believe, gave the market the spark of confidence needed to ignite the subsequent fourth-quarter rally. The fourth trend in evidence during 2004 was another year of dominance by value stocks over growth stocks. The Fund performed well in this “value” environment by concentrating on finding and investing in the stocks of companies that exemplified the theme of dominant business models generating dynamic market share growth.

Searching for “share-gainers”

Our investment process emphasizes security selection as the main determinant of our portfolio construction. We focus our research on what we call “share-gainers” — that is, those companies that have developed business models that allow them not only to grow faster than the underlying economy but to do so in a sustainable fashion. Moreover, the Fund was populated with industry leaders, regardless of their size, as these companies often have sustainable advantages over their competition. A key driver of the Fund’s returns was our analysts’ ability to identify companies with growth prospects that were underestimated by the market. To be clear, it is not only the rate of growth that is important, but also how long we expect that growth to last.

One other factor that helped contribute to the Fund’s returns was our sell discipline. If we begin to suspect that a security’s underlying fundamentals are not performing in line with or better than our expectations, we generally trim or sell the position. Strong growth stocks often receive premium valuations, but that premium can collapse if the market suddenly becomes skeptical about the company’s future prospects.

Morningstar^® Style Box^™*

Google outperforms

Internet search engine provider Google was an addition to the Fund in 2004 that exemplified our process. Our fundamental research identified Google as an attractive investment opportunity. We recognized that Google was not only benefiting from increased usage of the Internet, but also from the movement of advertisers’ dollars away from traditional media to the Internet. Moreover, the returns its business model generated were some of the best we found in any sector of the economy.

Outlook for 2005

In the latter half of the year, the yield curve flattened considerably, as the Fed kept raising short-term interest rates, while long-term rates stayed about where they were. To us, this signaled the bond market’s perception that economic growth may slow in the coming months. If the economy does in fact decelerate, it would make finding rapidly growing companies more difficult. Nevertheless, we are confident that our focus on share-gainers can help us find good growth opportunities in a wide variety of economic environments.

Effective January 1, 2005, John S. Dale, CFA, and Gary E. Nussbaum, CFA, of Peregrine Capital Management, Inc., became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Large Company Growth Fund on or about April 11, 2005.

It has been my pleasure in being the Fund’s Portfolio Manager over the last year and a half. Thank you for your investment in the Strong Advisor Focus Fund.

Thomas C. Ognar

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

22

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

23

Strong Advisor Focus Fund

Growth of an Assumed $10,000 Investment^†

From 11-30-00 to 12-31-04

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.

^† 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 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.

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 Multi-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Multi-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

eBay, Inc.	7.4	%
Dell, Inc.	6.7	%
PETCO Animal Supplies, Inc.	6.7	%
First Marblehead Corporation	6.1	%
Digital River, Inc.	4.8	%
Gilead Sciences, Inc.	4.4	%
PETsMART, Inc.	4.4	%
Hughes Supply, Inc.	4.1	%
St. Jude Medical, Inc.	3.7	%
Kinetic Concepts, Inc.	3.6	%
Top Ten	51.9	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

24

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	11.16	%
3-year	0.24	%
Since Fund Inception (11-30-00)	-9.46	%

Class A, excluding sales load
1-year	18.03	%
3-year	2.22	%
Since Fund Inception (11-30-00)	-8.14	%

Class B1,2
1-year	12.89	%
3-year	0.55	%
Since Fund Inception (11-30-00)	-9.27	%

Class C1,2
1-year	16.89	%
3-year	1.85	%
Since Fund Inception (11-30-00)	-8.62	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Retail — Miscellaneous	11.0	%
Medical — Products	10.1	%
Internet — E*Commerce	7.5	%
Computer — Manufacturers	6.7	%
Financial Services — Miscellaneous	6.1	%
Electronics — Semiconductor Manufacturing	5.4	%
Internet — Network Security/Solutions	4.8	%
Medical — Biomedical/Biotechnology	4.4	%
Retail/Wholesale — Building Products	4.1	%
Commercial Services — Schools	3.7	%
Top Ten	63.8	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, nondiversified portfolio risk, and small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

25

Strong Advisor International Core Fund

The Strong Advisor International Core Fund’s Class A shares rose 12.51% during the year ending December 31, 2004 (19.38% when excluding the initial sales charge). This return trailed the Morgan Stanley Capital International Europe Australasia, and Far East (MSCI EAFE) Index, which returned 20.25% during the same period.

The Fund’s performance was helped by positive stock selection. By contrast, sector allocation, especially investments in consumer staples, detracted from results. However, the main reason the Fund lagged the MSCI EAFE was a lack of sufficient exposure to certain foreign currencies. Especially during the fourth quarter of 2004, many currencies experienced significant appreciation against the U.S. dollar. The Fund was generally invested in countries whose currencies did not see the strongest relative performance. For example, currencies in Canada, Brazil, Hong Kong, Singapore and Mexico — all markets we overweighted compared to the benchmark — rose an average of 3.7% during the year’s final three months. By contrast, the euro, yen, and British pound gained over 7.0% against the dollar. Our underweighting in Europe, including the U.K., and in Japan hurt relative performance when investment gains were translated back to dollars.

Strong fourth quarter for global equities

Major global stock markets found themselves stuck in trading ranges for most of the first three quarters of the year. During this period of investor malaise, high-quality, large-capitalization stocks came back into favor. This trend helped the Fund’s performance because our investment style has always favored companies with stable earnings growth, strong balance sheets and sound management practices — the very qualities being rewarded by the market.

In the fourth quarter, however, global investors once again became more risk tolerant. In their view, the fall in oil prices and the apparent success of China’s efforts to stabilize its economy were beneficial to global growth. Investors also believed that the re-election of President Bush would generate more initiatives to stimulate the U.S. economy. As in 2003, global investors favored emerging markets and lower-quality, small-capitalization stocks.

Stock selection helped

Positive security selection provided the strongest contribution to the Fund’s performance. Stock picks in the materials and energy sectors were particularly helpful. We have emphasized these two sectors for two years now because we believed that commodity prices would increase, based on tight supplies and growing demand, especially from China. Commodity prices did indeed increase during 2004, and portfolio holdings benefiting from this trend included BHP Billiton, an Australian mining and oil company; Companhia Vale do Rio Doce, a Brazilian iron ore miner; Encana, a Canadian energy company; and ENI, an Italian energy company. As valuations rose throughout the year, we believed that these sectors became less compelling, so we took profits in large holdings and reduced our larger positions.

Morningstar^® Style Box^™*

By contrast, results were dragged down by the lackluster performance of global consumer staples stocks. For example, European stocks in this sector, such as French beauty products maker L’Oreal and Swiss food company Nestlé, were hurt by weakness in the U.S. dollar, increasingly tough earnings comparisons, and compressed profit margins related to higher raw material costs.

Results from our investments in Asia were mixed. The Fund benefited from strong stock selection in Hong Kong as real estate prices continued to rebound. For example, Swire Pacific, with interests in office real state and aviation, saw its share price increase along with expectations for the local economy. Performance from Japanese holdings was more subdued. The Fund benefited from exporters Hitachi and Komatsu as well as retailer Daimaru, which gained along with Japan’s economy. However, the Fund’s smaller holdings in Japanese financial stocks, which rebounded sharply during the year’s fourth quarter, detracted from results.

Risks and opportunities

International investors face a number of risks in the year ahead, including the potential for more geopolitical instability, further U.S. dollar depreciation leading to faster Federal Reserve rate hikes, and disappointing European economic growth causing a slowdown in earnings. On the other hand, an unexpected drop in oil prices would be very beneficial to the economy. Also, if the Bush administration’s fiscal policies can stimulate the U.S. economy, our trading partners may benefit as well. A healthy economy in China would have a similar effect on its own trading partners, especially in Asia.

We are looking for an increasingly risk-averse investment environment in 2005, which may favor high-quality, large-cap stocks. However, after two consecutive years of strong returns, it is reasonable to expect that global markets may lack clear near-term direction.

Effective January 1, 2005, Mark Beale and Richard D. Lewis of New Star Institutional Managers Limited became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage International Core Fund on or about April 11, 2005.

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

* The Morningstar Style Box^™ reflects 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).

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.

26

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

27

Strong Advisor International Core Fund

Growth of an Assumed $10,000 Investment^†

From 9-28-01 to 12-31-04

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.

^† 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 (“MSCI EAFE”) Index and the Lipper International 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 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.

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 Multi-Cap Core Funds Index is the average of the 30 largest funds in the Lipper International Multi-Cap Core 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.

Top Countries

Percent of Net Assets, as of 12-31-04

Japan	20.0	%
United Kingdom	17.9	%
France	10.8	%
Switzerland	6.9	%
Germany	6.5	%
Netherlands	4.8	%
Singapore	3.7	%
Italy	3.5	%
Brazil	2.9	%
Hong Kong	2.9	%
Top Ten	79.9	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

28

Average Annual Total Returns

As of 12-31-04

Class A1,2,3
1-year	12.51	%
3-year	7.86	%
Since Fund Inception (9-28-01)	8.56	%
Class A, excluding sales load
1-year	19.38	%
3-year	10.02	%
Since Fund Inception (9-28-01)	10.55	%
Class B1,2,3
1-year	14.32	%
3-year	8.93	%
Since Fund Inception (9-28-01)	9.77	%
Class C1,2,3
1-year	18.44	%
3-year	10.03	%
Since Fund Inception (9-28-01)	10.53	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

³ 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Oil & Gas — International Integrated	8.4	%
Banks — Money Center	7.8	%
Banks — Foreign	7.2	%
Diversified Operations	5.6	%
Medical — Ethical Drugs	4.0	%
Medical — Products	3.6	%
Telecommunications — Wireless Services	3.1	%
Metal Ores — Miscellaneous	3.0	%
Finance — Index Tracking Fund	2.8	%
Electronics — Miscellaneous Components	2.8	%
Top Ten	48.3	%

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. Investments in foreign companies often present more risk because of currency exchange fluctuation, government regulations, and the potential for political and economic instability. These risks are generally intensified in emerging markets. Consult the Fund’s prospectus for additional information on these and other risks.

29

Strong Advisor Select Fund

In 2004, the Fund continued to focus on companies with the strongest fundamentals and avoided many of the highly publicized disappointments during the period. For the year ended December 31, 2004, the Strong Advisor Select Fund’s Class A shares rose by 10.09% (16.80% when excluding the initial sales charge), compared to its broad-based benchmark, the S&P 500 Index, which advanced 10.87%. As the economy grew in fits and starts, equity returns were volatile, with much of the year’s gain being produced in the fourth quarter.

Putting our comprehensive analysis to work

Throughout the year we executed on our intensive research process of “surrounding the company” in order to generate competitive returns for the Fund’s shareholders. We attempt to delve deeply into each company through financial statement analysis, conversations with management and, lastly, investigations of suppliers, customers, and competitors. By utilizing this encompassing model, we are often able to identify companies that produce a great deal of value relative to the required investment. Moreover, the process tends to provide us with comprehensive knowledge regarding each of the Fund’s holdings and specifically, we can gain a better understanding of where the growth is being generated.

Equally important to our methodology is the fact that our team operates in an environment open to dissent. Within this environment, portfolio managers and analysts constantly challenge each individual investment. Every question presented requires the investment’s position in the portfolio to be further justified. This practice is well established and respected among all team members, and it should continue to play a vital role in helping us assess the risk and reward of every investment the Fund owns.

Two contributors to performance

Our extensive research also enables us to analyze interesting and non-traditional growth opportunities in the market, such as those recently provided by the energy sector. Due to the concerns about oil supply relative to growing demand, companies that produce energy and those that make equipment to recover energy performed well. One of these was Canadian Natural Resources, a premier exploration and production company with substantial potential for production growth from its Horizon oil sands project, located in Alberta, Canada. Horizon is expected to come online in 2008 and has been estimated to be capable of producing up to six billion barrels of oil over about 40 years. In addition to its Alberta operations, Canadian Natural Resources has energy holdings in the North Sea and West Africa.

Morningstar^® Style Box^™*

Another top performer for the year was Sprint Corporation. In 2004, the diversified telecommunications company, aided particularly by strength in its wireless business, reduced debt levels, streamlined operations and worked to create packaged bundles of communications services for customers.

What’s more, in December Sprint announced a merger with Nextel Communications. In our opinion, the merger created a favorable position for Sprint by reducing the number of competitors in the industry. Moreover, the union looked to be a very complementary one. If approved by the regulatory agencies, the merger would allow Sprint not only to tap into Nextel’s vast base of corporate customers, but also to gain access to the proprietary Direct Connect functionality of Nextel’s phones. Lastly, Sprint announced plans, in regards to the merger, to potentially sell its wireline business in an effort to streamline operations.

Looking ahead to 2005

As we enter 2005, we believe the key question is not whether the economy will grow but rather to what degree. We are optimistic that the economy will continue to strengthen, driven by accelerating enterprise capital spending and a resultant growth in earnings.

The market remains constructive, climbing a “wall of worry” reflecting investors’ concerns about the health of the consumer, fading fiscal stimulus, record budget and trade deficits, rising interest rates, a falling dollar, and uncertain employment growth. Companies today have record levels of free cash flow but thus far have seemed reluctant to invest in large-scale projects. Consequently, we have seen a huge build-up in liquidity, with corporate debt levels at fifty-year lows. Historically, rising corporate profits and cash flows have led to accelerating capital investment. For this reason, we believe that most of the capital spending cycle and inventory build-up is yet to come.

In addition, we will pay close attention to the levels of job creation, long-term interest rates and the resulting impact on the U.S. dollar. As always, we will continue to carefully select holdings for the fund, attempting to emphasize companies possessing unique and strong fundamentals.

The Fund is expected to reorganize into the Wells Fargo Advantage Endeavor Select Fund, the successor to the Strong Advisor Select Fund, on or about April 11, 2005.

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

Thomas J. Pence

Portfolio Co-Manager

Erik J. Voss

Portfolio Co-Manager

* The Morningstar Style Box^™ reflects 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).

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.

30

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

31

Strong Advisor Select Fund

Growth of an Assumed $10,000 Investment^†

From 12-29-00 to 12-31-04

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.

^† 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 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.

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 Multi-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Multi-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Yahoo! Inc.	5.8	%
Marvel Enterprises, Inc.	4.8	%
Sprint Corporation	4.6	%
WellPoint, Inc.	4.5	%
EMC Corporation	4.3	%
Phelps Dodge Corporation	3.9	%
General Electric Company	3.7	%
Dell, Inc.	3.4	%
Harman International Industries, Inc.	3.3	%
Oracle Systems Corporation	3.3	%
Top Ten	41.6	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

32

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	10.09	%
3-year	4.88	%
Since Fund Inception (12-29-00)	-2.01	%
Class A, excluding sales load
1-year	16.80	%
3-year	6.98	%
Since Fund Inception (12-29-00)	-0.55	%
Class B1,2
1-year	10.82	%
3-year	4.93	%
Since Fund Inception (12-29-00)	-1.82	%
Class C1,2
1-year	14.82	%
3-year	6.17	%
Since Fund Inception (12-29-00)	-1.29	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

Please consult a prospectus for information about all share classes.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Internet — Content	5.7	%
Telecommunications — Wireless Equipment	5.7	%
Electronics — Semiconductor Manufacturing	5.6	%
Medical — Products	5.5	%
Diversified Operations	5.1	%
Leisure — Toys/Games/Hobby	4.8	%
Telecommunications — Services	4.6	%
Medical — Health Maintenance Organizations	4.5	%
Computer — Data Storage	4.3	%
Metal Ores — Miscellaneous	3.9	%
Top Ten	49.7	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, nondiversified-portfolio risk, and small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

33

Strong Advisor Technology Fund

It was a challenging year for the Strong Advisor Technology Fund. The Fund’s Class A shares returned -10.03% (-4.58% when excluding the initial sales charge) during 2004. By contrast, the Fund’s broad-based benchmark, the S&P 500 Index, returned 10.87% during the same period.

The Fund’s significant underperformance can be attributable to the poor performance of the semiconductor sector, in which we were overweighted compared to the benchmark, as well as weakness in the individual software held in the portfolio. In addition, the Fund’s performance suffered from its riskier profile relative to the benchmark, characterized especially by its larger weighting in small and mid-cap technology stocks.

The portfolio’s largest detractor from performance during the past 12 months was LSI Logic Corporation, a designer and manufacturer of complex high-performance, integrated circuits and storage systems. The next largest detractor was Magma Design Automation, a maker of electronic design automation software for engineers who design semiconductors. The stock fell after Magma announced that its third-quarter earnings per share would be worse than analysts expected because of disappointing growth in new customer orders.

Tough environment for tech

The overall market climate started the year with a strong tone, but soon moved into what was essentially a sideways trading pattern that persisted through the end of August. 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. However, the technology sector began to realize stronger performance beginning in August, but becoming especially pronounced in late October and early November, as oil prices appeared to retreat as it became clear that the U.S. presidential election would not end in a contested fashion, as in 2000.

Morningstar^® Style Box^™ *

Our approach to selecting stocks

Our management strategy remained consistent during the period. We sought 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 sought to identify the companies within each subsector that we believed had the best fundamental qualities and were positioned to outperform. To this end, we looked for companies with above-average growth prospects, strong intellectual property, excellent management teams, and achievable financing plans.

Although we did not 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 drove the portfolio’s makeup.

In choosing stocks for the portfolio, we employed a relative valuation technique. The key element of this strategy was to look at a stock’s PEG (Price/Earnings to Growth) 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 were interested in finding companies with favorable PEG ratios — that is, those that were positioned to deliver attractive levels of growth and that offered reasonable valuations.

Among the stocks selected for the portfolio using these approaches was the Fund’s strongest contributor to performance during the period, Mine Safety Appliances Company, which makes and sells safety and health equipment. Health care imaging company, CTI Molecular, also helped performance. The stock rose more than 28% in a single day in mid-November after the company reported stronger-than-expected earnings and anticipated an increase in first-quarter sales.

New Manager and Fund Reorganization

Effective January 1, 2005, Huachen Chen, CFA, and Walter C. Price, Jr., CFA, of RCM Capital Management LLC became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Specialized Technology Fund on or about April 11, 2005.

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

* The Morningstar Style Box^™ reflects 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).

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.

34

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

35

Strong Advisor Technology Fund

Growth of an Assumed $10,000 Investment^†

From 11-30-00 to 12-31-04

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.

^† 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 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.

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. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Avid Technology, Inc.	4.1	%
Linear Technology Corporation	3.5	%
Microsoft Corporation	3.4	%
Mine Safety Appliances Company	3.4	%
Dell, Inc.	3.3	%
TTM Technologies, Inc.	3.2	%
America Movil ADR Series L	3.1	%
Lucent Technologies, Inc.	3.0	%
KLA-Tencor Corporation	3.0	%
Ariba, Inc.	3.0	%
Top Ten	33.0	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

36

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	-10.03	%
3-year	-2.54	%
Since Fund Inception (11-30-00)	-9.36	%

Class A, excluding sales load
1-year	-4.58	%
3-year	-0.60	%
Since Fund Inception (11-30-00)	-8.04	%

Class B1,2
1-year	-9.51	%
3-year	-2.03	%
Since Fund Inception (11-30-00)	-9.00	%

Class C1,2
1-year	-5.66	%
3-year	-0.71	%
Since Fund Inception (11-30-00)	-8.45	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

Please consult a prospectus for information about all share classes.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Electronics — Semiconductor Manufacturing	16.2	%
Computer Software — Desktop	5.6	%
Computer Software — Education/Entertainment	4.8	%
Telecommunications — Equipment	4.6	%
Computer — IT Services	4.5	%
Electronics — Miscellaneous Components	4.4	%
Computer Software — Enterprise	4.3	%
Leisure — Movies & Related	4.1	%
Telecommunications — Wireless Equipment	3.7	%
Medical — Systems/Equipment	3.4	%
Top Ten	55.6	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, concentrated-portfolio risk, technology risk, and small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

37

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

After a very strong year for the Fund in 2003, 2004 was more difficult. For the year ended December 31, 2004, the Strong Advisor U.S. Small/Mid Cap Growth Fund’s Class A shares returned -5.22% (0.54% when excluding the initial sales charge), well behind its broad-based benchmark, the Russell Midcap Index, which returned 20.22% for the same period. The Fund’s underperformance occurred primarily in the year’s first and third quarters. During the second and fourth quarters, the Fund’s performance was more closely in line with the benchmark.

Factors affecting performance

There were two primary factors driving the Fund’s underperformance. First, small- and mid-cap growth stocks dramatically underperformed their respective value counterparts. 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 confidence in stocks’ growth prospects. Then, in the second quarter, the economy began to pick up steam. In response, the Federal Reserve Board 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 third quarter brought more uncertainty about the sustainability of the U.S. economic recovery. For one thing, the Fed kept upward pressure on interest rates with hikes of one-quarter of a percentage point in August and September following the June increase. Moreover, the price of crude oil continued to push higher, stoking fears that the high cost of energy would siphon disposable cash from other areas of the economy. In response, growth stocks significantly underperformed the broader market during the third quarter. In fact, according to a Merrill Lynch study of growth versus value strategies, during the first three quarters of 2004, the fastest-growing companies had the worst performance.

In the fourth quarter, the broader market turned in a strong rally in which mid- and small-cap growth stocks fully participated. Although the Fund posted a double-digit gain for the quarter, it nevertheless underperformed for the year.

The other reason for the Fund’s underperformance was unfavorable stock selection. One company that provided tremendous returns in 2003, Odyssey HealthCare, unexpectedly lowered its guidance on fourth-quarter earnings, hurting not only its own share price but also those of other companies in the hospice services industry. As one of the Fund’s largest holdings, Odyssey HealthCare negatively effected the performance of the Fund, and we sold the stock.

Morningstar^® Style Box^™*

Positioned for a stronger economy

Throughout 2004, we did not make any substantial changes to the Fund’s overall positioning from 2003. The portfolio remained poised to benefit from an improving business environment and increasing consumer confidence. Although the potential for further interest-rate hikes 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 compared to the benchmark, 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 term, 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

The Federal Reserve increased short-term interest rates five times in 2004 and appears ready to keep raising rates in the new year to keep inflation in check. Nevertheless, we think the worst of the resulting volatility is behind us. Normally, small-cap growth stocks appreciate in value after several Federal Reserve rates hikes, and we saw some evidence of that in the fourth quarter. Easing energy prices also represent a potentially positive influence on stock prices. Moreover, we expect to see strong corporate earnings in upcoming quarters. Given that many stocks are still at what we consider reasonable valuations, we believe such earnings improvements could help drive the prices of small- and mid-cap growth stocks higher in 2005.

Effective January 1, 2005, Jerome “Cam” Philpott, CFA, and Stuart Roberts of Wells Capital Management Incorporated became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Small Cap Fund on or about April 11, 2005.

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

* The Morningstar Style Box^™ reflects 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).

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.

38

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

39

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

Growth of an Assumed $10,000 Investment^†

From 3-28-02 to 12-31-04

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.

^† 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Landstar Systems, Inc.	4.3	%
Alamosa Holdings, Inc.	4.0	%
Joy Global, Inc.	3.3	%
Penn Virginia Corporation	3.1	%
Trimble Navigation, Ltd.	3.0	%
A.S.V., Inc.	2.6	%
Cognizant Technology Solutions Corporation Class A	2.5	%
Getty Images, Inc.	2.5	%
Terex Corporation	2.4	%
Investors Financial Services Corporation	2.4	%
Top Ten	30.1	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

40

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	-5.22	%
Since Fund Inception (3-28-02)	2.14	%
Class A, excluding sales load
1-year	0.54	%
Since Fund Inception (3-28-02)	4.36	%
Class B1,2
1-year	-4.46	%
Since Fund Inception (3-28-02)	2.96	%
Class C1,2
1-year	-0.46	%
Since Fund Inception (3-28-02)	4.36	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

Please consult a prospectus for information about all share classes.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Machinery — Construction/Mining	10.7	%
Oil & Gas — United States Exploration & Production	9.1	%
Transportation — Truck	6.5	%
Telecommunications — Wireless Services	5.7	%
Retail — Restaurants	5.4	%
Electronics — Semiconductor Manufacturing	4.5	%
Medical — Systems/Equipment	3.7	%
Internet — Network Security/Solutions	3.0	%
Telecommunications — Wireless Equipment	3.0	%
Computer — IT Services	2.5	%
Top Ten	54.1	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, and small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

41

Strong Advisor Utilities And Energy Fund

For the year ended December 31,2004, the Strong Advisor Utilities and Energy Fund’s Class A shares returned 15.61% (22.68% when excluding the initial sales charge), easily outpacing the 10.87% return of its broad-based benchmark, the S&P 500 Index. Rising energy prices and an overall favorable interest-rate environment aided the Fund’s performance, with all four of its sectors posting positive returns.

Interest-rate environment remained favorable

In the second quarter, reacting in part to stronger-than-expected employment data, the yield of 10-year Treasury bonds rose from 3.84% to 4.58%, resulting in price setbacks for a number of utility and telecommunications stocks. Over the years, we have found that large sell-offs triggered by the perception of rising interest rates frequently provide a good opportunity to reposition the Fund in stocks we like at reasonable valuations. Consequently, we added to a number of electric utility positions as we saw opportunities created by the decline. Also helping the Fund weather this interest-rate storm was our decision to allocate more than half of its assets to cash and to sectors, such as energy and gas utilities, that are less sensitive to rising interest rates. During the otherwise weak second quarter, this strategy helped the Fund deliver a positive return.

In the first, third, and fourth quarters, the Fund benefited from a favorable environment for long-term interest rates, which tend to have a bigger impact on utility stocks than short-term rates. Long-term rates ended the year very close to their level at the beginning of the period, while short-term rates climbed due to five increases by the Federal Reserve Board. As a result, the target federal funds rate rose from 1% at the beginning of 2004 to 2.25% at the end of the year.

Overweighting energy helped performance

A significant portion of the Fund’s gains came during the second half of the year. To a large degree, this was due to the strength in energy prices — particularly crude oil, which climbed above $50 per barrel in October. Increasing demand for fuel in Asia, political instability in Venezuela and Nigeria, and the ongoing conflict in Iraq all contributed to the high price of oil. In fact, analysts estimated that during the period oil prices included a premium of approximately $10 that was attributable to the fear that terrorist activity might interrupt supply.

Morningstar^® Style Box^™*

These developments benefited the Fund because of its overweighting, compared to its benchmark, in energy and gas utilities. High commodity prices led to robust cash flows and earnings, resulting in dividend increases and stock repurchases for many of the Fund’s larger energy holdings. Against this backdrop, integrated energy holding ConocoPhillips was a significant contributor to performance, as was ONEOK, a core holding in the gas sector.

Although the Fund’s electric utility stocks — representing about 39% of its assets at period end — underperformed its energy holdings by a considerable degree, they still handily outperformed the benchmark. In this group our results were aided by TXU, a new position that took top honors as the Fund’s largest gainer. TXU, an independent utility based in Texas, is a company we have followed closely for a long time. It encountered a serious liquidity crisis in 2002 and spent much of 2003 repairing its balance sheet. In 2004, the company replaced its CEO with John Wilder, a veteran manager with experience in turnaround situations. We correctly anticipated that his leadership would have a positive impact on investors’ outlook for the company.

Looking ahead

Although energy prices trended lower for most of the fourth quarter, we believe they could be in the process of finding a new, higher equilibrium level than we saw in past years. Consequently, we believe the pattern of dividend increases on the part of companies representing major positions in the Fund that we saw in 2004 could continue in 2005. However, given the healthy gains in energy stocks and the recent softness in oil and gas prices, we will be increasingly sensitive to valuations in that sector going forward.

Additionally, the potential for tax legislation in 2005, that would make permanent the current 15% tax on dividends, adds to the attractiveness of stocks that pay dividends or might increase their dividend payments. We will continue to keep our eye on dividends and dividend policy, as we believe doing so will help us to identify capable, shareholder-friendly managements and financially strong companies with the ability to deliver robust cash flows and dynamic earnings growth.

Effective January 1, 2005, Gary J. Dunn and David L. Roberts of Wells Capital Management Incorporated became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Equity Income Fund on or about April 11, 2005.

Thank you for your investment in the Strong Advisor Utilities and Energy Fund.

* The Morningstar Style Box^™ reflects 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).

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.

42

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

43

Strong Advisor Utilities And Energy Fund

Growth of an Assumed $10,000 Investment^†

From 7-31-02 to 12-31-04

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.

^† 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 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.

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 Utility Funds Index is the average of the 30 largest funds in the Lipper Utility Funds Category. The funds invest primarily in utility shares. Source of the S&P 500 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Constellation Energy Group, Inc.	8.3	%
ONEOK, Inc.	7.0	%
Exelon Corporation	5.9	%
TXU Corporation	5.6	%
Schlumberger, Ltd.	5.2	%
Wisconsin Energy Corporation	4.3	%
Southern Union Company	4.3	%
PPL Corporation	4.1	%
BP PLC Sponsored ADR	3.9	%
American Electric Power Company, Inc.	3.9	%
Top Ten	52.5	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

44

Average Annual Total Returns

As of 12-31-04

Class A1,2
1-year	15.61	%
Since Fund Inception (7-31-02)	9.87	%
Class A, excluding sales load
1-year	22.68	%
Since Fund Inception (7-31-02)	12.59	%
Class B1,2
1-year	17.13	%
Since Fund Inception (7-31-02)	10.62	%
Class C1,2
1-year	21.07	%
Since Fund Inception (7-31-02)	11.99	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average annual total returns include 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.

Please consult a prospectus for information about all share classes.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Utility — Electric Power	39.0	%
Utility — Gas Distribution	21.6	%
Oil & Gas — International Integrated	11.9	%
Oil & Gas — Field Services	5.2	%
Oil & Gas — Drilling	4.1	%
Telecommunications — Services	3.3	%
Telecommunications — Services Foreign	3.1	%
Oil & Gas — United States Exploration & Production	2.2	%
Diversified Operations	2.1	%
Chemicals — Specialty	1.2	%
Top Ten	93.7	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: value-style investing risk, concentrated-portfolio risk, energy-company risk, public-utilities-sector risk, and small- and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

45

Strong Advisor Large Company Core Fund

The Strong Advisor Large Company Core Fund Class A shares rose 4.32% during the year ending December 31, 2004 (10.69% when excluding the initial sales charge). This result lagged the Fund’s broad-based benchmark the S&P 500 Index, which gained 10.87% during the same period.

The Fund’s performance was helped by stock selection in the health care sector. In addition, the Fund benefited from stock selection in the financial sector.

The Fund’s investment process

We followed a consistent management strategy throughout the past 12 months. Our investment process was “bottom up,” meaning that we evaluated candidates for inclusion in the portfolio on an individual basis. In other words, our focus was on adding value through stock selection, as opposed to making indirect sector bets.

In choosing stocks, we followed a three-step process. First, we sought to purchase companies with improving fundamentals and earnings quality, which we defined as the proportion of earnings that are based on cash flow and not on management’s estimations and forecasts. Second, we looked for companies whose management strategy was to attempt to maximize the long-term value of the business, which we defined as the present value of the company’s future net cash flows. Finally, we wished to purchase stocks at a discount to what we believed was their fair value. To arrive at this value, we used multiple valuation tools, including both absolute and relative value metrics. After constructing the portfolio using this approach, we applied a series of risk measures to better understand how the portfolio was constructed and seek ways to reduce risk for the Fund’s shareholders.

What worked, what didn’t

Applying this stock selection process, the Fund owned a position in Aetna, a health and related benefits company. Following years of declining membership, the company’s operational turnaround began to take hold, leading membership to rise. As a result of solid pricing and growth in membership, Aetna realized higher earnings, profit margins and cash flow. In addition, the entire health care industry saw its prospects improve stemming from reduced regulatory risk and an increased likelihood of Medicare privatization. Against this backdrop, Aetna’s shares enjoyed strong performance throughout the period, especially during the strong stock market rally of the fourth quarter.

Morningstar^® Style Box^™*

Tyson Foods, however, was a portfolio holding that did not work out as well. Tyson, the world’s largest producer of meats and the largest chicken-products producer in the U.S., faced higher-than-expected expenses as a result of rising costs for chicken feed. At the same time, demand for chicken, which was strong in the summertime, decreased. The lower demand caused high inventories and put pressure on prices, cutting into Tyson’s earnings. These factors combined to lower the company’s earnings in the year’s third quarter and reduce investors’ future expectations.

Questions lie ahead

A number of questions remain unanswered for the year ahead: What will happen to crude oil prices? How quickly will the Federal Reserve Board continue to raise interest rates? Will the U.S. dollar continue its decline against the euro, yen and other world currencies? How will the war on terrorism proceed, and will violence in the Middle East persist? Although we can’t predict the answers to these questions, we are confident that these will be significant factors in how the market responds in 2005.

New Manager and Fund Reorganization

Effective January 1, 2005, David A. Katz, CFA, of Matrix Asset Advisors, Inc., became the sole Portfolio Manager of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Large Company Core Fund, the successor to the Strong Advisor Large Company Core Fund, on or about April 11, 2005.

We thank you for your investment in the Strong Advisor Large Company Core Fund.

* The Morningstar Style Box^™ reflects 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).

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.

46

Fund Highlights

Sector Weightings

Percent of Net Assets, as of 12-31-04

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

47

Strong Advisor Large Company Core Fund

Growth of an Assumed $10,000 Investment^†

From 11-3-97 to 12-31-04

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.

^† 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 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 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.

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 Multi-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Multi-Cap Core Funds Category. Source of the S&P 500 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

UnitedHealth Group, Inc.	3.8	%
CIT Group, Inc.	3.5	%
Becton, Dickinson & Company	3.2	%
Sherwin Williams Company	3.2	%
Archer Daniels Midland Company	3.1	%
Wachovia Corporation	3.1	%
NIKE, Inc. Class B	3.0	%
Burlington Resources, Inc.	3.0	%
Eaton Corporation	3.0	%
Prudential Financial, Inc.	2.9	%
Top Ten	31.8	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

48

Average Annual Total Returns

As of 12-31-04

Class A1,2,3
1-year	4.32	%
5-year	-0.71	%
Since Fund Inception (11-3-97)	4.69	%

Class A, excluding sales load
1-year	10.69	%
5-year	0.48	%
Since Fund Inception (11-3-97)	5.50	%

Class B1,2
1-year	4.67	%
5-year	-0.85	%
Since Fund Inception (11-3-97)	4.57	%

Class C1,2
1-year	8.57	%
5-year	-0.46	%
Since Fund Inception (11-3-97)	4.56	%

Class K1,2
1-year	11.32	%
5-year	0.79	%
Since Fund Inception (11-3-97)	5.79	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² Average 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.

³ 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Medical — Health Maintenance Organizations	6.2	%
Finance — Consumer/Commercial Loans	6.0	%
Banks — Super Regional	5.4	%
Oil & Gas — International Integrated	5.3	%
Telecommunications — Wireless Equipment	4.8	%
Oil & Gas — United States Exploration & Production	4.5	%
Medical/Dental — Supplies	3.2	%
Building — Paint & Allied Products	3.2	%
Food — Flour & Grain	3.1	%
Apparel — Shoes & Related Manufacturing	3.0	%
Top Ten	44.7	%

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. Consult the Fund’s prospectus for additional information on this and other risks.

49

YOUR FUND’S EXPENSES December 31, 2004

About Your Fund’s Expenses

Example

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on a hypothetical investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2004 through December 31, 2004.

Actual Expenses

The columns under the heading entitled “Actual” help you to estimate the actual expenses you paid over the period. The “Actual — Ending Account Value” shown is derived from the Fund’s actual return, and the “Actual — Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column under the heading entitled “Actual — Expenses Paid During Period”.

Hypothetical Example for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the last column of the table (Hypothetical — Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

Actual Returns vs. Hypothetical Returns

Six Months Ended December 31, 2004

						Actual				Hypothetical (5% return before expenses)
	Class	Fund’s Annualized Expense Ratio1,2		Beginning Account Value 7-01-04		Ending Account Value 12-31-04		Expenses Paid During Period3		Ending Account Value 12-31-04		Expenses Paid During Period3
Strong Advisor Common Stock Fund	A B C Z	1.56 2.29 2.33 1.30	% % % %	$ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $	1,073.70 1,070.10 1,069.60 1,075.30	$ $ $ $	8.13 11.92 12.12 6.78	$ $ $ $	1,017.29 1,013.62 1,013.42 1,018.60	$ $ $ $	7.91 11.59 11.79 6.60
Strong Advisor Mid Cap Growth Fund	A B C Z	1.77 2.32 2.25 1.84	% % % %	$ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $	1,123.90 1,121.40 1,121.40 1,124.40	$ $ $ $	9.45 12.37 12.00 9.83	$ $ $ $	1,016.24 1,013.47 1,013.83 1,015.89	$ $ $ $	8.97 11.74 11.39 9.32

(Continued on next page)

50

Actual Returns vs. Hypothetical Returns

Six Months Ended December 31, 2004

						Actual				Hypothetical (5% return before expenses)
	Class	Fund’s Annualized Expense Ratio1,2		Beginning Account Value 7-01-04		Ending Account Value 12-31-04		Expenses Paid During Period3		Ending Account Value 12-31-04		Expenses Paid During Period3
Strong Advisor Small Cap Value Fund	A B C Z	1.54 2.27 2.29 1.35	% % % %	$ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $	1,132.20 1,127.80 1,128.00 1,132.80	$ $ $ $	8.25 12.14 12.25 7.24	$ $ $ $	1,017.39 1,013.72 1,013.62 1,018.35	$ $ $ $	7.81 11.49 11.59 6.85
Strong Advisor U.S. Value Fund	A B C K Z	1.36 2.10 2.20 0.93 1.33	% % % % %	$ $ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $ $	1,091.40 1,086.90 1,086.60 1,093.60 1,091.20	$ $ $ $ $	7.15 11.02 11.54 4.89 6.99	$ $ $ $ $	1,018.30 1,014.58 1,014.08 1,020.46 1,018.45	$ $ $ $ $	6.90 10.63 11.14 4.72 6.75
Strong Advisor Endeavor Large Cap Fund	A B C	1.64 2.41 2.44	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,093.00 1,088.70 1,088.70	$ $ $	8.63 12.65 12.81	$ $ $	1,016.89 1,013.02 1,012.87	$ $ $	8.31 12.19 12.35
Strong Advisor Focus Fund	A B C	2.49 2.42 2.46	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,084.40 1,084.60 1,084.60	$ $ $	13.05 12.68 12.89	$ $ $	1,012.62 1,012.97 1,012.77	$ $ $	12.60 12.25 12.45
Strong Advisor International Core Fund	A B C	0.00 0.00 0.00	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,135.70 1,136.00 1,135.20	$ $ $	—   —   —	$ $ $	1,025.14 1,025.14 1,025.14	$ $ $	—   —   —
Strong Advisor Select Fund	A B C	1.56 2.35 2.37	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,067.20 1,062.10 1,062.10	$ $ $	8.11 12.18 12.28	$ $ $	1,017.29 1,013.32 1,013.22	$ $ $	7.91 11.89 11.99
Strong Advisor Technology Fund	A B C	2.37 2.42 2.35	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,030.50 1,031.00 1,031.10	$ $ $	12.10 12.35 12.00	$ $ $	1,013.22 1,012.97 1,013.32	$ $ $	11.99 12.25 11.89
Strong Advisor U.S. Small/Mid Cap Growth Fund	A B C	2.42 2.42 2.39	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,013.50 1,013.50 1,013.50	$ $ $	12.25 12.25 12.10	$ $ $	1,012.97 1,012.97 1,013.12	$ $ $	12.25 12.25 12.09
Strong Advisor Utilities and Energy Fund	A B C	2.11 2.82 2.85	% % %	$ $ $	1,000.00 1,000.00 1,000.00	$ $ $	1,167.80 1,164.50 1,163.20	$ $ $	11.50 15.34 15.50	$ $ $	1,014.53 1,010.96 1,010.81	$ $ $	10.68 14.25 14.41
Strong Advisor Large Company Core Fund	A B C K	1.43 2.39 2.45 0.91	% % % %	$ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $	1,077.00 1,071.60 1,070.60 1,080.20	$ $ $ $	7.47 12.45 12.75 4.76	$ $ $ $	1,017.95 1,013.12 1,012.82 1,020.56	$ $ $ $	7.25 12.09 12.40 4.62

¹ Based on the Fund’s most recent six-month period; may differ from expense ratios based on one-year data in the Financial Highlights.

² These ratios do not include the effect of directed brokerage credits and/or custody earnings credits, if any.

³ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days, and divided by 366.

51

SCHEDULES OF INVESTMENTS IN SECURITIES December 31, 2004

STRONG ADVISOR COMMON STOCK FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 94.4%
Apparel - Shoes & Related Manufacturing 1.3%
Reebok International, Ltd.	390,000	$	17,160,000
Banks - Super Regional 2.3%
Fifth Third Bancorp	345,000		16,311,600
Marshall & Ilsley Corporation	315,000		13,923,000
			30,234,600
Banks - West/Southwest 1.7%
City National Corporation	315,000		22,254,750
Building - Heavy Construction 1.5%
Jacobs Engineering Group, Inc. (b)	420,000		20,071,800
Chemicals - Specialty 1.8%
Lonza Group AG (CHF) (h)	425,000		23,787,332
Commercial Services - Leasing 1.4%
Ryder Systems, Inc.	385,000		18,391,450
Computer - Data Storage 1.5%
Seagate Technology (b)(f)	1,100,000		18,997,000
Computer - IT Services 2.4%
Affiliated Computer Services, Inc. Class A (b)	265,000		15,950,350
BearingPoint, Inc. (b)	1,955,000		15,698,650
			31,649,000
Computer - Software Design 1.8%
Mentor Graphics Corporation (b)(f)	1,565,000		23,928,850
Computer Software - Enterprise 2.2%
Business Objects SA Sponsored ADR (b)(f)	420,000		10,642,800
Citrix Systems, Inc. (b)	745,000		18,274,850
			28,917,650
Containers 1.8%
Pactiv Corporation (b)	905,000		22,887,450
Cosmetics - Personal Care 1.6%
International Flavors & Fragrances, Inc.	485,000		20,777,400
Diversified Operations 1.6%
Carlisle Companies, Inc. (f)	290,000		18,826,800
SPX Corporation	60,000		2,403,600
			21,230,400
Electrical - Equipment 1.3%
EnerSys (b)(f)	1,090,000		16,622,500
Electronics - Contract Manufacturing 1.2%
Solectron Corporation (b)	3,000,000		15,990,000
Electronics - Miscellaneous Components 1.5%
Amphenol Corporation Class A (b)	540,000		19,839,600
Electronics - Semiconductor Manufacturing 5.3%
Advanced Micro Devices, Inc. (b)(f)	740,000		16,294,800
Fairchild Semiconductor International, Inc. (b)	1,110,000		18,048,600
SanDisk Corporation (b)	670,000		16,729,900
Silicon Laboratories, Inc. (b)(f)	520,000		18,361,200
			69,434,500
Finance - Equity REIT 0.8%
Apartment Investment & Management Company Class A	265,000	$	10,213,100
Finance - Investment Brokers 1.2%
Merrill Lynch & Company, Inc.	265,000		15,839,050
Finance - Publicly Traded Investment Funds- Equity (Non 40 Act) 1.4%
Biotech HOLDRs Trust (f)	115,000		17,585,800
Insurance - Brokers 1.5%
Arthur J. Gallagher & Company	615,000		19,987,500
Insurance - Diversified 1.2%
Genworth Financial, Inc. Class A (f)	575,000		15,525,000
Insurance - Property/Casualty/Title 4.1%
MBIA, Inc.	275,000		17,402,000
RenaissanceRe Holdings, Ltd.	370,000		19,269,600
The St. Paul Travelers Companies, Inc.	440,000		16,310,800
			52,982,400
Internet - Content 0.7%
Ask Jeeves, Inc. (b)(f)	330,000		8,827,500
Internet - E*Commerce 1.2%
IAC/InterActiveCorp (b)(f)	555,000		15,329,100
Internet - Software 0.5%
DoubleClick, Inc. (b)	850,000		6,613,000
Machinery - General Industrial 1.3%
Roper Industries, Inc.	280,000		17,015,600
Media - Cable TV 6.1%
Cablevision Systems New York Group Class A (b)	1,150,000		28,635,000
The DIRECTV Group, Inc. (b)	1,000,000		16,740,000
News Corporation Class A	1,000,000		18,660,000
Telewest Global, Inc. (b)	850,000		14,943,000
			78,978,000
Media - Newspapers 1.1%
Dow Jones & Company, Inc. (f)	340,000		14,640,400
Media - Periodicals 1.0%
Verenigde Nederlandse Uitgeversbedrijven NV (EUR) (h)	455,000		13,410,930
Media - Radio/TV 1.6%
Liberty Media Corporation Class A (b)	1,900,000		20,862,000
Medical - Biomedical/Biotechnology 2.4%
Celgene Corporation (b)(f)	495,000		13,132,350
Medimmune, Inc. (b)	655,000		17,757,050
			30,889,400
Medical - Ethical Drugs 0.6%
Biovail Corporation International (b)	500,000		8,265,000
Medical - Products 2.4%
Respironics, Inc. (b)	180,000		9,784,800
Valeant Pharmaceuticals International (f)	795,000		20,948,250
			30,733,050

52

STRONG ADVISOR COMMON STOCK FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Medical/Dental - Services 2.7%
Omnicare, Inc. (f)		505,000	$	17,483,100
Pharmaceutical Product Development, Inc. (b)		440,000		18,167,600
				35,650,700
Medical/Dental - Supplies 1.4%
Hillenbrand Industries, Inc.		320,000		17,772,800
Metal Ores - Gold/Silver 0.3%
Placer Dome, Inc.		180,000		3,394,800
Metal Ores - Miscellaneous 1.5%
Alcoa, Inc.		600,000		18,852,000
Oil & Gas - Drilling 4.0%
Nabors Industries, Ltd. (b)		385,000		19,746,650
Noble Corporation (b)		650,000		32,331,000
				52,077,650
Oil & Gas - Machinery/Equipment 1.8%
Smith International, Inc. (b)		425,000		23,124,250
Oil & Gas - United States Exploration & Production 6.1%
Apache Corporation (e)		550,000		27,813,500
Burlington Resources, Inc. (e)		680,000		29,580,000
EOG Resources, Inc.		310,000		22,121,600
				79,515,100
Pollution Control - Services 1.5%
Republic Services, Inc.		565,000		18,950,100
Retail - Clothing/Shoes 1.1%
Ann Taylor Stores Corporation (b)		670,000		14,425,100
Retail - Department Stores 2.6%
Kohl’s Corporation (b)		320,000		15,734,400
Saks, Inc. (f)		1,280,000		18,572,800
				34,307,200
Retail - Leisure Product 1.3%
The Sports Authority, Inc. (b)(f)		630,000		16,222,500
Retail - Restaurants 1.3%
Outback Steakhouse, Inc.		355,000		16,251,900
Retail - Super/Mini Markets 1.5%
The Kroger Company (b)		1,130,000		19,820,200
Retail/Wholesale - Auto Parts 1.6%
Advanced Auto Parts, Inc. (b)		470,000		20,529,600
Telecommunications - Services 1.5%
Sprint Corporation		790,000		19,631,500
Telecommunications - Wireless Equipment 1.3%
Nokia Corporation Sponsored ADR		1,040,000		16,296,800
Transportation - Airline 1.6%
Continental Airlines, Inc. Class B (b)(f)		1,550,000		20,987,000
Total Common Stocks (Cost $869,459,480)				1,227,680,312
Put Options Purchased 0.0%
Oil & Gas - United States Exploration & Production
Apache Corporation:
Expires 1/21/05 at $50.00		25,000	$	146,250
Expires 4/15/05 at $55.00		25,000		23,125
Burlington Resources, Inc.,
Expires 1/21/05 at $42.50		70,000		43,750
Total Put Options Purchased (Cost $392,150)				213,125
Short-Term Investments (a) 9.7%
Collateral Received for Securities Lending 4.1%
Navigator Prime Portfolio		53,056,922		53,056,922
Repurchase Agreements (c) 5.6%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $70,912,703); Collateralized by: United States Government & Agency Issues	$	70,900,000		70,900,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $1,727,422); Collateralized by: United States Government & Agency Issues		1,727,300		1,727,300
				72,627,300
Total Short-Term Investments (Cost $125,684,222)				125,684,222
Total Investments in Securities (Cost $995,535,852) 104.1%				1,353,577,659
Other Assets and Liabilities, Net (4.1%)				(53,446,748	)
Net Assets 100.0%			$	1,300,130,911
WRITTEN OPTIONS ACTIVITY
	Contracts		Premiums
Options outstanding at beginning of year		—	$	—
Options written during the year		1,200		252,144
Options closed		—		—
Options expired		—		—
Options exercised		—		—
Options outstanding at end of year		1,200		252,144
WRITTEN CALL OPTIONS DETAIL
	Contracts (100 shares per contract)		Value (Note 2)
Apache Corporation
(Strike Price is $50.00. Expiration date is 1/21/05. Premium received is $67,999.)		250	$	(38,125	)
(Strike Price is $55.00. Expiration date is 4/15/05. Premium received is $74,248.)		250		(43,125	)
Burlington Resources, Inc.
(Strike Price is $42.50. Expiration date is 1/21/05. Premium received is $109,897.)		700		(119,000	)
		1,200	$	(200,250	)

53

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31 , 2004

STRONG ADVISOR MID CAP GROWTH FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.4%
Apparel - Clothing Manufacturing 1.9%
Coach, Inc. (b)	23,000	$	1,297,200
Banks - West/Southwest 0.4%
Placer Sierra Bancshares	10,500		298,620
Building - Construction Products/Miscellaneous 0.4%
USG Corporation (b)	6,000		241,620
Chemicals - Specialty 0.4%
Airgas, Inc.	11,000		291,610
Computer - IT Services 3.3%
Cognizant Technology Solutions Corporation Class A (b)	39,000		1,650,870
Kanbay International, Inc. (b)	8,100		253,530
Satyam Computer Services, Ltd. ADR	14,000		337,820
			2,242,220
Computer - Local Networks 2.0%
Juniper Networks, Inc. (b)	24,000		652,560
Polycom, Inc. (b)	29,000		676,280
			1,328,840
Computer - Manufacturers 2.8%
Apple Computer, Inc. (b)	29,000		1,867,600
Computer Software - Desktop 2.0%
Adobe Systems, Inc.	11,000		690,140
Macromedia, Inc. (b)	22,000		684,640
			1,374,780
Computer Software - Security 0.8%
VeriSign, Inc. (b)	17,000		569,840
Diversified Operations 0.8%
Textron, Inc.	7,000		516,600
Electronics - Military Systems 1.1%
L-3 Communications Corporation	10,000		732,400
Electronics - Miscellaneous Components 1.0%
Rockwell Automation, Inc.	14,000		693,700
Electronics - Scientific Measuring 0.5%
PerkinElmer, Inc.	15,600		350,844
Electronics - Semiconductor Manufacturing 4.3%
Marvell Technology Group, Ltd. (b)	51,000		1,808,970
Tessera Technologies, Inc. (b)	11,000		409,310
Varian Semiconductor Equipment Associates, Inc. (b)	18,000		663,300
			2,881,580
Energy - Other 1.5%
CONSOL Energy, Inc.	24,000		985,200
Finance - Consumer/Commercial Loans 1.4%
AmeriCredit Corporation (b)	38,000		929,100
Finance - Investment Brokers 1.0%
Chicago Mercantile Exchange Holdings, Inc.	3,000		686,100
Finance - Mortgage & Related Services 3.3%
Doral Financial Corporation	45,000		2,216,250
Financial Services - Miscellaneous 5.6%
Alliance Data Systems Corporation (b)	29,000	$	1,376,920
Euronet Services, Inc. (b)	16,000		416,320
First Marblehead Corporation (b)	21,000		1,181,250
Jackson Hewitt Tax Service, Inc.	31,500		795,375
			3,769,865
Household - Consumer Electronics 1.5%
Harman International Industries, Inc.	8,200		1,041,400
Internet - Content 2.7%
Ask Jeeves, Inc. (b)	20,000		535,000
InfoSpace, Inc. (b)	26,700		1,269,585
			1,804,585
Internet - E*Commerce 0.5%
Arbinet-thexchange, Inc. (b)	13,500		335,475
Internet - Internet Service Provider 1.1%
j2 Global Communications, Inc. (b)	21,000		724,500
Internet - Network Security/Solutions 1.4%
Digital River, Inc. (b)	23,000		957,030
Leisure - Gaming/Equipment 3.5%
Boyd Gaming Corporation	16,000		666,400
Station Casinos, Inc.	31,000		1,695,080
			2,361,480
Leisure - Hotels & Motels 3.4%
Marriott International, Inc. Class A	22,000		1,385,560
Starwood Hotels & Resorts Worldwide, Inc.	16,000		934,400
			2,319,960
Machinery - Construction/Mining 1.8%
Joy Global, Inc.	28,000		1,216,040
Machinery - General Industrial 2.5%
IDEX Corporation	19,500		789,750
Pentair, Inc.	21,000		914,760
			1,704,510
Media - Radio/TV 0.5%
Central European Media Enterprises, Ltd. Class A (b)	9,000		350,838
Medical - Biomedical/Biotechnology 1.4%
Biosite Diagnostics, Inc. (b)	9,000		553,860
Sepracor, Inc. (b)	7,000		415,590
			969,450
Medical - Drug/Diversified 1.8%
Bone Care International, Inc. (b)	20,000		557,000
Conor Medsystems, Inc. (b)	15,500		214,675
HealthExtras, Inc. (b)	25,500		415,650
			1,187,325
Medical - Ethical Drugs 1.1%
Eyetech Pharmaceuticals, Inc. (b)	15,700		714,350
Medical - Health Maintenance Organizations 6.8%
Aetna, Inc.	10,000		1,247,500
Centene Corporation (b)	18,000		510,300
Molina Healthcare, Inc. (b)	17,000		788,460
PacifiCare Health Systems, Inc. Class A (b)	8,000		452,160
Sierra Health Services, Inc. (b)	29,000		1,598,190
			4,596,610
Medical - Outpatient/Home Care 0.4%
Amedisys, Inc. (b)	9,000		291,510

54

STRONG ADVISOR MD CAP GROWTH FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Medical - Systems/Equipment 0.8%
ArthroCare Corporation (b)		17,000	$	545,020
Medical/Dental - Services 1.9%
Covance, Inc. (b)		10,000		387,500
Quest Diagnostics, Inc.		9,000		859,950
				1,247,450
Medical/Dental - Supplies 1.1%
Kinetic Concepts, Inc. (b)		10,100		770,630
Oil & Gas - Drilling 0.6%
Precision Drilling Corporation (b)		6,300		395,640
Oil & Gas - Field Services 1.3%
BJ Services Company		19,000		884,260
Oil & Gas - Machinery/Equipment 1.9%
Grant Prideco, Inc. (b)		15,000		300,750
Smith International, Inc. (b)		18,100		984,821
				1,285,571
Oil & Gas - United States Exploration & Production 8.4%
Bill Barrett Corporation (b)		13,300		425,467
EOG Resources, Inc.		9,000		642,240
InterOil Corporation (b)		25,000		946,000
Ultra Petroleum Corporation (b)		50,000		2,406,500
XTO Energy, Inc.		35,000		1,238,300
				5,658,507
Real Estate Operations 1.5%
The St. Joe Company		16,000		1,027,200
Retail - Clothing/Shoe 2.2%
American Eagle Outfitters, Inc.		14,000		659,400
Urban Outfitters, Inc. (b)		18,000		799,200
				1,458,600
Retail - Miscellaneous 1.1%
PETCO Animal Supplies, Inc. (b)		9,000		355,320
PETsMART, Inc.		11,000		390,830
				746,150
Retail - Restaurants 3.1%
Starbucks Corporation (b)		34,000		2,120,240
Retail/Wholesale - Building Products 0.5%
Hughes Supply, Inc.		11,000		355,850
Retail/Wholesale - Computer/Cellular 0.4%
Navarre Corporation (b)		16,000		281,600
Steel - Specialty Alloys 0.7%
Oregon Steel Mills, Inc. (b)		23,000		466,670
Telecommunications - Equipment 2.0%
Dycom Industries, Inc. (b)		44,000		1,342,880
Telecommunications - Wireless Equipment 2.0%
Research in Motion, Ltd. (b)		13,000		1,071,460
Trimble Navigation, Ltd. (b)		8,700		287,448
				1,358,908
Telecommunications - Wireless Services 3.1%
NII Holdings, Inc. Class B (b)		17,000		806,650
Nextel Partners, Inc. Class A (b)		46,000		898,840
Western Wireless Corporation Class A (b)		12,000		351,600
				2,057,090
Transportation - Truck 1.5%
Forward Air Corporation (b)		22,268	$	995,380
Utility - Electric Power 0.4%
Ormat Technologies, Inc. (b)		17,400		283,272
Total Common Stocks (Cost $49,164,978)				67,129,950
Short-Term Investments (a) 0.8%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $577,241); Collateralized by: United States Government & Agency Issues	$	577,200		577,200
Total Short-Term Investments (Cost $577,200)				577,200
Total Investments in Securities (Cost $49,742,178) 100.2%				67,707,150
Other Assets and Liabilities, Net (0.2%)				(154,374	)
Net Assets 100.0%			$	67,552,776
STRONG ADVISOR SMALL CAP VALUE FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 92.8%
Aerospace - Defense Equipment 0.3%
Evans & Sutherland Computer Corporation (b)(d)		1,008,153	$	7,026,826
Auto/Truck - Original Equipment 0.6%
Dura Automotive Systems, Inc. Class A (b)		873,100		9,455,673
Tower Automotive, Inc. (b)		1,928,700		4,609,593
				14,065,266
Auto/Truck - Replacement Parts 0.4%
LKQ Corporation (b)		462,030		9,272,942
Banks - Southeast 0.7%
The Colonial BancGroup, Inc.		370,100		7,857,223
Hibernia Corporation Class A		275,260		8,122,923
				15,980,146
Building - Air Conditioning & Heating Products 0.5%
York International Corporation (e)		358,000		12,365,320
Building - Cement/Concrete/Aggregate 0.2%
U.S. Concrete, Inc. (b)		715,675		5,489,227
Building - Construction Products/Miscellaneous 0.8%
Royal Group Technologies, Ltd. (b)		1,833,600		19,197,792
Building - Heavy Construction 3.0%
Chicago Bridge & Iron Company NV (e)		1,686,300		67,452,000
Building - Maintenance & Services 0.3%
ABM Industries, Inc. (e)		397,810		7,844,813
Building - Paint & Allied Products 0.6%
H.B. Fuller Company (e)		477,800		13,622,078

55

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Chemicals - Plastics 2.4%
Intertape Polymer Group, Inc. (b)(d)	2,732,600	$	24,893,986
Intertape Polymer Group, Inc.
(Acquired 9/05/03; Cost $680,073)
(CAD) (b)(g)(h)	93,000		845,243
PolyOne Corporation (b)	3,012,000		27,288,720
			53,027,949
Chemicals - Specialty 1.5%
OM Group, Inc. (b)	1,039,100		33,687,622
Commercial Services - Advertising 1.3%
R.H. Donnelley Corporation (b)(e)	477,800		28,214,090
Commercial Services - Consulting 0.0%
Navigant Consulting, Inc. (b)	100		2,660
Commercial Services - Healthcare 0.6%
Healthcare Services Group, Inc.	606,050		12,630,082
Commercial Services - Miscellaneous 0.3%
Providence Service Corporation (b)	275,669		5,780,779
Commercial Services - Security/Safety 2.7%
Armor Holdings, Inc. (b)(e)	302,800		14,237,656
DHB Industries, Inc. (b)(e)	162,500		3,094,000
The GEO Group, Inc. (b)(d)	964,610		25,639,334
OSI Systems, Inc. (b)(e)	768,850		17,460,584
			60,431,574
Commercial Services - Staffing 2.4%
CDI Corporation	389,345		8,324,196
Cross Country Healthcare, Inc. (b)	392,600		7,098,208
Kforce, Inc. (b)(d)	1,904,860		21,143,946
MPS Group, Inc. (b)	1,450,315		17,780,862
			54,347,212
Computer - Data Storage 0.1%
Iomega Corporation (b)	226,210		1,253,203
Computer - Manufacturers 0.5%
Cray, Inc. (b)	2,341,700		10,912,322
Computer Software - Enterprise 1.4%
JDA Software Group, Inc. (b)(e)	1,213,000		16,521,060
Lightbridge, Inc. (b)(d)	2,374,400		14,341,376
TIBCO Software, Inc. (b)(e)	50,000		667,000
			31,529,436
Computer Software - Medical 1.4%
IDX Systems Corporation (b)(e)	944,300		32,540,578
Containers 0.2%
Constar International, Inc. (b)	577,700		4,459,844
Electrical - Equipment 0.4%
Encore Wire Corporation (b)	596,600		7,952,678
Electronics - Contract Manufacturing 0.4%
Celestica, Inc. (b)	570,200		8,045,522
Electronics - Miscellaneous Components 0.5%
Coherent, Inc. (b)(e)	386,100		11,752,884
Electronics - Parts Distributors 0.3%
Richardson Electronics, Ltd.	671,800		7,127,798
Electronics - Scientific Measuring 0.4%
Newport Corporation (b)(e)	571,600	$	8,059,560
Electronics - Semiconductor Manufacturing 1.8%
Cirrus Logic, Inc. (b)	2,277,400		12,548,474
Credence Systems Corporation (b)(e)	951,025		8,701,879
STATS ChipPAC, Ltd. ADR (b)	1,546,147		9,462,420
TriQuint Semiconductor, Inc. (b)	1,083,120		4,819,884
Zoran Corporation (b)	365,600		4,233,648
			39,766,305
Energy - Other 0.1%
Headwaters, Inc. (b)(e)	46,400		1,322,400
Finance - Consumer/Commercial Loans 0.1%
World Acceptance Corporation (b)	106,446		2,928,330
Finance - Equity REIT 0.6%
American Financial Realty Trust	598,100		9,677,258
Government Properties Trust, Inc.	384,700		3,793,142
			13,470,400
Finance - Investment Brokers 0.0%
Labranche & Company, Inc. (b)	14,700		131,712
Food - Miscellaneous Preparation 1.4%
Del Monte Foods Company (b)	2,873,785		31,669,111
Insurance - Diversified 0.1%
PXRE Group, Ltd.	116,100		2,926,881
Insurance - Property/Casualty/Title 2.8%
Argonaut Group, Inc. (b)	424,385		8,967,255
Donegal Group, Inc. Class A	257,800		5,911,354
Endurance Specialty Holdings, Ltd.	410,810		14,049,702
Mercury General Corporation	416,510		24,957,279
Montpelier Re Holdings, Ltd.	260,900		10,031,605
			63,917,195
Internet - E*Commerce 0.0%
Stamps.com, Inc. (b)	48,475		767,844
Internet - Internet Service Provider 1.6%
EarthLink, Inc. (b)(e)	2,632,200		30,322,944
Net2Phone, Inc. (b)	1,957,395		6,655,143
			36,978,087
Leisure - Services 0.0%
Great Wolf Resorts, Inc. (b)	16,500		368,610
Pegasus Solutions, Inc. (b)	1,000		12,600
			381,210
Machinery - General Industrial 2.2%
Robbins & Myers, Inc.	363,500		8,662,205
UNOVA, Inc. (b)(e)	1,629,500		41,210,055
			49,872,260
Medical - Biomedical/Biotechnology 0.3%
CV Therapeutics, Inc. (b)(e)	300,600		6,913,800
Medical - Generic Drugs 0.5%
Andrx Corporation (b)(e)	546,100		11,921,363
Medical - Nursing Homes 2.4%
Beverly Enterprises, Inc. (b)	3,854,700		35,270,505
Manor Care, Inc.	525,600		18,622,008
			53,892,513
Medical - Outpatient/Home Care 0.7%
Gentiva Health Services, Inc. (b)	978,300		16,357,176

56

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Medical - Products 1.4%
Allied Healthcare Products, Inc. (b)(d)	1,044,879	$	6,843,957
Discovery Partners International, Inc. (b)(d)	1,936,800		9,199,800
OraSure Technologies, Inc. (b)	2,185,750		14,688,240
			30,731,997
Medical - Systems/Equipment 0.8%
Applera Corporation-Applied Biosystems Group (e)	851,900		17,813,229
Medical/Dental - Services 0.4%
Covalent Group, Inc. (b)	259,133		660,789
Omnicare, Inc.	218,000		7,547,160
			8,207,949
Metal Ores - Gold/Silver 8.8%
Apex Silver Mines, Ltd. (b)(d)	2,477,000		42,554,860
Glamis Gold, Ltd. (b)(e)	3,389,800		58,168,968
Goldcorp, Inc. (e)	2,118,200		31,857,728
Harmony Gold Mining Company, Ltd. Sponsored ADR	2,369,400		21,964,338
Meridian Gold, Inc. (b)(e)	1,389,500		26,358,815
Randgold Resources, Ltd. ADR (b)(e)	1,483,000		16,906,200
			197,810,909
Metal Processing & Fabrication 0.4%
Webco Industries, Inc. (b)(d)	905,745		9,754,874
Mining - Gems 0.7%
Eldorado Gold Corporation (b)	46,500		137,175
Eldorado Gold Corporation (CAD) (b)(h)	3,056,900		9,074,097
Quadra Mining, Ltd. (CAD) (b)(h)	1,287,300		6,118,243
			15,329,515
Oil & Gas - Drilling 3.7%
Grey Wolf, Inc. (b)	2,039,600		10,748,692
Helmerich & Payne, Inc. (e)	584,480		19,895,699
Parker Drilling Company (b)	1,469,200		5,773,956
Pride International, Inc. (b)	1,209,300		24,839,022
Transocean, Inc. (b)(e)	523,000		22,169,970
			83,427,339
Oil & Gas - Field Services 8.9%
BJ Services Company (e)	344,200		16,019,068
Global Industries, Ltd. (b)(d)	6,068,600		50,308,694
Key Energy Services, Inc. (b)	2,240,800		26,441,440
Layne Christensen Company (b)(d)	1,474,092		26,754,770
Matrix Service Company (b)(d)	1,534,334		12,366,732
Newpark Resources, Inc. (b)	3,579,860		18,436,279
Oceaneering International, Inc. (b)(e)	697,360		26,025,475
Petroleum Helicopters, Inc. (b)	120,374		3,103,121
Petroleum Helicopters, Inc. (non-voting) (b)(d)	179,477		4,499,488
Willbros Group, Inc. (b)	665,300		15,335,165
			199,290,232
Oil & Gas - Machinery/Equipment 1.0%
Input/Output, Inc. (b)(e)	1,085,190		9,593,080
Smith International, Inc. (b)(e)	231,400		12,590,474
			22,183,554
Oil & Gas - United States Exploration & Production 12.2%
Forest Oil Corporation (b)(e)	1,891,100		59,985,692
McMoRan Exploration Company (b)(d)(e)	1,162,800		21,744,360
Newfield Exploration Company (b)(e)	248,300		14,662,115
Noble Energy, Inc. (e)	479,000		29,535,140
PetroQuest Energy, Inc. (b)	798,200		3,951,090
Pioneer Natural Resources Company (e)	589,100		20,677,410
Range Resources Corporation (d)(e)	4,653,800		95,216,748
Remington Oil & Gas Corporation (b)	492,300	$	13,415,175
Stone Energy Corporation (b)(e)	332,100		14,974,389
			274,162,119
Paper & Paper Products 1.9%
Chesapeake Corporation	461,680		12,539,229
Wausau-Mosinee Paper Corporation	1,701,700		30,392,362
			42,931,591
Pollution Control - Services 0.9%
Calgon Carbon Corporation (d)	2,227,200		20,222,976
Retail - Clothing/Shoes 1.3%
Foot Locker, Inc. (e)	459,400		12,371,642
Payless ShoeSource, Inc. (b)	320,500		3,942,150
Too, Inc. (b)	528,200		12,919,772
			29,233,564
Retail - Consumer Electronics 0.3%
Circuit City Stores, Inc.	380,700		5,954,148
Retail - Major Discount Chains 0.0%
Shopko Stores, Inc. (b)(e)	20,000		373,600
Retail - Miscellaneous 0.6%
Barbeques Galore, Ltd. Sponsored ADR (d)	549,021		3,294,126
Sharper Image Corporation (b)(e)	552,800		10,420,280
			13,714,406
Steel - Producers 5.6%
IPSCO, Inc.	724,400		34,626,320
Roanoke Electric Steel Corporation	502,800		10,393,379
Steel Dynamics, Inc. (e)	952,100		36,065,548
United States Steel Corporation (e)	886,800		45,448,500
			126,533,747
Steel - Specialty Alloys 2.3%
Carpenter Technology Corporation (e)	302,250		17,669,535
GrafTech International, Ltd. (b)(e)	3,551,900		33,600,974
			51,270,509
Telecommunications - Equipment 0.3%
ADC Telecommunications, Inc. (b)	2,297,500		6,157,300
Telecommunications - Services 0.5%
Cincinnati Bell, Inc. (b)	2,843,400		11,800,110
Transportation - Airline 1.3%
Lan Airlines SA Sponsored ADR	902,900		29,073,380
Transportation - Truck 0.7%
Covenant Transport, Inc. Class A (b)(d)	787,700		16,399,914
Total Common Stocks (Cost $1,352,216,783)			2,089,665,752
Convertible Preferred Stocks 0.7%
Oil & Gas - United States Exploration & Production
Petrohawk Energy Corporation Series B (Acquired 11/16/04; Cost $13,330,000) (g)	172,000		14,723,200
Total Convertible Preferred Stocks (Cost $13,330,000)			14,723,200

57

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Shares or Principal Amount			Value (Note 2)
Short-Term Investments (a) 7.8%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 12/31/04),2.15%, Due 1/03/05 (Repurchase proceeds $173,931,157); Collateralized by: United States Government & Agency Issues	$	173,900,000		$	173,900,000
State Street Bank (Dated 12/31/04),0.85%, Due 1/03/05 (Repurchase proceeds $3,025,014); Collateralized by: United States Government & Agency Issues		3,024,800			3,024,800
Total Short-Term Investments (Cost $176,924,800)					176,924,800
Total Investments in Securities (Cost $1,542,471,583) 101.3%					2,281,313,752
Other Assets and Liabilities, Net (1.3%)					(29,776,182	)
Net Assets 100.0%				$	2,251,537,570
WRITTEN OPTIONS ACTIVITY
	Contracts			Premiums
Options outstanding at beginning of year		22,822		$	7,843,245
Options written during the year		104,564			26,457,536
Options closed		(81,942	)		(22,049,594	)
Options expired		(4,729	)		(635,823	)
Options exercised		(4,492	)		(1,246,293	)
Options outstanding at end of year		36,223		$	10,369,071
WRITTEN CALL OPTION DETAIL
	Contracts (100 shares per contract)			Value (Note 2)
ABM Industries, Inc.
(Strike Price is $22.50. Expiration date is 7/15/05. Premium received is $11,200.)		100		$	(4,000	)
Andrx Corporation
(Strike Price is $20.00. Expiration date is 1/21/05. Premium received is $16,700.)		100			(20,250	)
(Strike Price is $17.50. Expiration date is 3/18/05. Premium received is $243,494.)		500			(250,000	)
(Strike Price is $20.00. Expiration date is 3/18/05. Premium received is $84,148.)		450			(139,500	)
Applera Corporation-Applied Biosystems Group
(Strike Price is $20.00. Expiration date is 1/21/05. Premium received is $88,948.)		850			(95,625	)
(Strike Price is $20.00. Expiration date is 3/18/05. Premium received is $66,798.)		400			(63,000	)
Armor Holdings, Inc.
(Strike Price is $45.00. Expiration date is 1/21/05. Premium received is $16,200.)		100			(27,000	)
(Strike Price is $40.00. Expiration date is 2/18/05. Premium received is $58,049.)		150			(114,000	)
(Strike Price is $45.00. Expiration date is 2/18/05. Premium received is $250,244.)		1,000			(370,000	)
(Strike Price is $50.00. Expiration date is 2/18/05. Premium received is $31,049.)		150			(21,375	)
(Strike Price is $50.00. Expiration date is 5/20/05. Premium received is $70,398.)		200			(66,000	)
BJ Services Company
(Strike Price is $45.00. Expiration date is 1/21/05. Premium received is $16,350.)		50		$	(11,750	)
(Strike Price is $47.50. Expiration date is 1/21/05. Premium received is $96,299.)		400			(37,000	)
(Strike Price is $45.00. Expiration date is 2/18/05. Premium received is $29,699.)		100			(31,000	)
(Strike Price is $50.00. Expiration date is 4/15/05. Premium received is $114,797.)		400			(74,000	)
CV Therapeutics, Inc.
(Strike Price is $17.50. Expiration date is 1/21/05. Premium received is $22,199.)		300			(166,500	)
(Strike Price is $22.50. Expiration date is 1/21/05. Premium received is $61,898.)		450			(51,750	)
(Strike Price is $17.50. Expiration date is 4/15/05. Premium received is $74,433.)		100			(69,500	)
(Strike Price is $20.00. Expiration date is 4/15/05. Premium received is $121,397.)		200			(106,000	)
(Strike Price is $22.50. Expiration date is 4/15/05. Premium received is $95,366.)		200			(79,000	)
(Strike Price is $30.00. Expiration date is 7/15/05. Premium received is $58,803.)		150			(56,250	)
Carpenter Technology Corporation
(Strike Price is $55.00. Expiration date is 1/21/05. Premium received is $291,574.)		600			(276,000	)
(Strike Price is $60.00. Expiration date is 1/21/05. Premium received is $67,748.)		250			(43,125	)
(Strike Price is $55.00. Expiration date is 2/18/05. Premium received is $131,747.)		250			(143,750	)
(Strike Price is $60.00. Expiration date is 2/18/05. Premium received is $40,299.)		150			(45,750	)
(Strike Price is $45.00. Expiration date is 3/18/05. Premium received is $419,090.)		300			(423,000	)
(Strike Price is $50.00. Expiration date is 3/18/05. Premium received is $503,488.)		500			(500,000	)
(Strike Price is $55.00. Expiration date is 3/18/05. Premium received is $338,492.)		500			(327,500	)
(Strike Price is $60.00. Expiration date is 6/17/05. Premium received is $188,096.)		300			(184,500	)
Chicago Bridge & Iron Company NV
(Strike Price is $30.00. Expiration date is 1/21/05. Premium received is $14,976.)		78			(78,000	)
(Strike Price is $35.00. Expiration date is 4/15/05. Premium received is $93,398.)		200			(114,000	)
(Strike Price is $40.00. Expiration date is 4/15/05. Premium received is $12,700.)		100			(24,000	)
Coherent, Inc.
(Strike Price is $30.00. Expiration date is 1/21/05. Premium received is $15,790.)		100			(12,250	)
(Strike Price is $30.00. Expiration date is 2/18/05. Premium received is $109,447.)		675			(129,937	)
Credence Systems Corporation
(Strike Price is $7.50. Expiration date is 5/20/05. Premium received is $25,249.)		125			(27,188	)

58

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Contracts (100 shares per contract)	Value (Note 2)
DHB Industries, Inc.
(Strike Price is $17.50. Expiration date is 1/21/05. Premium received is $104,507.)	500	$	(101,250	)
(Strike Price is $20.00. Expiration date is 1/21/05. Premium received is $50,449.)	350		(24,500	)
(Strike Price is $17.50. Expiration date is 2/18/05. Premium received is $55,899.)	200		(56,500	)
(Strike Price is $20.00. Expiration date is 2/18/05. Premium received is $37,899.)	200		(32,000	)
(Strike Price is $17.50. Expiration date is 4/15/05. Premium received is $69,970.)	200		(76,000	)
(Strike Price is $20.00. Expiration date is 4/15/05. Premium received is $44,974.)	175		(46,812	)
EarthLink, Inc.
(Strike Price is $10.00. Expiration date is 1/21/05. Premium received is $84,238.)	645		(101,587	)
(Strike Price is $10.00. Expiration date is 7/15/05. Premium received is $22,699.)	100		(22,250	)
(Strike Price is $12.50. Expiration date is 7/15/05. Premium received is $44,499.)	500		(45,000	)
Foot Locker, Inc.
(Strike Price is $25.00. Expiration date is 2/18/05. Premium received is $47,399.)	200		(45,500	)
(Strike Price is $25.00. Expiration date is 5/20/05. Premium received is $59,399.)	200		(63,000	)
Forest Oil Corporation
(Strike Price is $30.00. Expiration date is 2/18/05. Premium received is $27,699.)	100		(26,000	)
(Strike Price is $30.00. Expiration date is 5/20/05. Premium received is $122,097.)	300		(111,000	)
H.B. Fuller Company
(Strike Price is $25.00. Expiration date is 2/18/05. Premium received is $130,307.)	550		(198,000	)
(Strike Price is $25.00. Expiration date is 5/20/05. Premium received is $346,992.)	1,000		(400,000	)
Glamis Gold, Ltd.
(Strike Price is $17.50. Expiration date is 2/18/05. Premium received is $23,899.)	200		(17,500	)
(Strike Price is $20.00. Expiration date is 5/20/05. Premium received is $98,598.)	550		(45,375	)
Goldcorp, Inc.
(Strike Price is $15.00. Expiration date is 2/18/05. Premium received is $23,699.)	300		(24,000	)
GrafTech International, Ltd.
(Strike Price is $10.00. Expiration date is 3/18/05. Premium received is $33,949.)	350		(23,625	)
Headwaters, Inc.
(Strike Price is $30.00. Expiration date is 1/21/05. Premium received is $32,819.)	160		(8,000	)
(Strike Price is $30.00. Expiration date is 2/18/05. Premium received is $62,099.)	300		(36,750	)
Helmerich & Payne, Inc.
(Strike Price is $35.00. Expiration date is 2/18/05. Premium received is $29,099.)	300		(29,250	)
(Strike Price is $30.00. Expiration date is 3/18/05. Premium received is $54,302.)	150		(67,500	)
IDX Systems Corporation
(Strike Price is $35.00. Expiration date is 2/18/05. Premium received is $149,546.)	650	$	(105,625	)
(Strike Price is $40.00. Expiration date is 2/18/05. Premium received is $14,800.)	200		(4,500	)
Input/Output, Inc.
(Strike Price is $7.50. Expiration date is 2/18/05. Premium received is $12,382.)	150		(23,250	)
(Strike Price is $10.00. Expiration date is 2/18/05. Premium received is $7,350.)	150		(4,875	)
JDA Software Group, Inc.
(Strike Price is $15.00. Expiration date is 4/15/05. Premium received is $14,100.)	150		(11,625	)
McMoRan Exploration Company
(Strike Price is $17.50. Expiration date is 1/21/05. Premium received is $16,800.)	150		(24,375	)
Meridian Gold, Inc.
(Strike Price is $15.00. Expiration date is 1/21/05. Premium received is $41,399.)	200		(79,000	)
(Strike Price is $17.50. Expiration date is 4/15/05. Premium received is $21,200.)	100		(26,000	)
(Strike Price is $20.00. Expiration date is 4/15/05. Premium received is $11,700.)	100		(14,250	)
Newfield Exploration Company
(Strike Price is $60.00. Expiration date is 1/21/05. Premium received is $86,298.)	400		(47,000	)
(Strike Price is $60.00. Expiration date is 3/18/05. Premium received is $12,850.)	50		(16,000	)
(Strike Price is $65.00. Expiration date is 3/18/05. Premium received is $18,200.)	100		(13,750	)
(Strike Price is $65.00. Expiration date is 6/17/05. Premium received is $63,399.)	200		(55,000	)
Newport Corporation
(Strike Price is $12.50. Expiration date is 2/18/05. Premium received is $44,449.)	350		(63,875	)
Noble Energy, Inc.
(Strike Price is $60.00. Expiration date is 1/21/05. Premium received is $84,083.)	400		(98,000	)
(Strike Price is $65.00. Expiration date is 1/21/05. Premium received is $19,676.)	100		(3,500	)
(Strike Price is $60.00. Expiration date is 2/18/05. Premium received is $109,421.)	400		(130,000	)
(Strike Price is $65.00. Expiration date is 2/18/05. Premium received is $22,846.)	150		(14,625	)
(Strike Price is $60.00. Expiration date is 5/20/05. Premium received is $17,450.)	50		(24,750	)
(Strike Price is $65.00. Expiration date is 5/20/05. Premium received is $10,350.)	50		(12,375	)
OSI Systems, Inc.
(Strike Price is $20.00. Expiration date is 1/21/05. Premium received is $14,700.)	100		(27,250	)
(Strike Price is $22.50. Expiration date is 1/21/05. Premium received is $18,300.)	150		(12,000	)
(Strike Price is $22.50. Expiration date is 4/15/05. Premium received is $31,399.)	200		(39,500	)

59

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Contracts (100 shares per contract)	Value (Note 2)
Oceaneering International, Inc.
(Strike Price is $35.00. Expiration date is 1/21/05. Premium received is $224,041.)	750	$	(187,500	)
(Strike Price is $40.00. Expiration date is 1/21/05. Premium received is $6,100.)	50		(1,375	)
(Strike Price is $35.00. Expiration date is 4/15/05. Premium received is $19,600.)	50		(19,000	)
(Strike Price is $40.00. Expiration date is 4/15/05. Premium received is $83,598.)	550		(75,625	)
Pioneer Natural Resources Company
(Strike Price is $35.00. Expiration date is 6/17/05. Premium received is $27,699.)	100		(27,000	)
R.H. Donnelley Corporation
(Strike Price is $50.00. Expiration date is 1/21/05. Premium received is $21,199.)	100		(90,000	)
(Strike Price is $55.00. Expiration date is 2/18/05. Premium received is $59,685.)	200		(92,000	)
(Strike Price is $55.00. Expiration date is 5/20/05. Premium received is $117,397.)	200		(119,000	)
(Strike Price is $60.00. Expiration date is 5/20/05. Premium received is $29,699.)	100		(30,000	)
Randgold Resources, Ltd. ADR
(Strike Price is $12.50. Expiration date is 3/18/05. Premium received is $5,900.)	100		(5,750	)
(Strike Price is $12.50. Expiration date is 6/17/05. Premium received is $10,200.)	100		(10,000	)
Range Resources Corporation
(Strike Price is $17.50. Expiration date is 1/21/05. Premium received is $17,700.)	100		(30,500	)
(Strike Price is $20.00. Expiration date is 1/21/05. Premium received is $10,888.)	100		(10,000	)
(Strike Price is $17.50. Expiration date is 3/18/05. Premium received is $82,948.)	350		(117,250	)
(Strike Price is $20.00. Expiration date is 3/18/05. Premium received is $32,312.)	250		(39,375	)
(Strike Price is $22.50. Expiration date is 3/18/05. Premium received is $16,800.)	200		(13,000	)
Sharper Image Corporation
(Strike Price is $22.50. Expiration date is 5/20/05. Premium received is $52,999.)	250		(20,625	)
(Strike Price is $25.00. Expiration date is 5/20/05. Premium received is $24,137.)	200		(7,500	)
Shopko Stores, Inc.
(Strike Price is $17.50. Expiration date is 3/18/05. Premium received is $31,399.)	200		(41,500	)
Smith International, Inc.
(Strike Price is $55.00. Expiration date is 1/21/05. Premium received is $14,350.)	50		(7,000	)
(Strike Price is $60.00. Expiration date is 4/15/05. Premium received is $38,549.)	150		(22,500	)
(Strike Price is $65.00. Expiration date is 4/15/05. Premium received is $16,700.)	100		(5,500	)
Steel Dynamics, Inc.
(Strike Price is $35.00. Expiration date is 1/21/05. Premium received is $109,297.)	400	$	(138,000	)
(Strike Price is $35.00. Expiration date is 2/18/05. Premium received is $252,774.)	540		(234,900	)
(Strike Price is $40.00. Expiration date is 2/18/05. Premium received is $91,648.)	450		(81,000	)
(Strike Price is $45.00. Expiration date is 2/18/05. Premium received is $67,998.)	500		(28,750	)
(Strike Price is $35.00. Expiration date is 5/20/05. Premium received is $48,699.)	100		(59,500	)
(Strike Price is $40.00. Expiration date is 5/20/05. Premium received is $25,699.)	100		(34,500	)
(Strike Price is $45.00. Expiration date is 5/20/05. Premium received is $27,699.)	100		(18,500	)
Stone Energy Corporation
(Strike Price is $45.00. Expiration date is 3/18/05. Premium received is $165,946.)	600		(151,500	)
(Strike Price is $50.00. Expiration date is 6/17/05. Premium received is $47,399.)	200		(34,500	)
TIBCO Software, Inc.
(Strike Price is $10.00. Expiration date is 2/18/05. Premium received is $105,997.)	500		(172,500	)
Transocean, Inc.
(Strike Price is $40.00. Expiration date is 1/21/05. Premium received is $57,899.)	200		(57,500	)
(Strike Price is $40.00. Expiration date is 2/18/05. Premium received is $154,146.)	450		(162,000	)
(Strike Price is $45.00. Expiration date is 2/18/05. Premium received is $32,099.)	300		(33,000	)
(Strike Price is $40.00. Expiration date is 5/20/05. Premium received is $21,849.)	50		(25,750	)
(Strike Price is $45.00. Expiration date is 5/20/05. Premium received is $65,248.)	250		(66,875	)
United States Steel Corporation
(Strike Price is $40.00. Expiration date is 1/21/05. Premium received is $145,747.)	250		(282,500	)
(Strike Price is $45.00. Expiration date is 1/21/05. Premium received is $483,789.)	900		(594,000	)
(Strike Price is $50.00. Expiration date is 1/21/05. Premium received is $251,694.)	850		(227,375	)
(Strike Price is $55.00. Expiration date is 1/21/05. Premium received is $31,899.)	200		(13,500	)
(Strike Price is $50.00. Expiration date is 2/18/05. Premium received is $67,398.)	200		(82,000	)
(Strike Price is $55.00. Expiration date is 2/18/05. Premium received is $7,600.)	50		(9,625	)
(Strike Price is $45.00. Expiration date is 4/15/05. Premium received is $264,444.)	350		(309,750	)
(Strike Price is $50.00. Expiration date is 4/15/05. Premium received is $164,246.)	250		(146,250	)
(Strike Price is $55.00. Expiration date is 4/15/05. Premium received is $153,796.)	400		(144,000	)

60

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Contracts (100 shares per contract)	Value (Note 2)
UNOVA, Inc.
(Strike Price is $25.00. Expiration date is 1/21/05. Premium received is $9,700.)	100	$	(11,000	)
(Strike Price is $22.50. Expiration date is 3/18/05. Premium received is $97,488.)	450		(159,750	)
(Strike Price is $25.00. Expiration date is 3/18/05. Premium received is $17,700.)	100		(20,250	)
(Strike Price is $25.00. Expiration date is 6/17/05. Premium received is $32,124.)	125		(36,563	)
York International Corporation
(Strike Price is $35.00. Expiration date is 2/18/05. Premium received is $66,598.)	300		(33,000	)
(Strike Price is $35.00. Expiration date is 5/20/05. Premium received is $25,799.)	150		(30,000	)
	36,223	$	(11,005,362	)
STRONG ADVISOR U.S. VALUE FUND
	Shares or Principal Amount	Value (Note 2)
Common Stocks 93.9%
Aerospace - Defense 0.9%
General Dynamics Corporation	9,000	$	941,400
Lockheed Martin Corporation	24,400		1,355,420
Raytheon Company	25,000		970,750
			3,267,570
Auto Manufacturer 0.4%
General Motors Corporation (f)	38,100		1,526,286
Banks - Money Center 4.4%
Bank of America Corporation	100,000		4,699,000
The Bank of New York Company, Inc.	35,000		1,169,700
Citigroup, Inc.	148,500		7,154,730
J.P. Morgan Chase & Company	75,240		2,935,112
			15,958,542
Banks - Northeast 0.2%
Peoples Bank (f)	17,100		665,019
Banks - Southeast 0.1%
Compass Bancshares, Inc.	8,000		389,360
Banks - Super Regional 3.2%
KeyCorp	41,600		1,410,240
National City Corporation	32,000		1,201,600
Regions Financial Corporation	56,791		2,021,192
U.S. Bancorp	47,000		1,472,040
Wachovia Corporation	102,344		5,383,294
			11,488,366
Beverages - Alcoholic 0.2%
Anheuser-Busch Companies, Inc.	13,000		659,490
Beverages - Soft Drinks 1.1%
Coca-Cola Enterprises, Inc.	188,000		3,919,800
Chemicals - Basic 0.8%
The Dow Chemical Company	40,000		1,980,400
PPG Industries, Inc.	15,300		1,042,848
			3,023,248
Commercial Services - Miscellaneous 0.5%
ARAMARK Corporation Class B	48,000	$	1,272,480
Automatic Data Processing, Inc.	9,000		399,150
			1,671,630
Computer - IT Services 0.7%
Unisys Corporation (b)	230,000		2,341,400
Computer - Manufacturers 1.2%
Hewlett-Packard Company	200,000		4,194,000
Computer Software - Desktop 1.3%
Microsoft Corporation	180,000		4,807,800
Computer Software - Enterprise 1.1%
VERITAS Software Corporation (b)	133,000		3,797,150
Diversified Operations 6.4%
E.I. Du Pont de Nemours & Company	50,631		2,483,450
Emerson Electric Company	27,900		1,955,790
General Electric Company	350,000		12,775,000
ITT Industries, Inc.	16,000		1,351,200
Loews Corporation	40,000		2,812,000
United Technologies Corporation	17,200		1,777,620
			23,155,060
Finance - Equity REIT 0.5%
Equity Office Properties Trust	30,000		873,600
Equity Residential Properties Trust	27,000		976,860
			1,850,460
Finance - Investment Brokers 0.0%
Piper Jaffray Companies, Inc. (b)	928		44,498
Finance - Investment Management 0.2%
Mellon Financial Corporation	28,000		871,080
Finance - Savings & Loan 0.6%
Washington Mutual, Inc.	50,000		2,114,000
Financial Services - Miscellaneous 0.6%
American Express Company	38,000		2,142,060
Food - Meat Products 0.1%
Tyson Foods, Inc. Class A (f)	18,000		331,200
Food - Miscellaneous Preparation 6.0%
Campbell Soup Company	20,000		597,800
ConAgra, Inc.	60,000		1,767,000
Del Monte Foods Company (b)	778,000		8,573,560
Kraft Foods, Inc. Class A (f)	221,900		7,901,859
Sara Lee Corporation	115,000		2,776,100
			21,616,319
Household - Housewares 0.1%
Newell Rubbermaid, Inc.	17,000		411,230
Insurance - Accident & Health 0.7%
AFLAC, Inc.	65,000		2,589,600
Insurance - Brokers 1.7%
Marsh & McLennan Companies, Inc.	188,000		6,185,200
Insurance - Diversified 1.9%
American International Group, Inc.	58,500		3,841,695

61

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR U.S. VALUE FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Principal Financial Group, Inc.	25,300	$	1,035,782
Prudential Financial, Inc.	34,100		1,874,136
			6,751,613
Insurance - Life 0.3%
Lincoln National Corporation	25,000		1,167,000
Insurance - Property/Casualty/Title 2.9%
The Allstate Corporation	32,000		1,655,040
Chubb Corporation	16,500		1,268,850
Hartford Financial Services Group, Inc.	21,800		1,510,958
Old Republic International Corporation	37,000		936,100
The St. Paul Travelers Companies, Inc.	132,000		4,893,240
			10,264,188
Leisure - Photo Equipment/Related 0.2%
Eastman Kodak Company (f)	24,200		780,450
Machinery - Farm 0.5%
Deere & Company	26,000		1,934,400
Media - Cable TV 3.4%
Comcast Corporation Class A (b)	345,000		11,481,600
Liberty Media International, Inc. Class A (b)	18,700		864,501
			12,346,101
Media - Diversified 1.8%
Time Warner, Inc. (b)	325,000		6,318,000
Media - Newspapers 0.6%
Gannett Company, Inc.	26,200		2,140,540
Media - Periodicals 1.9%
The Readers Digest Association, Inc.	480,800		6,687,928
Media - Radio/TV 4.6%
Clear Channel Communications, Inc.	230,000		7,702,700
The Walt Disney Company	93,000		2,585,400
Liberty Media Corporation Class A (b)	374,000		4,106,520
Viacom, Inc. Class B	62,858		2,287,403
			16,682,023
Medical - Biomedical/Biotechnology 5.3%
Chiron Corporation (b)(f)	210,000		6,999,300
ImClone Systems, Inc. (b)(f)	200,100		9,220,608
Serono SA ADR (f)	175,000		2,856,000
			19,075,908
Medical - Ethical Drugs 3.2%
Bristol-Myers Squibb Company	360,000		9,223,200
Merck & Company, Inc.	76,000		2,442,640
			11,665,840
Medical/Dental - Services 0.1%
Medco Health Solutions, Inc. (b)	7,839		326,102
Metal Ores - Gold/Silver 0.4%
Newmont Mining Corporation
Holding Company	35,000		1,554,350
Metal Ores - Miscellaneous 0.5%
Alcoa, Inc.	52,100		1,636,982
Oil & Gas - Drilling 0.3%
Pride International, Inc. (b)	45,000		924,300
Oil & Gas - International Integrated 8.2%
ChevronTexaco Corporation	96,000		5,040,960
ConocoPhillips	49,000		4,254,670
Exxon Mobil Corporation	372,000	$	19,068,720
Royal Dutch Petroleum Company - New York Shares (f)	20,000		1,147,600
			29,511,950
Oil & Gas - Machinery/Equipment 2.0%
Cooper Cameron Corporation (b)	135,000		7,264,350
Oil & Gas - United States Exploration & Production 0.9%
Devon Energy Corporation	28,000		1,089,760
Kerr McGee Corporation	7,000		404,530
Unocal Corporation	40,200		1,738,248
			3,232,538
Paper & Paper Products 0.3%
MeadWestvaco Corporation	12,000		406,680
OfficeMax, Inc.	10,000		313,800
Smurfit-Stone Container Corporation (b)	20,000		373,600
			1,094,080
Pollution Control - Services 1.2%
Waste Management, Inc.	147,000		4,401,180
Retail - Department Stores 0.8%
Federated Department Stores, Inc.	25,000		1,444,750
May Department Stores Company	44,793		1,316,914
			2,761,664
Retail - Miscellaneous 0.1%
Blockbuster, Inc. Class A (f)	16,845		160,701
Blockbuster, Inc. Class B	16,845		148,404
			309,105
Retail - Restaurants 1.5%
McDonald’s Corporation	163,000		5,225,780
Retail - Super/Mini Markets 2.4%
Albertson’s, Inc. (f)	20,000		477,600
The Kroger Company (b)	445,000		7,805,300
Safeway, Inc. (b)	27,000		532,980
			8,815,880
Retail/Wholesale - Office Supplies 0.1%
Office Depot, Inc. (b)	17,000		295,120
Telecommunications - Services 4.6%
AT&T Corporation	47,000		895,820
BellSouth Corporation	98,000		2,723,420
CenturyTel, Inc.	9,000		319,230
Commonwealth Telephone Enterprises, Inc. (b)(f)	5,000		248,300
Qwest Communications International, Inc. (b)	60,000		266,400
SBC Communications, Inc.	174,000		4,483,980
Sprint Corporation	51,000		1,267,350
Verizon Communications, Inc.	155,000		6,279,050
			16,483,550
Telecommunications - Wireless Equipment 1.4%
Nokia Corporation Sponsored ADR	330,000		5,171,100
Telecommunications - Wireless Services 0.3%
ALLTEL Corporation	19,000		1,116,440
Tobacco 1.5%
Altria Group, Inc.	55,000		3,360,500
Loews Corp - Carolina Group	67,700		1,959,915
			5,320,415
Transportation - Air Freight 0.3%
FedEx Corporation	12,000		1,181,880

62

STRONG ADVISOR U.S. VALUE FUND (continued)

	Shares or Principal Amount			Value (Note 2)
Transportation - Rail 0.3%
Burlington Northern Santa Fe Corporation		24,800		$	1,173,289
Utility - Electric Power 5.0%
Consolidated Edison, Inc. (f)		27,000			1,181,250
DTE Energy Company		51,000			2,199,630
Dominion Resources, Inc.		28,000			1,896,720
Duke Energy Corporation		70,000			1,773,100
Entergy Corporation		23,500			1,588,365
Exelon Corporation		52,400			2,309,268
FPL Group, Inc.		26,600			1,988,350
FirstEnergy Corporation		20,000			790,200
Progress Energy, Inc.		14,000			633,360
Public Service Enterprise Group, Inc. (f)		31,000			1,604,870
SCANA Corporation (f)		17,000			669,800
The Southern Company		42,000			1,407,840
					18,042,753
Utility - Gas Distribution 2.1%
CenterPoint Energy, Inc. (f)		299,400			3,383,220
KeySpan Corporation		25,600			1,009,920
NiSource, Inc.		27,000			615,060
Sempra Energy		31,500			1,155,420
Vectren Corporation		56,700			1,519,560
					7,683,180
Total Common Stocks (Cost $279,774,701)					338,360,347
Short-Term Investments (a) 8.8%
Collateral Received for Securities Lending 2.5%
Navigator Prime Portfolio		9,099,275			9,099,275
Repurchase Agreements (c) 6.3%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $20,903,745); Collateralized by: United States Government & Agency Issues	$	20,900,000			20,900,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $1,647,117); Collateralized by: United States Government & Agency Issues		1,647,000			1,647,000
Total Repurchase Agreements					22,547,000
Total Short-Term Investments (Cost $31,646,275)					31,646,275
Total Investments in Securities (Cost $311,420,976) 102.7%					370,006,622
Other Assets and Liabilities, Net (2.7%)					(9,884,021	)
Net Assets 100.0%				$	360,122,601
WRITTEN OPTIONS ACTIVITY
	Contracts			Premiums
Options outstanding at beginning of year		—		$	—
Options written during the year		850			188,691
Options closed		(850	)		(188,691	)
Options expired		—			—
Options exercised		—			—
Options outstanding at end of year		—		$	—
STRONG ADVISOR ENDEAVOR LARGE CAP FUND
	Shares or Principal Amount			Value (Note 2)
Common Stocks 96.9%
Apparel - Shoes & Related Manufacturing 0.8%
NIKE, Inc. Class B		3,990		$	361,853
Banks - Money Center 1.0%
The Bank of New York Company, Inc.		13,050			436,131
Banks - Super Regional 1.4%
Wachovia Corporation		12,130			638,038
Chemicals - Basic 2.2%
The Dow Chemical Company		19,450			962,970
Computer - Data Storage 3.8%
EMC Corporation (b)		113,950			1,694,437
Computer - Local Networks 0.7%
Juniper Networks, Inc. (b)		12,160			330,630
Computer - Manufacturers 3.9%
Apple Computer, Inc. (b)		3,180			204,792
Dell, Inc. (b)		36,680			1,545,695
					1,750,487
Computer Software - Enterprise 2.7%
Oracle Systems Corporation (b)		86,280			1,183,762
Diversified Operations 5.1%
General Electric Company		44,440			1,622,060
Honeywell International, Inc.		17,760			628,882
					2,250,942
Electronics - Semiconductor Manufacturing 6.6%
Advanced Micro Devices, Inc. (b)		19,300			424,986
Altera Corporation (b)		26,900			556,830
Marvell Technology Group, Ltd. (b)		23,170			821,840
Texas Instruments, Inc.		46,620			1,147,784
					2,951,440
Finance - Consumer/Commercial Loans 1.1%
CIT Group, Inc.		10,610			486,150
Food - Confectionery 1.0%
William Wrigley, Jr. Company		6,150			425,519
Household - Consumer Electronics 1.4%
Harman International Industries, Inc.		4,860			617,220
Insurance - Property/Casualty/Title 1.7%
The Allstate Corporation		14,710			760,801
Internet - Content 5.1%
Yahoo! Inc. (b)		60,340			2,273,611
Internet - E*Commerce 2.1%
eBay, Inc. (b)		7,950			924,426
Leisure - Hotels & Motels 0.3%
Las Vegas Sands Corporation (b)		2,930			140,640
Leisure - Services 0.5%
Royal Caribbean Cruises, Ltd.		4,180			227,559
Leisure - Toys/Games/Hobby 2.2%
Marvel Enterprises, Inc. (b)		47,882			980,623

63

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR ENDEAVOR LARGE CAP FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Media - Cable TV 1.7%
EchoStar Communications Corporation Class A		23,420	$	778,481
Medical - Biomedical/Biotechnology 2.5%
Genzyme Corporation (b)		19,260		1,118,428
Medical - Generic Drugs 2.5%
Teva Pharmaceutical Industries, Ltd. ADR		36,930		1,102,730
Medical - Health Maintenance Organizations 4.1%
WellPoint, Inc. (b)		15,715		1,807,225
Medical - Products 6.9%
Alcon, Inc.		13,060		1,052,636
Boston Scientific Corporation (b)		24,700		878,085
Medtronic, Inc.		22,820		1,133,469
				3,064,190
Medical - Systems/Equipment 1.5%
Fisher Scientific International, Inc. (b)		10,830		675,575
Metal Ores - Gold/Silver 1.6%
Placer Dome, Inc.		37,030		698,386
Metal Ores - Miscellaneous 2.9%
Phelps Dodge Corporation		12,830		1,269,144
Oil & Gas - Canadian Exploration & Production 0.6%
Canadian Natural Resources, Ltd.		6,410		274,156
Oil & Gas - Drilling 1.3%
Transocean, Inc. (b)		13,380		567,178
Oil & Gas - Field Services 2.6%
Halliburton Company		28,920		1,134,821
Oil & Gas - Production/Pipeline 2.2%
The Williams Companies, Inc.		59,520		969,581
Oil & Gas - United States Exploration & Production 1.3%
Noble Energy, Inc.		9,360		577,138
Paper & Paper Products 1.2%
Smurfit-Stone Container Corporation (b)		29,040		542,467
Real Estate Operations 0.6%
The St. Joe Company		3,900		250,380
Retail - Drug Stores 1.5%
CVS Corporation		14,590		657,571
Retail - Major Discount Chains 2.1%
Target Corporation		18,160		943,049
Retail/Wholesale - Office Supplies 2.5%
Staples, Inc.		33,030		1,113,441
Telecommunications - Equipment 1.3%
Lucent Technologies, Inc. (b)		156,850		589,756
Telecommunications - Services 4.6%
Sprint Corporation		81,580	$	2,027,263
Telecommunications - Wireless Equipment 5.3%
Motorola, Inc.		56,690		975,068
QUALCOMM, Inc.		20,500		869,200
Research in Motion, Ltd. (b)		6,350		523,367
				2,367,635
Telecommunications - Wireless Services 0.8%
NII Holdings, Inc. Class B (b)		7,410		351,604
Transportation - Airline 1.7%
Southwest Airlines Company		46,120		750,834
Total Common Stocks (Cost $35,734,445)				43,028,272
Short-Term Investments (a) 2.9%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $1,000,179); Collateralized by: United States Government & Agency Issues	$	1,000,000		1,000,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $281,720); Collateralized by: United States Government & Agency Issues		281,700		281,700
Total Short-Term Investments (Cost $1,281,700)				1,281,700
Total Investments in Securities (Cost $37,016,145) 99.8%				44,309,972
Other Assets and Liabilities, Net 0.2%				72,073
Net Assets 100.0%			$	44,382,045
STRONG ADVISOR FOCUS FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 95.2%
Beverages - Soft Drinks 0.6%
Cott Corporation (b)		585	$	14,467
Commercial Services - Advertising 1.7%
Greenfield Online, Inc. (b)		2,000		43,980
Commercial Services - Miscellaneous 3.4%
Paychex, Inc.		2,490		84,859
Commercial Services - Schools 3.7%
Apollo Group, Inc. Class A (b)		875		70,621
Corinthian Colleges, Inc. (b)		1,225		23,085
				93,706
Computer - Local Networks 3.6%
Polycom, Inc. (b)		3,850		89,782
Computer - Manufacturers 6.7%
Dell, Inc. (b)		4,000		168,560
Computer Software - Education/Entertainment 1.4%
Electronic Arts, Inc. (b)		595		36,700

64

STRONG ADVISOR FOCUS FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Computer Software - Enterprise 1.1%
Mercury Interactive Corporation (b)		615	$	28,013
Electronics - Semiconductor Manufacturing 5.4%
Analog Devices, Inc.		900		33,228
Microchip Technology, Inc.		2,400		63,984
SiRF Technology Holdings, Inc. (b)		3,030		38,542
				135,754
Finance - Mortgage & Related Services 3.3%
Countrywide Financial Corporation		2,270		84,013
Financial Services - Miscellaneous 6.1%
First Marblehead Corporation (b)		2,710		152,437
Internet - Content 1.7%
Google, Inc. Class A (b)		220		42,482
Internet - E*Commerce 7.5%
Arbinet-thexchange, Inc. (b)		100		2,485
eBay, Inc. (b)		1,600		186,048
				188,533
Internet - Network Security/Solutions 4.8%
Digital River, Inc. (b)		2,900		120,669
Medical - Biomedical/Biotechnology 4.4%
Gilead Sciences, Inc. (b)		3,145		110,044
Medical - Products 10.1%
C.R. Bard, Inc.		1,310		83,814
INAMED Corporation (b)		1,220		77,165
St. Jude Medical, Inc. (b)		2,200		92,246
				253,225
Medical/Dental - Supplies 3.6%
Kinetic Concepts, Inc. (b)		1,180		90,034
Oil & Gas - Machinery/Equipment 1.6%
Smith International, Inc. (b)		740		40,263
Oil & Gas - United States Exploration & Production 2.5%
XTO Energy, Inc.		1,750		61,915
Retail - Leisure Product 3.0%
Dick’s Sporting Goods, Inc. (b)		2,160		75,924
Retail - Miscellaneous 11.0%
PETCO Animal Supplies, Inc. (b)		4,265		168,382
PETsMART, Inc.		3,080		109,432
				277,814
Retail - Restaurants 1.3%
Texas Roadhouse, Inc. Class A (b)		1,070		31,618
Retail/Wholesale - Building Products 4.1%
Hughes Supply, Inc.		3,210		103,844
Telecommunications - Equipment 2.6%
Dycom, Industries, Inc. (b)		280		8,546
InPhonic, Inc. (b)		2,040		56,059
				64,605
Total Common Stocks (Cost $1,689,186)				2,393,241
Short-Term Investments (a) 4.5%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $114,108);     Collateralized by: United States Government & Agency Issues	$	114,100	$	114,100
Total Short-Term Investments (Cost $114,100)				114,100
Total Investments in Securities (Cost $1,803,286) 99.7%				2,507,341
Other Assets and Liabilities, Net 0.3%				6,453
Net Assets 100.0%			$	2,513,794
STRONG ADVISOR INTERNATIONAL CORE FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 97.2%
Australia 2.4%
BHP Billiton, Ltd.		1,800	$	21,590
BlueScope Steel, Ltd.		1,800		11,611
iShares MSCI Australia Index Fund		1,300		21,710
				54,911
Belgium 0.8%
Fortis		700		19,322
Brazil 2.9%
Companhia Vale do Rio Doce Sponsored ADR		1,200		34,812
Petroleo Brasileiro SA Petrobras Sponsored ADR		800		31,824
				66,636
Canada 2.8%
Bank of Nova Scotia		700		23,756
Encana Corporation		700		40,022
				63,778
Finland 1.0%
UPM-Kymmene Oyj		1,000		22,089
France 10.8%
BNP Paribas SA		500		36,148
Business Objects SA Sponsored ADR (b)		900		22,806
Essilor International SA		700		54,736
Groupe Danone Sponsored ADR		2,300		42,412
L’Oreal SA		400		30,302
Sanofi-Aventis		350		27,915
Total SA Sponsored ADR		300		32,952
				247,271
Germany 6.5%
E.On AG (b)		400		36,283
Fresenius Medical Care AG (b)		350		28,155
Puma AG		70		19,226
Schering AG (b)		380		28,241
Siemens AG (b)		450		38,026
				149,931
Hong Kong 2.9%
Hutchison Whampoa, Ltd.		3,100		29,017
Swire Pacific, Ltd. A Shares		4,400		36,797
				65,814
Ireland 1.0%
Bank of Ireland		1,400		23,262

65

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR INTERNATIONAL CORE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Italy 3.5%
ENI Spa		1,300	$	32,518
Telecom Italia Spa		6,951		28,317
UniCredito Italiano Spa		3,400		19,516
				80,351
Japan 20.0%
Canon, Inc. ADR		500		27,130
The Daimaru, Inc.		3,000		24,568
Disco Corporation		600		27,579
East Japan Railway Company		4		22,304
Hitachi, Ltd.		4,500		31,421
House Foods Corporation		1,600		23,140
Isetan Company, Ltd.		900		10,545
iShares MSCI Japan Index Fund		2,000		21,840
Kansai Paint Company, Ltd.		4,000		24,271
Komatsu, Ltd.		3,700		25,984
Mitsubishi Electric Corporation		3,700		18,176
Mitsubishi Heavy Industries, Ltd.		6,100		17,390
Mitsui Sumitomo Insurance Company		4,000		34,912
Nippon Telegraph and Telephone Corporation Sponsored ADR		1,000		22,550
Sharp Corporation		1,500		24,583
Tokyo Gas Company, Ltd.		7,000		28,746
TOTO, Ltd.		3,000		28,709
Toyota Motor Corporation		500		20,540
Uni-Charm Corporation		500		24,046
				458,434
Mexico 2.8%
America Movil ADR Series L		400		20,940
Cemex SA de CV Sponsored ADR		700		25,494
Wal-Mart de Mexico SA de CV		5,400		18,631
				65,065
Netherlands 4.8%
ING Groep NV		1,700		51,329
Koninklijke Philips Electronics NV Sponsored ADR - New York Registry Shares		900		23,850
Royal Dutch Petroleum Company - New York Shares		400		22,952
STMicroelectronics NV		600		11,679
				109,810
Singapore 3.7%
DBS Group Holdings, Ltd.		4,600		45,391
Flextronics International, Ltd. (b)		1,700		23,494
Singapore Telecommunications, Ltd.		11,200		16,337
				85,222
South Africa 0.8%
Gold Fields, Ltd. Sponsored ADR		1,400		17,472
South Korea 1.0%
Samsung Electronics Company, Ltd.		50		21,727
Spain 2.6%
Banco Santander Central Hispano SA		2,100		25,986
Telefonica SA Sponsored ADR		614		34,691
				60,677
Sweden 2.1%
Autoliv, Inc.		500		23,917
Sandvik AB		600		24,170
				48,087
Switzerland 6.9%
Nestle SA		115		29,946
Novartis AG Sponsored ADR		700		35,378
Roche Holding AG (non-voting)		200		22,904
UBS AG Registered		420	$	35,127
Zurich Financial Services AG (b)		210		34,888
				158,243
United Kingdom 17.9%
BP PLC Sponsored ADR		550		32,120
Boots Group PLC		1,350		16,973
Diageo PLC		1,400		19,951
GlaxoSmithKline PLC Sponsored ADR		600		28,434
HBOS PLC		1,700		27,650
HSBC Holdings PLC		700		11,801
HSBC Holdings PLC (Hong Kong Regulated)		1,200		20,534
iShares MSCI United Kingdom Index Fund		1,200		21,756
Kingfisher PLC		4,200		24,952
Lloyds TSB Group PLC		2,600		23,588
Reed Elsevier PLC		2,500		23,040
Royal Bank of Scotland Group PLC		1,500		50,405
Tesco PLC		5,900		36,410
United Utilities PLC		1,800		21,750
Vodafone Group PLC		18,700		50,662
				410,026
Total Common Stocks (Cost $1,685,777)				2,228,128
Short-Term Investments (a) 2.5%
Repurchase Agreements (c)
United States
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $57,804);     Collateralized by: United States Government & Agency Issues	$	57,800		57,800
Total Short-Term Investments (Cost $57,800)				57,800
Total Investments in Securities (Cost $1,743,577) 99.7%				2,285,928
Other Assets and Liabilities, Net 0.3%				5,876
Net Assets 100.0%			$	2,291,804
STRONG ADVISOR SELECT FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 95.1%
Banks - Money Center 2.0%
The Bank of New York Company, Inc.		57,200	$	1,911,624
Chemicals - Basic 2.3%
The Dow Chemical Company		45,100		2,232,901
Computer - Data Storage 4.3%
EMC Corporation (b)		283,310		4,212,820
Computer - Manufacturers 3.4%
Dell, Inc. (b)		79,565		3,352,869
Computer Software - Enterprise 3.3%
Oracle Systems Corporation (b)		237,500		3,258,500
Diversified Operations 5.1%
General Electric Company		99,080		3,616,420
Honeywell International, Inc.		39,110		1,384,885
				5,001,305

66

STRONG ADVISOR SELECT FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Electronics - Semiconductor Manufacturing 5.6%
Altera Corporation (b)		55,600	$	1,150,920
Marvell Technology Group, Ltd. (b)		50,300		1,784,141
Texas Instruments, Inc.		101,200		2,491,544
				5,426,605
Household - Consumer Electronics 3.3%
Harman International Industries, Inc.		25,720		3,266,440
Insurance - Property/Casualty/Title 1.1%
The Allstate Corporation		21,410		1,107,325
Internet - Content 5.7%
Yahoo! Inc. (b)		149,140		5,619,595
Leisure - Hotels & Motels 0.3%
Las Vegas Sands Corporation (b)		5,800		278,400
Leisure - Services 1.7%
Royal Caribbean Cruises, Ltd.		30,000		1,633,200
Leisure - Toys/Games/Hobby 4.8%
Marvel Enterprises, Inc. (b)		229,755		4,705,382
Media - Cable TV 1.7%
EchoStar Communications Corporation Class A		51,190		1,701,556
Medical - Biomedical/Biotechnology 2.4%
Genzyme Corporation (b)		39,940		2,319,316
Medical - Generic Drugs 2.5%
Teva Pharmaceutical Industries, Ltd. ADR		82,060		2,450,312
Medical - Health Maintenance Organizations 4.5%
WellPoint, Inc. (b)		38,600		4,439,000
Medical - Products 5.5%
Alcon, Inc.		29,200		2,353,520
Medtronic, Inc.		60,000		2,980,200
				5,333,720
Medical - Systems/Equipment 2.5%
Fisher Scientific International, Inc. (b)		38,500		2,401,630
Metal Ores - Gold/Silver 2.6%
Placer Dome, Inc.		134,100		2,529,126
Metal Ores - Miscellaneous 3.9%
Phelps Dodge Corporation		38,160		3,774,787
Oil & Gas - Canadian Exploration & Production 1.6%
Canadian Natural Resources, Ltd.		36,200		1,548,274
Oil & Gas - Field Services 3.2%
Halliburton Company		79,000		3,099,960
Oil & Gas - Machinery/Equipment 1.3%
Grant Prideco, Inc. (b)		64,100		1,285,205
Oil & Gas - Production/Pipeline 2.1%
The Williams Companies, Inc.		129,200		2,104,668
Retail/Wholesale - Office Supplies 2.5%
Staples, Inc.		72,900	$	2,457,459
Telecommunications - Equipment 3.1%
Lucent Technologies, Inc. (b)		796,600		2,995,216
Telecommunications - Services 4.6%
Sprint Corporation		179,100		4,450,635
Telecommunications - Wireless Equipment 5.7%
Motorola, Inc.		155,000		2,666,000
QUALCOMM, Inc.		42,100		1,785,040
Research in Motion, Ltd. (b)		13,440		1,107,725
				5,558,765
Telecommunications - Wireless Services 2.5%
NII Holdings, Inc. Class B (b)		51,490		2,443,200
Total Common Stocks (Cost $76,790,529)				92,899,795
Short-Term Investments (a) 4.7%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $3,300,591); Collateralized by: United States Government & Agency Issues	$	3,300,000		3,300,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $1,246,688); Collateralized by: United States Government & Agency Issues		1,246,600		1,246,600
Total Short-Term Investments (Cost $4,546,600)				4,546,600
Total Investments in Securities (Cost $81,337,129) 99.8%				97,446,395
Other Assets and Liabilities, Net 0.2%				238,871
Net Assets 100.0%			$	97,685,266
STRONG ADVISOR TECHNOLOGY FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 94.9%
Agricultural Operations 1.4%
Syngenta AG ADR (b)		1,000	$	21,350
Commercial Services - Security/Safety 3.4%
Mine Safety Appliances Company		1,000		50,700
Computer - Integrated Systems 2.3%
Stratasys, Inc. (b)		1,050		35,238
Computer - IT Services 4.5%
Computer Sciences Corporation (b)		775		43,687
International Business Machines Corporation		240		23,659
				67,346
Computer - Local Networks 1.6%
Brocade Communications Systems, Inc. (b)		3,100		23,684
Computer - Manufacturers 3.3%
Dell, Inc. (b)		1,200		50,568

67

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR TECHNOLOGY FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Computer - Software Design 1.8%
Magma Design Automation (b)		1,600	$	20,096
Verisity, Ltd. (b)		800		6,560
				26,656
Computer Software - Desktop 5.6%
Microsoft Corporation		1,900		50,749
Sonic Solutions (b)		1,500		33,660
				84,409
Computer Software - Education/Entertainment 4.8%
Activision, Inc. (b)		1,000		20,180
InterVideo, Inc. (b)		2,400		31,752
THQ, Inc. (b)		900		20,646
				72,578
Computer Software - Enterprise 4.3%
FalconStor Software, Inc. (b)		2,100		20,097
Informatica Corporation (b)		2,900		23,548
Nuance Communications, Inc. (b)		5,100		21,114
				64,759
Computer Software - Financial 2.7%
Corillian Corporation (b)		3,900		19,188
Online Resources & Communications Corporation (b)		2,900		22,098
				41,286
Diversified Operations 2.2%
Koninklijke Philips Electronics NV Sponsored ADR - New York Registry Shares		1,250		33,125
Electronics - Contract Manufacturing 3.2%
TTM Technologies, Inc. (b)		4,100		48,380
Electronics - Miscellaneous Components 4.4%
Rogers Corporation (b)		850		36,635
TDK Corporation Sponsored ADR		400		29,696
				66,331
Electronics - Parts Distributors 2.1%
Bell Microproducts, Inc. (b)		3,300		31,746
Electronics - Scientific Measuring 1.0%
FEI Company (b)		750		15,750
Electronics - Semiconductor Manufacturing 16.2%
ARM Holdings PLC Sponsored ADR		2,900		17,893
Altera Corporation (b)		1,300		26,910
BE Semiconductor Industries N.V. (b)		5,000		27,950
KLA-Tencor Corporation (b)		975		45,416
Linear Technology Corporation		1,350		52,326
LogicVision, Inc. (b)		2,000		5,860
Pixelworks, Inc. (b)		1,400		15,876
Sigma Designs, Inc. (b)		2,600		25,828
Therma-Wave, Inc. (b)		7,800		26,988
				245,047
Internet - Software 3.0%
Ariba, Inc. (b)		2,733		45,368
Leisure - Movies & Related 4.1%
Avid Technology, Inc. (b)		1,000		61,750
Medical - Drug/Diversified 2.9%
Sanofi-Aventis ADR		1,100		44,055
Medical - Genetics 2.9%
Diversa Corporation (b)		2,100	$	18,354
Genencor International, Inc. (b)		1,600		26,240
				44,594
Medical - Products 2.4%
Encore Medical Corporation (b)		5,300		35,987
Medical - Systems/Equipment 3.4%
CTI Molecular Imaging, Inc. (b)		1,000		14,190
Hologic, Inc. (b)		650		17,855
Intuitive Surgical, Inc. (b)		500		20,010
				52,055
Telecommunications - Equipment 4.6%
ADTRAN, Inc.		1,250		23,925
Lucent Technologies, Inc. (b)		12,100		45,496
				69,421
Telecommunications - Wireless Equipment 3.7%
Garmin, Ltd.		400		24,336
Trimble Navigation, Ltd. (b)		950		31,388
				55,724
Telecommunications - Wireless Services 3.1%
America Movil ADR Series L		900		47,115
Total Common Stocks (Cost $1,333,725)				1,435,022
Short-Term Investments (a) 4.4%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $65,605); Collateralized by: United States Government & Agency Issues	$	65,600		65,600
Total Short-Term Investments (Cost $65,600)				65,600
Total Investments in Securities (Cost $1,399,325) 99.3%				1,500,622
Other Assets and Liabilities, Net 0.7%				11,312
Net Assets 100.0%			$	1,511,934
STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 92.0%
Aerospace - Defense Equipment 1.0%
Laureate Education, Inc. (b)		1,145	$	50,483
Chemicals - Specialty 1.0%
Symyx Technologies, Inc. (b)		1,650		49,632
Commercial Services - Consulting 1.0%
Navigant Consulting, Inc. (b)		1,980		52,668
Commercial Services - Market Research 2.0%
CoStar Group, Inc. (b)		2,270		104,829
Commercial Services - Schools 1.1%
Bright Horizons Family Solutions, Inc. (b)		895		57,960

68

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

	Shares or Principal Amount		Value (Note 2)
Computer - IT Services 2.5%
Cognizant Technology Solutions Corporation Class A (b)		3,080	$	130,376
Computer - Peripheral Equipment 2.0%
Synaptics, Inc. (b)		3,305		101,067
Computer Software - Desktop 1.8%
Sonic Solutions (b)		4,040		90,658
Electronics - Miscellaneous Components 1.3%
Sigmatel, Inc. (b)		1,935		68,751
Electronics - Semiconductor Manufacturing 4.5%
Cree, Inc. (b)		1,400		56,112
FormFactor, Inc. (b)		2,995		81,284
Tessera Technologies, Inc. (b)		2,555		95,072
				232,468
Energy - Other 1.1%
Massey Energy Company		1,655		57,842
Finance - Consumer/Commercial Loans 1.6%
United PanAm Financial Corporation (b)		4,350		82,911
Financial Services - Miscellaneous 2.4%
Investors Financial Services Corporation		2,525		126,199
Insurance - Property/Casualty/Title 1.7%
ProAssurance Corporation (b)		2,260		88,389
Internet - Content 2.3%
Ask Jeeves, Inc. (b)		1,750		46,812
InfoSpace, Inc. (b)		1,525		72,514
				119,326
Internet - E*Commerce 2.5%
Getty Images, Inc. (b)		1,875		129,094
Internet - Network Security/Solutions 3.0%
Equinix, Inc. (b)		2,270		97,020
F5 Networks, Inc. (b)		1,215		59,195
				156,215
Leisure - Hotels & Motels 1.1%
Las Vegas Sands Corporation (b)		1,135		54,480
Leisure - Products 1.0%
Celebrate Express, Inc. (b)		2,765		52,535
Machinery - Construction/Mining 10.7%
A.S.V., Inc. (b)		2,840		136,036
Bucyrus International, Inc. Class A		3,020		122,733
Joy Global, Inc.		3,890		168,943
Terex Corporation (b)		2,650		126,272
				553,984
Medical - Biomedical/Biotechnology 0.7%
Immunicon Corporation (b)		5,500		38,390
Medical - Drug/Diversified 1.0%
MGI Pharma, Inc. (b)		1,780		49,858
Medical - Ethical Drugs 2.1%
Salix Pharmaceuticals, Ltd. (b)		6,272		110,324
Medical - Health Maintenance Organizations 1.6%
Centene Corporation (b)		2,950	$	83,632
Medical - Outpatient/Home Care 1.4%
LCA-Vision, Inc.		3,075		71,924
Medical - Products 1.9%
Kyphon, Inc. (b)		3,815		98,274
Medical - Systems/Equipment 3.7%
Foxhollow Technologies, Inc. (b)		4,125		101,434
Ventana Medical Systems, Inc. (b)		1,415		90,546
				191,980
Medical/Dental - Services 1.6%
American Healthways, Inc. (b)		2,488		82,204
Oil & Gas - Machinery/Equipment 1.5%
CARBO Ceramics, Inc.		1,095		75,555
Oil & Gas - United States Exploration & Production 9.1%
KCS Energy, Inc. (b)		3,725		55,055
Penn Virginia Corporation		3,940		159,846
Quicksilver Resources, Inc. (b)		2,810		103,352
Range Resources Corporation		3,210		65,677
Ultra Petroleum Corporation (b)		1,840		88,559
				472,489
Retail - Clothing/Shoes 1.2%
Urban Outfitters, Inc. (b)		1,390		61,716
Retail - Restaurants 5.4%
BJ’S Restaurants, Inc. (b)		5,220		73,080
The Cheesecake Factory, Inc. (b)		3,120		101,306
P.F. Chang’s China Bistro, Inc. (b)		970		54,659
Peets Coffee & Tea, Inc. (b)		1,929		51,061
				280,106
Telecommunications - Wireless Equipment 3.0%
Trimble Navigation, Ltd. (b)		4,635		153,140
Telecommunications - Wireless Services 5.7%
Alamosa Holdings, Inc. (b)		16,630		207,376
Nextel Communications, Inc. Class A (b)		2,920		87,600
				294,976
Transportation - Truck 6.5%
J.B. Hunt Transport Services, Inc.		2,525		113,246
Landstar Systems, Inc. (b)		2,990		220,184
				333,430
Total Common Stocks (Cost $3,434,784)				4,757,865
Short-Term Investments (a) 8.1%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $420,030); Collateralized by: United States Government & Agency Issues	$	420,000		420,000
Total Short-Term Investments (Cost $420,000)				420,000
Total Investments in Securities (Cost $3,854,784)100.1%				5,177,865
Other Assets and Liabilities, Net (0.1%)				(3,833	)
Net Assets 100.0%			$	5,174,032

69

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ADVISOR UTILITIES AND ENERGY FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 96.0%
Chemicals - Specialty 1.2%
Ashland, Inc.		400	$	23,352
Diversified Operations 2.1%
MDU Resources Group, Inc.		1,500		40,020
Oil & Gas - Canadian Exploration & Production 0.4%
Talisman Energy, Inc.		300		8,088
Oil & Gas - Drilling 4.1%
Nabors Industries, Ltd. (b)		500		25,645
Transocean, Inc. (b)		1,300		55,107
				80,752
Oil & Gas - Field Services 5.2%
Schlumberger, Ltd.		1,500		100,425
Oil & Gas - International Integrated 11.9%
BP PLC Sponsored ADR		1,300		75,920
ConocoPhillips		800		69,464
Exxon Mobil Corporation		1,000		51,260
Royal Dutch Petroleum Company - New York Shares		600		34,428
				231,072
Oil & Gas - Production/Pipeline 1.0%
The Williams Companies, Inc.		1,200		19,548
Oil & Gas - United States Exploration & Production 2.2%
Anadarko Petroleum Corporation		600		38,886
Devon Energy Corporation		100		3,892
				42,778
Telecommunications - Services 3.3%
Verizon Communications, Inc.		1,600		64,816
Telecommunications - Services Foreign 3.1%
BCE, Inc.		2,500		60,325
Telecommunications - Wireless Services 0.7%
Vodafone Group PLC Sponsored ADR		500		13,690
Transportation - Ship 0.2%
Teekay Shipping Corporation		100		4,211
Utility - Electric Power 39.0%
American Electric Power Company, Inc.		2,200		75,548
Constellation Energy Group, Inc.		3,700		161,727
Duke Energy Corporation		2,500		63,325
Exelon Corporation		2,600		114,582
FPL Group, Inc.		900		67,275
PNM Resources, Inc.		100		2,529
PPL Corporation		1,500		79,920
TXU Corporation		1,700		109,752
Wisconsin Energy Corporation		2,500		84,275
				758,933
Utility - Gas Distribution 21.6%
Energen Corporation		800		47,160
ONEOK, Inc.		4,800		136,416
Sempra Energy		2,000		73,360
South Jersey Industries, Inc.		400		21,024
Southern Union Company (b)		3,500		83,930
Southwest Gas Corporation		1,700	$	43,180
UGI Corporation		400		16,364
				421,434
Total Common Stocks (Cost $1,572,922)				1,869,444
Short-Term Investments (a) 3.0%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04),0.85%, Due 1/03/05 (Repurchase proceeds $58,604); Collateralized by: United States Government & Agency Issues	$	58,600		58,600
Total Short-Term Investments (Cost $58,600)				58,600
Total Investments in Securities (Cost $1,631,522)99.0%				1,928,044
Other Assets and Liabilities, Net 1.0%				19,107
Net Assets 100.0%			$	1,947,151
STRONG ADVISOR LARGE COMPANY CORE FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 98.0%
Aerospace - Defense 2.7%
Northrop Grumman Corporation		47,100	$	2,560,356
Apparel - Shoes & Related Manufacturing 3.0%
NIKE, Inc. Class B		31,850		2,888,477
Auto Manufacturer 2.4%
Ford Motor Company		159,500		2,335,080
Auto/Truck - Original Equipment 3.0%
Eaton Corporation		39,400		2,850,984
Banks - Super Regional 5.4%
Marshall & Ilsley Corporation		51,450		2,274,090
Wachovia Corporation		56,050		2,948,230
				5,222,320
Building - Paint & Allied Products 3.2%
Sherwin Williams Company		68,700		3,066,081
Building Products - Wood 2.4%
Georgia-Pacific Corporation		61,200		2,293,776
Chemicals - Basic 1.4%
BASF AG Sponsored ADR		18,700		1,346,774
Computer - IT Services 2.5%
Affiliated Computer Services, Inc. Class A (b)		39,500		2,377,505
Computer - Manufacturers 2.0%
Dell, Inc. (b)		45,500		1,917,370
Computer Software - Security 1.0%
Symantec Corporation (b)		35,900		924,784
Cosmetics - Personal Care 1.3%
Kimberly-Clark Corporation		19,000		1,250,390

70

STRONG ADVISOR LARGE COMPANY CORE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Electronics - Scientific Measuring 2.4%
Danaher Corporation		39,400	$	2,261,954
Finance - Consumer/Commercial Loans 6.0%
CIT Group, Inc.		73,200		3,354,023
MBNA Corporation		83,750		2,360,913
				5,714,936
Finance - Mortgage & Related Services 1.8%
FHLMC		23,250		1,713,525
Food - Confectionery 1.4%
Hershey Foods Corporation		24,550		1,363,507
Food - Flour & Grain 3.1%
Archer Daniels Midland Company		133,300		2,973,923
Insurance - Diversified 2.9%
Prudential Financial, Inc.		51,250		2,816,700
Insurance - Life 2.3%
MetLife, Inc.		55,150		2,234,127
Insurance - Property/Casualty/Title 2.7%
The Allstate Corporation		49,700		2,570,484
Media - Radio/TV 2.8%
The Walt Disney Company		95,000		2,641,000
Medical - Drug/Diversified 2.6%
Schering AG ADR		33,600		2,494,800
Medical - Health Maintenance Organizations 6.2%
Aetna, Inc.		18,600		2,320,350
UnitedHealth Group, Inc.		41,350		3,640,040
				5,960,390
Medical - Products 2.5%
Alcon, Inc.		29,800		2,401,880
Medical/Dental - Supplies 3.2%
Becton, Dickinson & Company		54,400		3,089,919
Oil & Gas - International Integrated 5.3%
ConocoPhillips		31,050		2,696,072
Exxon Mobil Corporation		46,248		2,370,672
				5,066,744
Oil & Gas - Machinery/Equipment 2.4%
Baker Hughes, Inc.		55,000		2,346,850
Oil & Gas - United States Exploration & Production 4.5%
Burlington Resources, Inc.		66,200		2,879,700
Devon Energy Corporation		36,000		1,401,120
				4,280,820
Retail - Restaurants 2.8%
McDonald’s Corporation		84,800		2,718,688
Retail/Wholesale - Building Products 2.8%
The Home Depot, Inc.		63,300		2,705,442
Steel - Producers 2.3%
Nucor Corporation		42,700		2,234,918
Telecommunications - Wireless Equipment 4.8%
Motorola, Inc.		146,850	$	2,525,820
Telefonaktiebolaget LM Ericsson Sponsored ADR (b)		66,750		2,101,958
				4,627,778
Utility - Electric Power 2.9%
Edison International		87,250		2,794,618
Total Common Stocks (Cost $80,141,874)				94,046,900
Short-Term Investments (a) 1.9%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04),0.85%, Due 1/03/05 (Repurchase proceeds $1,796,527); Collateralized by: United States Government & Agency Issues	$	1,796,400		1,796,400
Total Short-Term Investments (Cost $1,796,400)				1,796,400
Total Investments in Securities (Cost $81,938,274) 99.9%				95,843,300
Other Assets and Liabilities, Net 0.1%				94,388
Net Assets 100.0%			$	95,937,688

CURRENCY ABBREVIATIONS

CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	European Euro

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.

71

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2004

	(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 $995,536, $49,742, and $1,288,768, respectively)	$	1,353,578	$	67,707		$	1,869,107
Affiliated Issuers (Cost of $0, $0, and $253,704, respectively)		—		—			412,207
Receivable for Securities Sold		24,688		—			9,031
Receivable for Fund Shares Sold		669		34			7,706
Dividends and Interest Receivable		667		25			795
Other Assets		139		65			212
Total Assets		1,379,741		67,831			2,299,058
Liabilities:
Payable for Securities Purchased		433		42			10,356
Written Options, at Value
(Premiums Received of $252, $0, and $10,369, respectively)		200		—			11,005
Payable for Fund Shares Redeemed		25,572		185			25,624
Payable Upon Return of Securities on Loan		53,057		—			—
Accrued Operating Expenses and Other Liabilities		348		51			535
Total Liabilities		79,610		278			47,520
Net Assets	$	1,300,131	$	67,553		$	2,251,538
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	930,928	$	157,904		$	1,511,264
Undistributed Net Investment Income (Loss)		—		—			—
Accumulated Net Realized Gain (Loss)		11,096		(108,316	)		2,068
Net Unrealized Appreciation/Depreciation		358,107		17,965			738,206
Net Assets	$	1,300,131	$	67,553		$	2,251,538

See Notes to Financial Statements.

72

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	Strong Advisor Common Stock Fund		Strong Advisor Mid Cap Growth Fund		Strong Advisor Small Cap Value Fund
Class A ($ and shares in full)
Net Assets	$	73,611,745	$	10,309,450	$	598,225,839
Capital Shares Outstanding (Unlimited Number Authorized)		3,285,920		742,726		20,496,923
Net Asset Value Per Share	$	22.40	$	13.88	$	29.19
Public Offering Price Per Share ($22.40 divided by .9425,$13.88 divided by .9425, and $29.19 divided by .9425, respectively)	$	23.77	$	14.73	$	30.97
Class B ($ and shares in full)
Net Assets	$	37,907,614	$	2,990,041	$	136,824,800
Capital Shares Outstanding (Unlimited Number Authorized)		1,743,894		221,643		4,849,386
Net Asset Value Per Share	$	21.74	$	13.49	$	28.21
Class C ($ and shares in full)
Net Assets	$	26,375,343	$	575,274	$	157,329,105
Capital Shares Outstanding (Unlimited Number Authorized)		1,213,555		42,633		5,564,960
Net Asset Value Per Share	$	21.73	$	13.49	$	28.27
Class Z ($ and shares in full)
Net Assets	$	1,162,236,209	$	53,678,011	$	1,359,157,826
Capital Shares Outstanding (Unlimited Number Authorized)		51,306,961		3,882,273		46,225,942
Net Asset Value Per Share	$	22.65	$	13.83	$	29.40

See Notes to Financial Statements.

73

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands)
	Strong Advisor U.S. Value Fund
Assets:
Investments in Securities, at Value
Unaffiliated Issuers (Cost of $311,421)	$	370,007
Receivable for Fund Shares Sold		701
Dividends and Interest Receivable		452
Other Assets		43
Total Assets		371,203
Liabilities:
Payable for Fund Shares Redeemed		1,854
Payable Upon Return of Securities on Loan		9,099
Accrued Operating Expenses and Other Liabilities		127
Total Liabilities		11,080
Net Assets	$	360,123
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	299,334
Undistributed Net Investment Income (Loss)		32
Accumulated Net Realized Gain (Loss)		2,171
Net Unrealized Appreciation/Depreciation		58,586
Net Assets	$	360,123

See Notes to Financial Statements.

74

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	Strong Advisor U.S. Value Fund
Class A ($ and shares in full)
Net Assets	$	5,264,414
Capital Shares Outstanding (Unlimited Number Authorized)		283,860
Net Asset Value Per Share	$	18.55
Public Offering Price Per Share ($18.55 divided by .9425)	$	19.68
Class B ($ and shares in full)
Net Assets	$	6,368,645
Capital Shares Outstanding (Unlimited Number Authorized)		343,793
Net Asset Value Per Share	$	18.52
Class C ($ and shares in full)
Net Assets	$	4,293,731
Capital Shares Outstanding (Unlimited Number Authorized)		232,841
Net Asset Value Per Share	$	18.44
Class K ($ and shares in full)
Net Assets	$	91,939,878
Capital Shares Outstanding (Unlimited Number Authorized)		4,997,868
Net Asset Value Per Share	$	18.40
Class Z ($ and shares in full)
Net Assets	$	252,255,933
Capital Shares Outstanding (Unlimited Number Authorized)		13,502,274
Net Asset Value Per Share	$	18.68

See Notes to Financial Statements.

75

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(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
Unaffiliated Issuers (Cost of $37,016, $1,803, and $1,744, respectively)	$	44,310		$	2,507		$	2,286
Receivable for Fund Shares Sold		93			—			—
Dividends and Interest Receivable		29			—			4
Other Assets		12			13			10
Total Assets		44,444			2,520			2,300
Liabilities:
Payable for Fund Shares Redeemed		42			—			—
Accrued Operating Expenses and Other Liabilities		20			6			8
Total Liabilities		62			6			8
Net Assets	$	44,382		$	2,514		$	2,292
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	37,244		$	5,886		$	1,752
Undistributed Net Investment Income (Loss)		—			—			1
Accumulated Net Realized Gain (Loss)		(156	)		(4,076	)		(3	)
Net Unrealized Appreciation/Depreciation		7,294			704			542
Net Assets	$	44,382		$	2,514		$	2,292
Class A ($ and shares in full)
Net Assets	$	42,958,690		$	1,160,439		$	756,757
Capital Shares Outstanding (Unlimited Number Authorized)		3,694,749			164,119			57,504
Net Asset Value Per Share	$	11.63		$	7.07		$	13.16
Public Offering Price Per Share ($11.63 divided by .9425,$7.07 divided by .9425 and $13.16 divided by .9425, respectively)	$	12.34		$	7.50		$	13.96
Class B ($ and shares in full)
Net Assets	$	949,653		$	1,100,895		$	1,217,938
Capital Shares Outstanding (Unlimited Number Authorized)		83,202			158,995			92,730
Net Asset Value Per Share	$	11.41		$	6.92		$	13.13
Class C ($ and shares in full)
Net Assets	$	473,702		$	252,460		$	317,109
Capital Shares Outstanding (Unlimited Number Authorized)		41,526			36,481			24,171
Net Asset Value Per Share	$	11.41		$	6.92		$	13.12

See Notes to Financial Statements.

76

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(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
Unaffiliated Issuers (Cost of $81,337, $1,399, and $3,855, respectively)	$	97,446	$	1,501		$	5,178
Receivable for Fund Shares Sold		260		—			1
Dividends and Interest Receivable		54		—			—
Other Assets		22		22			3
Total Assets		97,782		1,523			5,182
Liabilities:
Payable for Fund Shares Redeemed		70		5			—
Accrued Operating Expenses and Other Liabilities		27		6			8
Total Liabilities		97		11			8
Net Assets	$	97,685	$	1,512		$	5,174
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	79,192	$	1,986		$	4,450
Undistributed Net Investment Income (Loss)		—		—			—
Accumulated Net Realized Gain (Loss)		2,384		(575	)		(599	)
Net Unrealized Appreciation/Depreciation		16,109		101			1,323
Net Assets	$	97,685	$	1,512		$	5,174
Class A ($ and shares in full)
Net Assets	$	94,805,424	$	763,546		$	2,499,638
Capital Shares Outstanding (Unlimited Number Authorized)		10,349,311		107,685			222,245
Net Asset Value Per Share	$	9.16	$	7.09		$	11.25
Public Offering Price Per Share ($9.16 divided by .9425,$7.09 divided by .9425, and $11.25 divided by .9425, respectively)	$	9.72	$	7.52		$	11.94
Class B ($ and shares in full)
Net Assets	$	1,800,298	$	539,079		$	1,517,675
Capital Shares Outstanding (Unlimited Number Authorized)		202,930		77,158			134,984
Net Asset Value Per Share	$	8.87	$	6.99		$	11.24
Class C ($ and shares in full)
Net Assets	$	1,079,544	$	209,309		$	1,156,719
Capital Shares Outstanding (Unlimited Number Authorized)		121,653		30,053			102,780
Net Asset Value Per Share	$	8.87	$	6.96		$	11.25

See Notes to Financial Statements.

77

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Advisor Utilities and Energy Fund
Assets:
Investments in Securities, at Value
Unaffiliated Issuers (Cost of $1,632)	$	1,928
Dividends and Interest Receivable		21
Other Assets		6
Total Assets		1,955
Accrued Operating Expenses and Other Liabilities		8
Net Assets	$	1,947
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	1,469
Undistributed Net Investment Income (Loss)		3
Accumulated Net Realized Gain (Loss)		178
Net Unrealized Appreciation/Depreciation		297
Net Assets	$	1,947
Class A ($ and shares in full)
Net Assets	$	1,288,414
Capital Shares Outstanding (Unlimited Number Authorized)		108,375
Net Asset Value Per Share	$	11.89
Public Offering Price Per Share ($11.89 divided by .9425)	$	12.62
Class B ($ and shares in full)
Net Assets	$	374,985
Capital Shares Outstanding (Unlimited Number Authorized)		31,885
Net Asset Value Per Share	$	11.76
Class C ($ and shares in full)
Net Assets	$	283,752
Capital Shares Outstanding (Unlimited Number Authorized)		24,181
Net Asset Value Per Share	$	11.73

See Notes to Financial Statements.

78

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Advisor Large Company Core Fund
Assets:
Investments in Securities, at Value
Unaffiliated Issuers (Cost of $81,938)	$	95,843
Receivable for Fund Shares Sold		89
Dividends and Interest Receivable		112
Other Assets		24
Total Assets		96,068
Liabilities:
Payable for Fund Shares Redeemed		100
Accrued Operating Expenses and Other Liabilities		30
Total Liabilities		130
Net Assets	$	95,938
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	80,707
Undistributed Net Investment Income (Loss)		—
Accumulated Net Realized Gain (Loss)		1,326
Net Unrealized Appreciation/Depreciation		13,905
Net Assets	$	95,938
Class A ($ and shares in full)
Net Assets	$	55,120,560
Capital Shares Outstanding (Unlimited Number Authorized)		5,026,244
Net Asset Value Per Share	$	10.97
Public Offering Price Per Share ($10.97 divided by .9425)	$	11.64
Class B ($ and shares in full)
Net Assets	$	9,103,370
Capital Shares Outstanding (Unlimited Number Authorized)		848,241
Net Asset Value Per Share	$	10.73
Class C ($ and shares in full)
Net Assets	$	7,456,583
Capital Shares Outstanding (Unlimited Number Authorized)		695,324
Net Asset Value Per Share	$	10.72
Class K ($ and shares in full)
Net Assets	$	24,257,175
Capital Shares Outstanding (Unlimited Number Authorized)		2,192,221
Net Asset Value Per Share	$	11.07

See Notes to Financial Statements.

79

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2004

	(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, $3, and $423, respectively)	$	12,178		$	224		$	9,651
Dividends – Affiliated Issuers		—			—			631
Interest		960			21			1,502
Total Income		13,138			245			11,784
Expenses (Note 4):
Investment Advisory Fees		10,660			481			15,396
Administrative Fees		4,264			192			6,158
Custodian Fees		82			13			157
Shareholder Servicing Costs		3,093			304			5,103
Reports to Shareholders		406			87			708
12b-1 Fees		862			58			4,239
Other		526			92			666
Total Expenses before Expense Waivers and Offsets		19,893			1,227			32,427
Expense Waivers and Offsets		(544	)		(33	)		(832	)
Expenses, Net		19,349			1,194			31,595
Net Investment Income (Loss)		(6,211	)		(949	)		(19,811	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		215,028			10,458			277,265
Foreign Currencies		7			—			—
Written Options		—			—			(6,948	)
Net Realized Gain (Loss)		215,035			10,458			270,317
Net Change in Unrealized Appreciation/Depreciation on:
Investments		(86,255	)		1,475			119,110
Foreign Currencies		5			—			—
Written Options		52			—			1,248
Net Change in Unrealized Appreciation/Depreciation		(86,198	)		1,475			120,358
Net Gain (Loss) on Investments		128,837			11,933			390,675
Net Increase (Decrease) in Net Assets Resulting from Operations	$	122,626		$	10,984		$	370,864

See Notes to Financial Statements.

80

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Advisor U.S. Value Fund
Income:
Dividends – Unaffiliated Issuers (net of foreign withholding taxes of $3)	$	8,039
Interest		168
Total Income		8,207
Expenses (Note 4):
Investment Advisory Fees		1,812
Administrative Fees		947
Custodian Fees		27
Shareholder Servicing Costs		1,000
Reports to Shareholders		257
12b-1 Fees		112
Other		199
Total Expenses before Expense Waivers and Offsets		4,354
Expense Waivers and Offsets		(210	)
Expenses, Net		4,144
Net Investment Income (Loss)		4,063
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		30,629
Futures Contracts		(15	)
Written Options		33
Net Realized Gain (Loss)		30,647
Net Change in Unrealized Appreciation/Depreciation on Investments		9,863
Net Gain (Loss) on Investments		40,510
Net Increase (Decrease) in Net Assets Resulting from Operations	$	44,573

See Notes to Financial Statements.

81

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Advisor Endeavor Large Cap Fund			Strong Advisor Focus Fund			Strong Advisor International Core Fund
Income:
Dividends – Unaffiliated Issuers (net of foreign withholding taxes of $3, $0, and $4, respectively)	$	280		$	5		$	40
Interest		8			1			1
Total Income		288			6			41
Expenses (Note 4):
Investment Advisory Fees		298			19			13
Administrative Fees		119			8			5
Custodian Fees		7			3			6
Shareholder Servicing Costs		80			6			4
12b-1 Fees		109			17			13
Professional Fees		20			14			15
Federal and State Registration Fees		36			40			34
Other		15			2			3
Total Expenses before Expense Waivers and Offsets		684			109			93
Expense Waivers and Offsets		(15	)		(53	)		(93	)
Expenses, Net		669			56			—
Net Investment Income (Loss)		(381	)		(50	)		41
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		5,706			499			81
Net Change in Unrealized Appreciation/Depreciation on Investments		821			(36	)		215
Net Gain (Loss) on Investments		6,527			463			296
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,146		$	413		$	337

See Notes to Financial Statements.

82

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Advisor Select Fund			Strong Advisor Technology Fund			Strong Advisor U.S. Small/Mid Cap Growth Fund
Income:
Dividends – Unaffiliated Issuers (net of foreign withholding taxes of $5, $0, and $0, respectively)	$	387		$	7		$	6
Interest		27			1			1
Total Income		414			8			7
Expenses (Note 4):
Investment Advisory Fees		593			11			40
Administrative Fees		237			5			16
Custodian Fees		9			2			6
Shareholder Servicing Costs		158			3			11
12b-1 Fees		211			9			34
Professional Fees		25			14			15
Federal and State Registration Fees		38			39			35
Other		17			2			5
Total Expenses before Expense Waivers and Offsets		1,288			85			162
Expenses Waivers and Offsets		(29	)		(58	)		(34	)
Expenses, Net		1,259			27			128
Net Investment Income (Loss)		(845	)		(19	)		(121	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		14,045			188			(352	)
Net Change in Unrealized Appreciation/Depreciation on Investments		372			(221	)		425
Net Gain (Loss) on Investments		14,417			(33	)		73
Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,572		$	(52	)	$	(48	)

See Notes to Financial Statements.

83

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Advisor Utilities and Energy Fund
Income:
Dividends – Unaffiliated Issuers (net of foreign withholding taxes of $4)	$	251
Interest		4
Total Income		255
Expenses (Note 4):
Investment Advisory Fees		68
Administrative Fees		27
Custodian Fees		5
Shareholder Servicing Costs		18
12b-1 Fees		26
Professional Fees		15
Federal and State Registration Fees		36
Other		3
Total Expenses before Expense Waivers and Offsets		198
Expense Waivers and Offsets		(4	)
Expenses, Net		194
Net Investment Income (Loss)		61
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		2,964
Net Change in Unrealized Appreciation/Depreciation on Investments		(1,242	)
Net Gain (Loss) on Investments		1,722
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,783

See Notes to Financial Statements.

84

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Advisor Large Company Core Fund
Income:
Dividends – Unaffiliated Issuers (net of foreign withholding taxes of $4)	$	1,399
Interest		67
Total Income		1,466
Expenses (Note 4):
Investment Advisory Fees		794
Administrative Fees		303
Custodian Fees		11
Shareholder Servicing Costs		214
12b-1 Fees		310
Other		127
Total Expenses before Expense Waivers and Offsets		1,759
Expense Waivers and Offsets		(220	)
Expenses, Net		1,539
Net Investment Income (Loss)		(73	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		9,068
Net Change in Unrealized Appreciation/Depreciation on Investments		848
Net Gain (Loss) on Investments		9,916
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,843

See Notes to Financial Statements.

85

STATEMENTS OF CHANGES IN NET ASSETS

	(In Thousands)
	Strong Advisor Common Stock Fund						Strong Advisor Mid Cap Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(6,211	)	$	(7,290	)	$	(949	)	$	(1,218	)
Net Realized Gain (Loss)		215,035			76,043			10,458			11,159
Net Change in Unrealized Appreciation/Depreciation		(86,198	)		450,650			1,475			16,288
Net Increase (Decrease) in Net Assets Resulting from Operations		122,626			519,403			10,984			26,229
Distributions:
From Net Realized Gains:
Class A		(5,224	)		—			—			—
Class B		(2,711	)		—			—			—
Class C		(1,934	)		—			—			—
Class Z		(81,830	)		—			—			—
Total Distributions		(91,699	)		—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(321,774	)		(384,712	)		(14,748	)		(29,181	)
Total Increase (Decrease) in Net Assets		(290,847	)		134,691			(3,764	)		(2,952	)
Net Assets:
Beginning of Year		1,590,978			1,456,287			71,317			74,269
End of Year	$	1,300,131		$	1,590,978		$	67,553		$	71,317
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

86

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor Small Cap Value Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(19,811	)	$	(9,098	)
Net Realized Gain (Loss)		270,317			82,632
Net Change in Unrealized Appreciation/Depreciation		120,358			595,643
Net Increase (Decrease) in Net Assets Resulting from Operations		370,864			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		(65,935	)		(15,533	)
Class B		(15,208	)		(2,975	)
Class C		(17,606	)		(3,815	)
Class Z		(142,847	)		(27,278	)
Total Distributions		(241,596	)		(50,394	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,499	)		339,695
Total Increase (Decrease) in Net Assets		125,769			958,478
Net Assets:
Beginning of Year		2,125,769			1,167,291
End of Year	$	2,251,538		$	2,125,769
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

87

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor U.S. Value Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	4,063		$	1,864
Net Realized Gain (Loss)		30,647			11,073
Net Change in Unrealized Appreciation/Depreciation		9,863			49,990
Net Increase (Decrease) in Net Assets Resulting from Operations		44,573			62,927
Distributions:
From Net Investment Income:
Class A		(46	)		(36	)
Class B		(19	)		(11	)
Class C		(9	)		(9	)
Class K		(1,196	)		(523	)
Class Z		(2,578	)		(1,255	)
From Net Realized Gains:
Class A		(352	)		—
Class B		(435	)		—
Class C		(299	)		—
Class K		(5,975	)		—
Class Z		(16,835	)		—
Total Distributions		(27,744	)		(1,834	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		83,023			(16,592	)
Total Increase (Decrease) in Net Assets		99,852			44,501
Net Assets:
Beginning of Year		260,271			215,770
End of Year	$	360,123		$	260,271
Undistributed Net Investment Income (Loss)	$	32		$	19

See Notes to Financial Statements.

88

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor Endeavor Large Cap Fund						Strong Advisor Focus Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(381	)	$	(305	)	$	(50	)	$	(47	)
Net Realized Gain (Loss)		5,706			3,624			499			225
Net Change in Unrealized Appreciation/Depreciation		821			6,766			(36	)		615
Net Increase (Decrease) in Net Assets Resulting from Operations		6,146			10,085			413			793
Distributions From Net Investment Income		—			—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		486			(1,142	)		(1,019	)		(1,326	)
Total Increase (Decrease) in Net Assets		6,632			8,943			(606	)		(533	)
Net Assets:
Beginning of Year		37,750			28,807			3,120			3,653
End of Year	$	44,382		$	37,750		$	2,514		$	3,120
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

89

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor International Core Fund						Strong Advisor Select Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	41		$	22		$	(845	)	$	(745	)
Net Realized Gain (Loss)		81			(12	)		14,045			8,935
Net Change in Unrealized Appreciation/Depreciation		215			342			372			15,584
Net Increase (Decrease) in Net Assets Resulting from Operations		337			352			13,572			23,774
Distributions:
From Net Investment Income:
Class A		(14	)		(7	)		—			—
Class B		(23	)		(10	)		—			—
Class C		(6	)		(3	)		—			—
From Net Realized Gains:
Class A		(15	)		—			(5,514	)		—
Class B		(23	)		—			(108	)		—
Class C		(6	)		—			(66	)		—
Total Distributions		(87	)		(20	)		(5,688	)		—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		547			562			7,544			2,173
Total Increase (Decrease) in Net Assets		797			894			15,428			25,947
Net Assets:
Beginning of Year		1,495			601			82,257			56,310
End of Year	$	2,292		$	1,495		$	97,685		$	82,257
Undistributed Net Investment Income (Loss)	$	1		$	2		$	—		$	—

See Notes to Financial Statements.

90

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor Technology Fund						Strong Advisor U.S. Small/Mid Cap Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(19	)	$	(39	)	$	(121	)	$	(58	)
Net Realized Gain (Loss)		188			435			(352	)		(68	)
Net Change in Unrealized Appreciation/Depreciation		(221	)		787			425			890
Net Increase (Decrease) in Net Assets Resulting from Operations		(52	)		1,183			(48	)		764
Distributions From Net Investment Income		—			—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(629	)		(479	)		(315	)		4,011
Total Increase (Decrease) in Net Assets		(681	)		704			(363	)		4,775
Net Assets:
Beginning of Year		2,193			1,489			5,537			762
End of Year	$	1,512		$	2,193		$	5,174		$	5,537
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

	Strong Advisor Utilities and Energy Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	61		$	185
Net Realized Gain (Loss)		2,964			134
Net Change in Unrealized Appreciation/Depreciation		(1,242	)		1,523
Net Increase (Decrease) in Net Assets Resulting from Operations		1,783			1,842
Distributions:
From Net Investment Income:
Class A		(47	)		(180	)
Class B		(7	)		(2	)
Class C		(5	)		(2	)
From Net Realized Gains:
Class A		(663	)		—
Class B		(30	)		—
Class C		(22	)		—
Total Distributions		(774	)		(184	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(9,377	)		2,271
Total Increase (Decrease) in Net Assets		(8,368	)		3,929
Net Assets:
Beginning of Year		10,315			6,386
End of Year	$	1,947		$	10,315
Undistributed Net Investment Income (Loss)	$	3		$	1

See Notes to Financial Statements.

91

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor Large Company Core Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(73	)	$	23
Net Realized Gain (Loss)		9,068			2,100
Net Change in Unrealized Appreciation/Depreciation		848			13,076
Net Increase (Decrease) in Net Assets Resulting from Operations		9,843			15,199
Distributions:
From Net Investment Income:
Class A		—			(20	)
Class K		—			(46	)
From Net Realized Gains:
Class A		(4,798	)		(62	)
Class B		(759	)		(7	)
Class C		(636	)		(6	)
Class K		(2,151	)		(33	)
Total Distributions		(8,344	)		(174	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(22,266	)		92,004
Total Increase (Decrease) in Net Assets		(20,767	)		107,029
Net Assets:
Beginning of Year		116,705			9,676
End of Year	$	95,938		$	116,705
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

92

FINANCIAL HIGHLIGHTS

STRONG ADVISOR COMMON STOCK FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		(0.14	)(d)		(0.10	)		(0.08	)(d)		(0.04	)		(0.00	)(e)
Net Realized and Unrealized Gains (Losses) on Investments		2.21			6.21			(3.76	)		(0.36	)		1.28
Total from Investment Operations		2.07			6.11			(3.84	)		(0.40	)		1.28
Less Distributions:
From Net Investment Income		—			—			—			—			(0.03	)
From Net Realized Gains		(1.65	)		—			—			(0.04	)		—
Total Distributions		(1.65	)		—			—			(0.04	)		(0.03	)
Net Asset Value, End of Period	$	22.40		$	21.98		$	15.87		$	19.71		$	20.15
Ratios and Supplemental Data
Total Return(f)		+9.67	%		+38.50	%		–19.48	%		–1.99	%		+6.78	%
Net Assets, End of Period (In Millions)	$	74		$	81		$	46		$	28		$	0	(g)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(0.6	)%		(0.6	)%		(0.5	)%		(0.5	)%		(0.2	)%*
Portfolio Turnover Rate(h)		41.6	%		41.8	%		64.9	%		89.3	%		95.4	%

STRONG ADVISOR COMMON STOCK FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		(0.29	)(d)		(0.24	)		(0.22	)(d)		(0.09	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.15			6.10			(3.73	)		(0.41	)		1.28
Total from Investment Operations		1.86			5.86			(3.95	)		(0.50	)		1.27
Less Distributions:
From Net Investment Income		—			—			—			—			(0.01	)
From Net Realized Gains		(1.65	)		—			—			(0.04	)		—
Total Distributions		(1.65	)		—			—			(0.04	)		(0.01	)
Net Asset Value, End of Period	$	21.74		$	21.53		$	15.67		$	19.62		$	20.16
Ratios and Supplemental Data
Total Return(f)		+8.89	%		+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 Waivers and 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		(1.4	)%		(1.4	)%		(1.3	)%		(1.1	)%		(0.6	)%*
Portfolio Turnover Rate(h)		41.6	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(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) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

93

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR COMMON STOCK FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		(0.30	)(d)		(0.25	)		(0.22	)(d)		(0.09	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.15			6.10			(3.72	)		(0.41	)		1.28
Total from Investment Operations		1.85			5.85			(3.94	)		(0.50	)		1.27
Less Distributions:
From Net Investment Income		—			—			—			—			(0.01	)
From Net Realized Gains		(1.65	)		—			—			(0.04	)		—
Total Distributions		(1.65	)		—			—			(0.04	)		(0.01	)
Net Asset Value, End of Period	$	21.73		$	21.53		$	15.68		$	19.62		$	20.16
Ratios and Supplemental Data
Total Return(e)		+8.84	%		+37.31	%		–20.08	%		–2.48	%		+6.76	%
Net Assets, End of Period (In Millions)	$	26		$	34		$	23		$	15		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(1.4	)%		(1.4	)%		(1.3	)%		(1.1	)%		(0.6	)%*
Portfolio Turnover Rate(g)		41.6	%		41.8	%		64.9	%		89.3	%		95.4	%
STRONG ADVISOR COMMON STOCK FUND — CLASS Z
	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	22.15		$	15.97		$	19.78		$	20.16		$	25.21
Income From Investment Operations:
Net Investment Income (Loss)		(0.08	)(d)		(0.09	)		(0.05	)(d)		(0.02	)		0.04
Net Realized and Unrealized Gains (Losses) on Investments		2.23			6.27			(3.76	)		(0.32	)		(0.59	)
Total from Investment Operations		2.15			6.18			(3.81	)		(0.34	)		(0.55	)
Less Distributions:
From Net Investment Income		—			—			—			—			(0.04	)
From Net Realized Gains		(1.65	)		—			—			(0.04	)		(4.46	)
Total Distributions		(1.65	)		—			—			(0.04	)		(4.50	)
Net Asset Value, End of Period	$	22.65		$	22.15		$	15.97		$	19.78		$	20.16
Ratios and Supplemental Data
Total Return(e)		+9.96	%		+38.70	%		–19.26	%		–1.70	%		–1.20	%
Net Assets, End of Period (In Millions)	$	1,162		$	1,437		$	1,363		$	1,703		$	1,719
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.3	%		1.4	%		1.3	%		1.3	%		1.2	%
Ratio of Expenses to Average Net Assets		1.3	%		1.4	%		1.3	%		1.3	%		1.2	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.4	)%		(0.4	)%		(0.3	)%		(0.1	)%		0.2	%
Portfolio Turnover Rate(g)		41.6	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

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

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

94

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR MID CAP GROWTH FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		(0.17	)(d)		(0.13	)(d)		(0.14	)(d)		(0.22	)(d)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.33			3.14			(5.10	)		(6.05	)		2.52
Total from Investment Operations		2.16			3.01			(5.24	)		(6.27	)		2.51
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)(e)		—
Total Distributions		—			—			—			(0.00	)(e)		—
Net Asset Value, End of Period	$	13.88		$	11.72		$	8.71		$	13.95		$	20.22
Ratios and Supplemental Data
Total Return(f)		+18.43	%		+34.56	%		–37.56	%		–30.98	%		+14.16	%
Net Assets, End of Period (In Millions)	$	10		$	10		$	6		$	7		$	1
Ratio of Expenses to Average Net Assets before Expense Waivers and 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)		192.3	%		249.6	%		526.6	%		650.0	%		683.7	%

STRONG ADVISOR MID CAP GROWTH FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		(0.24	)(d)		(0.22	)(d)		(0.23	)(d)		(0.28	)(d)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		2.27			3.09			(5.07	)		(6.04	)		2.52
Total from Investment Operations		2.03			2.87			(5.30	)		(6.32	)		2.50
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)(e)		—
Total Distributions		—			—			—			(0.00	)(e)		—
Net Asset Value, End of Period	$	13.49		$	11.46		$	8.59		$	13.89		$	20.21
Ratios and Supplemental Data
Total Return(f)		+17.71	%		+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 Waivers and Offsets		2.5	%		2.6	%		2.6	%		2.9	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.4	%		2.5	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.0	)%		(2.1	)%		(2.2	)%		(1.9	)%		(1.6	)%*
Portfolio Turnover Rate(g)		192.3	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(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) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

95

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR MID CAP GROWTH FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		(0.24	)(d)		(0.21	)(d)		(0.23	)(d)		(0.28	)(d)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		2.27			3.08			(5.06	)		(6.04	)		2.51
Total from Investment Operations		2.03			2.87			(5.29	)		(6.32	)		2.49
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)(e)		—
Total Distributions		—			—			—			(0.00	)(e)		—
Net Asset Value, End of Period	$	13.49		$	11.46		$	8.59		$	13.88		$	20.20
Ratios and Supplemental Data
Total Return(f)		+17.71	%		+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 Waivers and Offsets		2.4	%		2.6	%		2.5	%		2.8	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.4	%		2.4	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.0	)%		(2.1	)%		(2.2	)%		(1.9	)%		(1.6	)%*
Portfolio Turnover Rate(h)		192.3	%		249.6	%		526.6	%		650.0	%		683.7	%

STRONG ADVISOR MID CAP GROWTH FUND — CLASS Z

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	11.68		$	8.70		$	13.97		$	20.21		$	23.25
Income From Investment Operations:
Net Investment Income (Loss)		(0.18	)(d)		(0.14	)(d)		(0.16	)(d)		(0.19	)		(0.15	)
Net Realized and Unrealized Gains (Losses) on Investments		2.33			3.12			(5.11	)		(6.05	)		(1.90	)
Total from Investment Operations		2.15			2.98			(5.27	)		(6.24	)		(2.05	)
Less Distributions:
From Net Realized Gains		—			—			—			(0.00	)(e)		(0.99	)
Total Distributions		—			—			—			(0.00	)(e)		(0.99	)
Net Asset Value, End of Period	$	13.83		$	11.68		$	8.70		$	13.97		$	20.21
Ratios and Supplemental Data
Total Return(f)		+18.41	%		+34.25	%		–37.72	%		–30.86	%		–8.47	%
Net Assets, End of Period (In Millions)	$	54		$	58		$	65		$	128		$	185
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.9	%		1.8	%		1.8	%		1.6	%		1.4	%
Ratio of Expenses to Average Net Assets		1.8	%		1.7	%		1.8	%		1.6	%		1.3	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.5	)%		(1.4	)%		(1.5	)%		(1.2	)%		(0.9	)%
Portfolio Turnover Rate(h)		192.3	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(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) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

96

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.27	)(c)		(0.12	)(c)		0.03	(c)		(0.14	)(c)		(0.00	)(d)
Net Realized and Unrealized Gains (Losses) on Investments		5.51			9.26			(1.28	)		3.18			1.81
Total from Investment Operations		5.24			9.14			(1.25	)		3.04			1.81
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(3.45	)		(0.65	)		—			(0.04	)		—
Total Distributions		(3.45	)		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	29.19		$	27.40		$	18.92		$	20.17		$	17.17
Ratios and Supplemental Data
Total Return(e)		+19.89	%		+48.49	%		–6.20	%		+17.70	%		+11.78	%
Net Assets, End of Period (In Millions)	$	598		$	674		$	335		$	169		$	1
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(1.0	)%		(0.5	)%		0.1	%		(0.7	)%		(0.8	)%*
Portfolio Turnover Rate(f)		34.2	%		30.2	%		28.2	%		42.0	%		60.3	%

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.47	)(c)		(0.29	)(c)		(0.14	)(c)		(0.25	)(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		5.34			9.08			(1.25	)		3.18			1.81
Total from Investment Operations		4.87			8.79			(1.39	)		2.93			1.80
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(3.45	)		(0.65	)		—			(0.04	)		—
Total Distributions		(3.45	)		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	28.21		$	26.79		$	18.66		$	20.05		$	17.16
Ratios and Supplemental Data
Total Return(e)		+18.95	%		+47.28	%		–6.93	%		+17.07	%		+11.72	%
Net Assets, End of Period (In Millions)	$	137		$	126		$	76		$	40		$	0	(g)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		2.3	%		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		(1.7	)%		(1.4	)%		(0.7	)%		(1.4	)%		(0.8	)%*
Portfolio Turnover Rate(f)		34.2	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(d) Amount calculated is less than $0.005.

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

97

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.47	)(c)		(0.28	)(c)		(0.13	)(c)		(0.24	)(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		5.36			9.09			(1.26	)		3.18			1.82
Total from Investment Operations		4.89			8.81			(1.39	)		2.94			1.81
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(3.45	)		(0.65	)		—			(0.04	)		—
Total Distributions		(3.45	)		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	28.27		$	26.83		$	18.68		$	20.07		$	17.17
Ratios and Supplemental Data
Total Return(d)		+19.00	%		+47.34	%		–6.93	%		+17.12	%		+11.78	%
Net Assets, End of Period (In Millions)	$	157		$	159		$	98		$	38		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		2.3	%		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		(1.7	)%		(1.3	)%		(0.6	)%		(1.4	)%		(0.7	)%*
Portfolio Turnover Rate(f)		34.2	%		30.2	%		28.2	%		42.0	%		60.3	%

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS Z

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	27.53		$	18.98		$	20.22		$	17.17		$	13.59
Income From Investment Operations:
Net Investment Income (Loss)		(0.22	)(c)		(0.09	)(c)		0.04	(c)		(0.08	)		0.00	(g)
Net Realized and Unrealized Gains (Losses) on Investments		5.54			9.30			(1.28	)		3.17			3.58
Total from Investment Operations		5.32			9.21			(1.24	)		3.09			3.58
Less Distributions:
From Net Investment Income		—			(0.01	)		—			—			—
From Net Realized Gains		(3.45	)		(0.65	)		—			(0.04	)		—
Total Distributions		(3.45	)		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	29.40		$	27.53		$	18.98		$	20.22		$	17.17
Ratios and Supplemental Data
Total Return(d)		+20.09	%		+48.70	%		–6.13	%		+17.99	%		+26.34	%
Net Assets, End of Period (In Millions)	$	1,359		$	1,167		$	659		$	541		$	249
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.4	%		1.4	%		1.5	%		1.4	%		1.4	%
Ratio of Expenses to Average Net Assets		1.4	%		1.4	%		1.5	%		1.4	%		1.4	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.8	)%		(0.4	)%		0.2	%		(0.5	)%		0.0	%(g)
Portfolio Turnover Rate(f)		34.2	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

98

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		0.20			0.14			0.12	(d)		0.05			0.00	(e)
Net Realized and Unrealized Gains (Losses) on Investments		2.22			4.00			(2.77	)		(2.56	)		0.68
Total from Investment Operations		2.42			4.14			(2.65	)		(2.51	)		0.68
Less Distributions:
From Net Investment Income		(0.18	)		(0.15	)		(0.16	)		(0.06	)		(0.02	)
From Net Realized Gains		(1.34	)		—			(1.36	)		(0.25	)		—
Total Distributions		(1.52	)		(0.15	)		(1.52	)		(0.31	)		(0.02	)
Net Asset Value, End of Period	$	18.55		$	17.65		$	13.66		$	17.83		$	20.65
Ratios and Supplemental Data
Total Return(f)		+14.08	%		+30.48	%		–16.34	%		–12.17	%		+3.45	%
Net Assets, End of Period (In Millions)	$	5		$	5		$	3		$	3		$	0	(g)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		1.1	%		1.0	%		0.9	%		0.1	%		0.1	%*
Portfolio Turnover Rate(h)		46.9	%		53.4	%		89.8	%		116.1	%		14.4	%

STRONG ADVISOR U.S. VALUE FUND—CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		0.07			0.03			0.02	(d)		(0.00	)(e)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.21			3.98			(2.78	)		(2.60	)		0.69
Total from Investment Operations		2.28			4.01			(2.76	)		(2.60	)		0.68
Less Distributions:
From Net Investment Income		(0.06	)		(0.04	)		(0.02	)		—			(0.01	)
From Net Realized Gains		(1.34	)		—			(1.36	)		(0.25	)		—
Total Distributions		(1.40	)		(0.04	)		(1.38	)		(0.25	)		(0.01	)
Net Asset Value, End of Period	$	18.52		$	17.64		$	13.67		$	17.81		$	20.66
Ratios and Supplemental Data
Total Return(f)		+13.20	%		+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 Waivers and 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		0.4	%		0.2	%		0.1	%		(0.4	%)		(0.5	%)*
Portfolio Turnover Rate(h)		46.9	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(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) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

99

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)(c)
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)		0.06			0.03			0.02	(d)		(0.00	)(e)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.20			3.97			(2.78	)		(2.59	)		0.69
Total from Investment Operations		2.26			4.00			(2.76	)		(2.59	)		0.68
Less Distributions:
From Net Investment Income		(0.04	)		(0.05	)		(0.09	)		—			(0.01	)
From Net Realized Gains		(1.34	)		—			(1.36	)		(0.25	)		—
Total Distributions		(1.38	)		(0.05	)		(1.45	)		(0.25	)		(0.01	)
Net Asset Value, End of Period	$	18.44		$	17.56		$	13.61		$	17.82		$	20.66
Ratios and Supplemental Data
Total Return(f)		+13.15	%		+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 Waivers and 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		0.3	%		0.2	%		0.2	%		(0.3	)%		(0.5	)%*
Portfolio Turnover Rate(h)		46.9	%		53.4	%		89.8	%		116.1	%		14.4	%

STRONG ADVISOR U.S. VALUE FUND — CLASS K

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.52		$	13.56		$	17.82
Income From Investment Operations:
Net Investment Income (Loss)		0.27			0.16			0.22	(d)
Net Realized and Unrealized Gains (Losses) on Investments		2.21			4.02			(2.81	)
Total from Investment Operations		2.48			4.18			(2.59	)
Less Distributions:
From Net Investment Income		(0.26	)		(0.22	)		(0.36	)
From Net Realized Gains		(1.34	)		—			(1.36	)
Total Distributions		(1.60	)		(0.22	)		(1.72	)
Net Asset Value, End of Period	$	18.40		$	17.52		$	13.56
Ratios and Supplemental Data
Total Return(f)		+14.53	%		+31.03	%		–15.98	%
Net Assets, End of Period (In Millions)	$	92		$	87		$	11
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		1.5	%		1.3	%		1.6	%
Portfolio Turnover Rate(h)		46.9	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

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

(e) Amount calculated is less than $0.005.

(f) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

100

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS Z

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)			Oct. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.77		$	13.74		$	17.87		$	20.65		$	21.63		$	20.58
Income From Investment Operations:
Net Investment Income (Loss)		0.20			0.15			0.05	(c)		0.11			0.03			0.05
Net Realized and Unrealized Gains (Losses) on Investments		2.24			3.99			(2.79	)		(2.53	)		(0.52	)		1.53
Total from Investment Operations		2.44			4.14			(2.74	)		(2.42	)		(0.49	)		1.58
Less Distributions:
From Net Investment Income		(0.19	)		(0.11	)		(0.03	)		(0.11	)		(0.03	)		(0.05	)
From Net Realized Gains		(1.34	)		—			(1.36	)		(0.25	)		(0.46	)		(0.48	)
Total Distributions		(1.53	)		(0.11	)		(1.39	)		(0.36	)		(0.49	)		(0.53	)
Net Asset Value, End of Period	$	18.68		$	17.77		$	13.74		$	17.87		$	20.65		$	21.63
Ratios and Supplemental Data
Total Return(d)		+14.11	%		+30.23	%		–16.86	%		–11.72	%		–2.17	%		+7.72	%
Net Assets, End of Period (In Millions)	$	252		$	159		$	197		$	186		$	251		$	252
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.4	%		1.6	%		1.9	%		1.2	%		1.1	%*		1.0	%
Ratio of Expenses to Average Net Assets		1.3	%		1.6	%		1.9	%		1.2	%		1.1	%*		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.2	%		0.8	%		0.3	%		0.6	%		0.8	%*		0.3	%
Portfolio Turnover Rate(e)		46.9	%		53.4	%		89.8	%		116.1	%		14.4	%		46.5	%

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS A

	Year Ended
	Dec. 31, 2004			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)		(0.10	)		(0.07	)(c)		(0.10	)(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.65			2.60			(2.94	)		0.86	(g)
Total from Investment Operations		1.55			2.53			(3.04	)		0.85
Less Distributions:
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			(0.26	)
Total Distributions		—			—			—			(0.26	)
Net Asset Value, End of Period	$	11.63		$	10.08		$	7.55		$	10.59
Ratios and Supplemental Data
Total Return(d)		+15.38	%		+33.51	%		–28.71	%		+8.45	%
Net Assets, End of Period (In Millions)	$	43		$	37		$	28		$	28
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(0.9	)%		(0.9	)%		(1.2	)%		(1.1	)%*
Portfolio Turnover Rate(e)		168.3	%		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) In 2000, the Fund changed its fiscal year-end from October to December.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

See Notes to Financial Statements.

101

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
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)		(0.17	)		(0.12	)(c)		(0.12	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		1.61			2.58			(2.94	)		0.87	(d)
Total from Investment Operations		1.44			2.46			(3.06	)		0.83
Less Distributions:
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			(0.26	)
Total Distributions		—			—			—			(0.26	)
Net Asset Value, End of Period	$	11.41		$	9.97		$	7.51		$	10.57
Ratios and Supplemental Data
Total Return(e)		+14.44	%		+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 Waivers and 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		(1.7	)%		(1.3	)%		(1.4	)%		(1.6	)%*
Portfolio Turnover Rate(g)		168.3	%		234.1	%		420.4	%		54.0	%

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
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)		(0.18	)		(0.12	)(c)		(0.13	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		1.62			2.58			(2.93	)		0.87	(d)
Total from Investment Operations		1.44			2.46			(3.06	)		0.83
Less Distributions:
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			(0.26	)
Total Distributions		—			—			—			(0.26	)
Net Asset Value, End of Period	$	11.41		$	9.97		$	7.51		$	10.57
Ratios and Supplemental Data
Total Return(e)		+14.44	%		+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 Waivers and Offsets		2.6	%		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		(1.7	)%		(1.4	)%		(1.5	)%		(1.6	)%*
Portfolio Turnover Rate(g)		168.3	%		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 period from September 28, 2001 (commencement of class) to December 31, 2001.

(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) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

102

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR FOCUS FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.12	)(c)		(0.05	)(c)		(0.10	)(c)		(0.07	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.20			1.25			(1.73	)		(3.57	)		0.27
Total from Investment Operations		1.08			1.20			(1.83	)		(3.64	)		0.26
Less Distributions:
From Net Investment Income		—			—			—			—			—
Total Distributions		—			—			—			—			—
Net Asset Value, End of Period	$	7.07		$	5.99		$	4.79		$	6.62		$	10.26
Ratios and Supplemental Data
Total Return(d)		+18.03	%		+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 Waivers and Offsets		3.9	%		3.0	%		2.9	%		3.4	%		7.3	%*
Ratio of Expenses to Average Net Assets		2.1	%		1.3	%		2.1	%		1.5	%		2.4	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.9	)%		(1.0	)%		(1.7	)%		(0.9	)%		(1.0	)%*
Portfolio Turnover Rate(e)		98.3	%		248.9	%		350.1	%		605.7	%		45.1	%

STRONG ADVISOR FOCUS FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.13	)(c)		(0.09	)(c)		(0.11	)(c)		(0.08	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.18			1.23			(1.71	)		(3.60	)		0.24
Total from Investment Operations		1.05			1.14			(1.82	)		(3.68	)		0.23
Less Distributions:
From Net Investment Income		—			—			—			—			—
Total Distributions		—			—			—			—			—
Net Asset Value, End of Period	$	6.92		$	5.87		$	4.73		$	6.55		$	10.23
Ratios and Supplemental Data
Total Return(d)		+17.89	%		+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 Waivers and Offsets		4.7	%		3.9	%		4.1	%		4.6	%		8.1	%*
Ratio of Expenses to Average Net Assets		2.3	%		2.0	%		2.4	%		2.4	%		3.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%		(1.7	)%		(2.0	)%		(1.7	)%		(1.6	)%*
Portfolio Turnover Rate(e)		98.3	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

103

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR FOCUS FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.13	)(c)		(0.09	)(c)		(0.11	)(c)		(0.09	)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		1.18			1.23			(1.71	)		(3.59	)		0.25
Total from Investment Operations		1.05			1.14			(1.82	)		(3.68	)		0.23
Less Distributions:
From Net Investment Income		—			—			—			—			—
Total Distributions		—			—			—			—			—
Net Asset Value, End of Period	$	6.92		$	5.87		$	4.73		$	6.55		$	10.23
Ratios and Supplemental Data
Total Return(d)		+17.89	%		+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 Waivers and Offsets		4.7	%		3.8	%		3.9	%		4.3	%		8.1	%*
Ratio of Expenses to Average Net Assets		2.3	%		1.9	%		2.4	%		2.4	%		4.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%		(1.6	)%		(2.0	)%		(1.7	)%		(2.7	)%*
Portfolio Turnover Rate(f)		98.3	%		248.9	%		350.1	%		605.7	%		45.1	%

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS A

	Year Ended
	Dec. 31, 2004			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)		0.28	(c)		0.18	(c)		(0.06	)(c)		(0.03	)
Net Realized and Unrealized Gains (Losses) on Investments		1.93			2.59			(1.51	)		0.44
Total from Investment Operations		2.21			2.77			(1.57	)		0.41
Less Distributions:
From Net Investment Income		(0.25	)		(0.14	)		—			—
From Net Realized Gains		(0.27	)		—			—			—
Total Distributions		(0.52	)		(0.14	)		—			—
Net Asset Value, End of Period	$	13.16		$	11.47		$	8.84		$	10.41
Ratios and Supplemental Data
Total Return(d)		+19.38	%		+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 Waivers and Offsets		4.8	%		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		2.3	%		1.8	%		(0.6	)%		(1.1	)%*
Portfolio Turnover Rate(f)		28.1	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000 (Note 1).

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

104

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
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)		0.28	(c)		0.20	(c)		(0.08	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		1.92			2.58			(1.50	)		0.44
Total from Investment Operations		2.20			2.78			(1.58	)		0.40
Less Distributions:
From Net Investment Income		(0.25	)		(0.15	)		—			—
From Net Realized Gains		(0.27	)		—			—			—
Total Distributions		(0.52	)		(0.15	)		—			—
Net Asset Value, End of Period	$	13.13		$	11.45		$	8.82		$	10.40
Ratios and Supplemental Data
Total Return(d)		+19.32	%		+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 Waivers and Offsets		5.5	%		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		2.3	%		2.0	%		(0.8	)%		(1.6	)%*
Portfolio Turnover Rate(g)		28.1	%		88.1	%		46.9	%		4.0	%

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
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)		0.28	(c)		0.21	(c)		(0.06	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		1.93			2.57			(1.52	)		0.44
Total from Investment Operations		2.21			2.78			(1.58	)		0.40
Less Distributions:
From Net Investment Income		(0.25	)		(0.17	)		—			—
From Net Realized Gains		(0.27	)		—			—			—
Total Distributions		(0.52	)		(0.17	)		—			—
Net Asset Value, End of Period	$	13.12		$	11.43		$	8.82		$	10.40
Ratios and Supplemental Data
Total Return(d)		+19.44	%		+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 Waivers and Offsets		5.5	%		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		2.3	%		2.1	%		(0.7	)%		(1.6	)%*
Portfolio Turnover Rate(g)		28.1	%		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 period from September 28, 2001 (commencement of class) to December 31, 2001.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

105

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SELECT FUND — CLASS A

	Year Ended
	Dec. 31, 2004			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)		(0.09	)(b)		(0.07	)(b)		(0.07	)(b)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.47			2.33			(1.81	)		(2.00	)(c)
Total from Investment Operations		1.38			2.26			(1.88	)		(2.01	)
Less Distributions:
From Net Realized Gains		(0.58	)		—			(0.01	)		—
Total Distributions		(0.58	)		—			(0.01	)		—
Net Asset Value, End of Period	$	9.16		$	8.36		$	6.10		$	7.99
Ratios and Supplemental Data
Total Return(d)		+16.80	%		+37.05	%		–23.52	%		–20.10	%
Net Assets, End of Period (In Millions)	$	95		$	81		$	56		$	57
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(1.0	)%		(1.0	)%		(1.1	)%		(0.8	)%
Portfolio Turnover Rate(e)		168.7	%		243.6	%		437.3	%		359.7	%

STRONG ADVISOR SELECT FUND — CLASS B

	Year Ended
	Dec. 31, 2004			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)		(0.15	)(b)		(0.12	)(b)		(0.12	)(b)		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments		1.42			2.28			(1.79	)		(1.97	)(c)
Total from Investment Operations		1.27			2.16			(1.91	)		(2.06	)
Less Distributions:
From Net Realized Gains		(0.58	)		—			(0.01	)		—
Total Distributions		(0.58	)		—			(0.01	)		—
Net Asset Value, End of Period	$	8.87		$	8.18		$	6.02		$	7.94
Ratios and Supplemental Data
Total Return(d)		+15.82	%		+35.88	%		–24.04	%		–20.60	%
Net Assets, End of Period (In Millions)	$	2		$	1		$	0	(f)	$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(1.7	)%		(1.8	)%		(1.9	)%		(1.7	)%
Portfolio Turnover Rate(e)		168.7	%		243.6	%		437.3	%		359.7	%

(a) Information presented relates to a share of capital stock of the Fund outstanding for the entire period.

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

(c) 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.

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

106

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SELECT FUND — CLASS C

	Year Ended
	Dec. 31, 2004			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)		(0.16	)(b)		(0.13	)(b)		(0.12	)(b)		(0.10	)
Net Realized and Unrealized Gains (Losses) on Investments		1.43			2.29			(1.78	)		(1.97	)(c)
Total from Investment Operations		1.27			2.16			(1.90	)		(2.07	)
Less Distributions:
From Net Realized Gains		(0.58	)		—			(0.01	)		—
Total Distributions		(0.58	)		—			(0.01	)		—
Net Asset Value, End of Period	$	8.87		$	8.18		$	6.02		$	7.93
Ratios and Supplemental Data
Total Return(d)		+15.82	%		+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 Waivers and 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		(1.8	)%		(1.8	)%		(1.8	)%		(1.7	)%
Portfolio Turnover Rate(f)		168.7	%		243.6	%		437.3	%		359.7	%

STRONG ADVISOR TECHNOLOGY FUND — CLASS A

	Year Ended
	Dec. 31, 2004			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)		(0.09	)		(0.10	)(b)		(0.11	)(b)		(0.05	)		(0.05	)
Net Realized and Unrealized Gains (Losses) on Investments		(0.25	)		3.29			(2.87	)		(1.99	)		(0.68	)
Total from Investment Operations		(0.34	)		3.19			(2.98	)		(2.04	)		(0.73	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			(0.01	)		—
Total Distributions		—			—			—			(0.01	)		—
Net Asset Value, End of Period	$	7.09		$	7.43		$	4.24		$	7.22		$	9.27
Ratios and Supplemental Data
Total Return(d)		–4.58	%		+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 Waivers and Offsets		5.2	%		3.6	%		3.3	%		7.0	%	��	17.2	%*
Ratio of Expenses to Average Net Assets		1.8	%		2.2	%		2.3	%		1.6	%		9.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.3	)%		(1.8	)%		(2.1	)%		(1.0	)%		(8.2	)%*
Portfolio Turnover Rate(f)		145.7	%		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) Net investment income (loss) per share represents new investment income (loss) divided by average shares outstanding throughout the year.

(c) 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.

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

107

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR TECHNOLOGY FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.08	)		(0.11	)(c)		(0.11	)(c)		(0.09	)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		(0.25	)		3.26			(2.85	)		(2.03	)		(0.66	)
Total from Investment Operations		(0.33	)		3.15			(2.96	)		(2.12	)		(0.74	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			(0.01	)		—
Total Distributions		—			—			—			(0.01	)		—
Net Asset Value, End of Period	$	6.99		$	7.32		$	4.17		$	7.13		$	9.26
Ratios and Supplemental Data
Total Return(d)		–4.51	%		+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 Waivers and Offsets		5.9	%		4.5	%		4.5	%		9.3	%		17.3	%*
Ratio of Expenses to Average Net Assets		1.8	%		2.2	%		2.4	%		2.5	%		11.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%		(1.7	)%		(2.2	)%		(1.9	)%		(9.7	)%*
Portfolio Turnover Rate(f)		145.7	%		184.5	%		136.5	%		157.9	%		49.3	%

STRONG ADVISOR TECHNOLOGY FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
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)		(0.09	)		(0.10	)(c)		(0.12	)(c)		(0.09	)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		(0.25	)		3.24			(2.83	)		(2.05	)		(0.66	)
Total from Investment Operations		(0.34	)		3.14			(2.95	)		(2.14	)		(0.74	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			(0.01	)		—
Total Distributions		—			—			—			(0.01	)		—
Net Asset Value, End of Period	$	6.96		$	7.30		$	4.16		$	7.11		$	9.26
Ratios and Supplemental Data
Total Return(d)		–4.66	%		+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 Waivers and Offsets		6.0	%		4.5	%		4.2	%		8.9	%		17.3	%*
Ratio of Expenses to Average Net Assets		1.8	%		2.2	%		2.5	%		2.4	%		11.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%		(1.8	)%		(2.2	)%		(1.8	)%		(9.7	)%*
Portfolio Turnover Rate(f)		145.7	%		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 period from November 30, 2000 (commencement of class) to December 31, 2000.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

108

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
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)		(0.24	)(c)		(0.24	)(c)		(0.14	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		0.30			4.29			(2.72	)
Total from Investment Operations		0.06			4.05			(2.86	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	11.25		$	11.19		$	7.14
Ratios and Supplemental Data
Total Return(d)		+0.54	%		+56.72	%		–28.60	%
Net Assets, End of Period (In Millions)	$	2		$	3		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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)		116.6	%		114.0	%		98.1	%

STRONG ADVISOR U.S. SMALL/MID CAP GROWTH FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
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)		(0.24	)(c)		(0.23	)(c)		(0.14	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		0.30			4.27			(2.72	)
Total from Investment Operations		0.06			4.04			(2.86	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	11.24		$	11.18		$	7.14
Ratios and Supplemental Data
Total Return(d)		+0.54	%		+56.58	%		–28.60	%
Net Assets, End of Period (In Millions)	$	2		$	1		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		3.4	%		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)		116.6	%		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 period from March 28, 2002 (commencement of class) to December 31, 2002.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

109

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S.SMALL/MID CAP GROWTH FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
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)		(0.24	)(c)		(0.23	)(c)		(0.13	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		0.30			4.28			(2.73	)
Total from Investment Operations		0.06			4.05			(2.86	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	11.25		$	11.19		$	7.14
Ratios and Supplemental Data
Total Return(d)		+0.54	%		+56.72	%		–28.60	%
Net Assets, End of Period (In Millions)	$	1		$	2		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		3.5	%		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)		116.6	%		114.0	%		98.1	%

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS A

	Year Ended
	Dec. 31, 2004			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		0.08	(c)		0.14			0.08	(c)
Net Realized and Unrealized Gains (Losses) on Investments		2.29			1.61			(1.00	)
Total from Investment Operations		2.37			1.75			(0.92	)
Less Distributions:
From Net Investment Income		(0.14	)		(0.14	)		(0.06	)
From Net Realized Gains		(0.97	)		—			—
Total Distributions		(1.11	)		(0.14	)		(0.06	)
Net Asset Value, End of Period	$	11.89		$	10.63		$	9.02
Ratios and Supplemental Data
Total Return(d)		+22.68	%		+19.61	%		–9.21	%
Net Assets, End of Period (In Millions)	$	1		$	10		$	6
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		0.7	%		1.5	%		2.0	%*
Portfolio Turnover Rate(f)		121.6	%		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 period from March 28, 2002 (commencement of class) to December 31, 2002.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

110

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS B

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	10.64		$	9.04		$	10.00
Income From Investment Operations:
Net Investment Income		0.00	(c)(d)		0.09			0.06	(c)
Net Realized and Unrealized Gains on Investments		2.32			1.62			(1.00	)
Total from Investment Operations		2.32			1.71			(0.94	)
Less Distributions:
From Net Investment Income		(0.23	)		(0.11	)		(0.02	)
From Net Realized Gains		(0.97	)		—			—
Total Distributions		(1.20	)		(0.11	)		(0.02	)
Net Asset Value, End of Period	$	11.76		$	10.64		$	9.04
Ratios and Supplemental Data
Total Return(e)		+22.13	%		+18.97	%		–9.39	%
Net Assets, End of Period (In Millions)	$	0	(f)	$	0	(f)	$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		3.0	%		2.7	%		5.1	%*
Ratio of Expenses to Average Net Assets		2.7	%		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		0.0	%		1.0	%		1.6	%*
Portfolio Turnover Rate(g)		121.6	%		174.2	%		46.2	%

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
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)		0.00	(c)(d)		0.09			0.05	(c)
Net Realized and Unrealized Gains (Losses) on Investments		2.31			1.61			(0.99	)
Total from Investment Operations		2.31			1.70			(0.94	)
Less Distributions:
From Net Investment Income		(0.23	)		(0.10	)		(0.04	)
From Net Realized Gains (Losses)		(0.97	)		—			—
Total Distributions		(1.20	)		(0.10	)		(0.04	)
Net Asset Value, End of Period	$	11.73		$	10.62		$	9.02
Ratios and Supplemental Data
Total Return(e)		+22.07	%		+18.97	%		–9.45	%
Net Assets, End of Period (In Millions)	$	0	(f)	$	0	(f)	$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		3.0	%		2.7	%		5.3	%*
Ratio of Expenses to Average Net Assets		2.7	%		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		0.0	%		0.9	%		1.3	%*
Portfolio Turnover Rate(g)		121.6	%		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 period from July 31, 2002 (commencement of class) to December 31, 2002.

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

(d) Amount calculated is less than $0.005.

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

111

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS A

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)			Sep. 30, 2002(c)				Sep. 30, 2001			Sep. 30, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	10.81		$	8.81		$	8.24		$	9.65			$	14.67		$	11.72
Income From Investment Operations:
Net Investment Income		(0.01	)		(0.00	)(d)(e)		0.01	(e)		0.07				0.12			0.14
Net Realized and Unrealized Gains (Losses) on Investments		1.12			2.02			0.57			(1.10	)			(3.79	)		3.26
													��
Total from Investment Operations		1.11			2.02			0.58			(1.03	)			(3.67	)		3.40
Less Distributions:
From Net Investment Income		—			(0.01	)		(0.01	)		(0.05	)			(0.12	)		(0.14	)
From Net Realized Gains		(0.95	)		(0.01	)		—			(0.33	)			(1.23	)		(0.31	)
Total Distributions		(0.95	)		(0.02	)		(0.01	)		(0.38	)			(1.35	)		(0.45	)
Net Asset Value, End of Period	$	10.97		$	10.81		$	8.81		$	8.24			$	9.65		$	14.67
Ratios and Supplemental Data
Total Return(f)		+10.69	%		+22.93	%		+6.99	%		–11.47	%			–26.39	%		+29.48	%
Net Assets, End of Period (In Millions)	$	55		$	67		$	9		$	6			$	4		$	5
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.6	%		1.7	%		3.1	%*		3.7	%			4.7	%		3.8	%
Ratio of Expenses to Average Net Assets		1.5	%		1.5	%		1.5	%*		1.5	%			1.5	%		1.5	%
Ratio of Net Investment Income to Average Net Assets		(0.1	)%		(0.0	)%(d)		0.1	%*		0.8	%			1.0	%		1.1	%
Portfolio Turnover Rate(g)		190.5	%		148.2	%		36.4	%		190.4	%			221.6	%		142.7	%

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS B

	Year Ended
	Dec. 31, 2004			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		(0.09	)		(0.10	)(e)		(0.02	)(e)
Net Realized and Unrealized Gains on Investments		1.08			2.01			0.60
Total from Investment Operations		0.99			1.91			0.58
Less Distributions:
From Net Investment Income		—			(0.00	)(d)		—
From Net Realized Gains		(0.95	)		(0.01	)		—
Total Distributions		(0.95	)		(0.01	)		—
Net Asset Value, End of Period	$	10.73		$	10.69		$	8.79
Ratios and Supplemental Data
Total Return(f)		+9.67	%		+21.74	%		+7.06	%
Net Assets, End of Period (In Millions)	$	9		$	8		$	0	(i)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		2.4	%		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		(0.9	)%		(1.0	)%		(0.2	)%*
Portfolio Turnover Rate(g)		190.5	%		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) In 2002, the Fund changed its fiscal year-end from September to December.

(c) Effective September 5, 2002 Strong Capital Management, Inc. assumed the investment advisory responsibilities from Rockhaven Asset Management, LLC.

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

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

(f) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

112

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
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)		(0.11	)		(0.10	)(c)		(0.02	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		1.09			2.01			0.60
Total from Investment Operations		0.98			1.91			0.58
Less Distributions:
From Net Investment Income		—			—			(0.00	)(d)
From Net Realized Gains (Losses)		(0.95	)		(0.01	)		—
Total Distributions		(0.95	)		(0.01	)		(0.00	)(d)
Net Asset Value, End of Period	$	10.72		$	10.69		$	8.79
Ratios and Supplemental Data
Total Return(e)		+9.57	%		+21.73	%		+7.09	%
Net Assets, End of Period (In Millions)	$	7		$	6		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		(1.0	)%		(1.0	)%		(0.2	)*%
Portfolio Turnover Rate(g)		190.5	%		148.2	%		36.4	%

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS K

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	10.84		$	8.80		$	8.21
Income From Investment Operations:
Net Investment Income		0.06			0.05	(c)		0.02	(c)
Net Realized and Unrealized Losses on Investments		1.12			2.03			0.59
Total from Investment Operations		1.18			2.08			0.61
Less Distributions:
From Net Investment Income		—			(0.03	)		(0.02	)
From Net Realized Gains		(0.95	)		(0.01	)		—
Total Distributions		(0.95	)		(0.04	)		(0.02	)
Net Asset Value, End of Period	$	11.07		$	10.84		$	8.80
Ratios and Supplemental Data
Total Return(e)		+11.32	%		+23.66	%		+7.38	%
Net Assets, End of Period (In Millions)	$	24		$	35		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		0.4	%		0.5	%		1.1	%*
Portfolio Turnover Rate(g)		190.5	%		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 period from September 30, 2002 (commencement of class) to December 31, 2002.

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

(d) Amount calculated is less than $0.005.

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

113

NOTES TO FINANCIAL STATEMENTS

December 31, 2004

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 on that principal exchange. 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 Funds’ 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 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 December 31, 2004, that are deemed illiquid, are as follows:

	Aggregate Cost		Aggregate Fair Value		Percent of Net Assets
Strong Advisor Small Cap Value Fund	$	14,010,073	$	15,568,443	0.7	%

114

(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 net investment income or accumulated 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.

115

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

(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 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 December 31, 2004, Strong Advisor Common Stock Fund and Strong Advisor U.S. Value Fund had securities with a market value of $51,720,204 and $8,841,705, respectively, on loan and had received $53,056,922 and $9,099,275, 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 December 31, 2004, the securities lending income totaled, $143,323, $987, and $12,336 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 — Through November 30, 2004, the Funds directed certain portfolio trades to brokers who, in turn, paid a portion of the Funds’ expenses not attributable to the Advisor or its affiliates. Such amounts are included in Expense Waivers and 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 Waivers and 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) 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 material loss to be remote under any of these indemnification agreements.

116

(Q) 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.

(R) Other — Dividend income, net of applicable withholding taxes, 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.

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 are 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.

117

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

Pursuant to the direction of the Board and in implementation of certain regulatory settlements (as described in Note 10), the Advisor has contractually agreed to waive its fees and/or absorb expenses in the amount of 0.010% for the Strong Advisor Focus Fund and 0.033% for the Funds with the exception of the Strong Advisor Focus Fund and the Strong Advisor International Core Fund from May 21, 2004 until May 21, 2005. However, the Funds are expected to reorganize into the Wells Fargo Funds family on April 11, 2005 and be subject to a different expense structure. 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 Waivers and 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 year ended December 31, 2004, the Distributor received aggregate sales charges from the sale of Class A shares as follows: Strong Advisor Common Stock Fund $6,995, Strong Advisor Mid Cap Growth Fund $1,526, Strong Advisor Small Cap Value Fund $11,071, Strong Advisor U.S. Value Fund $1,394, Strong Advisor Endeavor Large Cap Fund $833, Strong Advisor Focus Fund $8, Strong Advisor International Core Fund $623, Strong Advisor Select Fund $8,144, Strong Advisor Technology Fund $0, Strong Advisor U.S. Small/Mid Cap Growth Fund $2,085, Strong Advisor Utilities and Energy Fund $3,104, and Strong Advisor Large Company Core Fund $11,178.

For the year ended December 31, 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 $117,659, Strong Advisor Mid Cap Growth Fund $13,467, Strong Advisor Small Cap Value Fund $292,835, Strong Advisor U.S. Value Fund $18,810, Strong Advisor Endeavor Large Cap Fund $7,310, Strong Advisor Focus Fund $10,747, Strong Advisor International Core Fund $249, Strong Advisor Select Fund $3,297, Strong Advisor Technology Fund $1,983, Strong Advisor U.S. Small/Mid Cap Growth Fund $5,324, Strong Advisor Utilities and Energy Fund $0, and Strong Advisor Large Company Core Fund $33,497.

Through December 31, 2004, Next Century Growth Investors, LLC (“Next Century Growth”), an affiliate of the Advisor, managed the investments of Strong Advisor U.S. Small/Mid Cap Growth Fund under a subadvisory agreement with the Advisor. Next Century Growth was compensated by the Advisor (not the Fund) and assumed all of its own expenses in providing subadvisory services.

Through December 31, 2004, W.H. Reaves & Co., Inc. (“Reaves”) managed the investments of Strong Advisor Utilities and Energy Fund under a subadvisory agreement with the Advisor. Reaves was compensated by the Advisor (not the Fund) and assumed all of its own expenses in providing subadvisory services. The investment subadvisory fees were based on breakpoints ranging from net asset values of $200 million to $2.5 billion. The investment subadvisory fees were 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 affected purchases and sales of securities for the Fund. In conjunction therewith, brokerage commissions paid to Reaves by the Fund for the year ended December 31, 2004, totaled $27,577.

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.

118

Certain information regarding related party transactions, excluding the effects of waivers and absorptions, for the year ended December 31, 2004, is as follows:

	Payable to/ (Receivable from) Advisor or Administrator at Dec. 31, 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	$	238,871		$	3,096,442	$	1,218		$	61,522
Strong Advisor Mid Cap Growth Fund		22,907			305,003		2,063			3,294
Strong Advisor Small Cap Value Fund		385,320			5,106,123		714			75,486
Strong Advisor U.S. Value Fund		85,094			1,000,805		24,495			11,784
Strong Advisor Endeavor Large Cap Fund		10,437			79,810		1,877			2,058
Strong Advisor Focus Fund		(798	)		5,589		18			973
Strong Advisor International Core Fund		(14	)		3,715		18			919
Strong Advisor Select Fund		17,733			158,480		1,622			3,297
Strong Advisor Technology Fund		71			3,196		(7	)		934
Strong Advisor U.S. Small/Mid Cap Growth Fund		554			11,234		51			992
Strong Advisor Utilities and Energy Fund		2,570			18,137		8			1,223
Strong Advisor Large Company Core Fund		15,008			214,747		782			3,695

At December 31, 2004, Strong Financial Corporation, the Advisor’s parent, owned 11% and 12% of the outstanding shares of Strong Advisor U.S. Small/Mid Cap Growth Fund and Strong Advisor Utilities and Energy Fund, respectively.

At December 31, 2004, the Distributor owned 18% of the outstanding shares of Strong Advisor International Core Fund.

119

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

4. Expenses and Expense Waivers and Offsets

For the year ended December 31, 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	$	228,909	$	154,099	$	29,502	$	190,757	$	38
Class B		112,002		77,638		10,795		373,340		180
Class C		89,390		61,670		15,923		297,967		1,572
Class Z		3,833,576		2,799,279		350,153		—		3,378
Strong Advisor Mid Cap Growth Fund
Class A		28,000		18,965		11,485		23,334		172
Class B		8,431		6,239		707		28,102		22
Class C		1,908		1,408		80		6,359		24
Class Z		154,054		277,430		74,689		—		2,807
Strong Advisor Small Cap Value Fund
Class A		1,789,907		1,215,772		199,186		1,491,589		122
Class B		374,862		270,132		41,128		1,249,541		1,140
Class C		449,504		316,101		62,582		1,498,348		2,329
Class Z		3,544,194		3,301,167		404,982		—		1,725
Strong Advisor U.S. Value Fund
Class A		13,364		9,167		1,915		11,136		163
Class B		17,261		12,228		2,209		57,538		46
Class C		12,969		9,498		3,897		43,232		827
Class K		206,023		164,821		685		—		4,619
Class Z		697,798		803,956		248,618		—		19,976
Strong Advisor Endeavor Large Cap Fund
Class A		115,573		77,070		5,584		96,310		1,881
Class B		2,466		1,709		284		8,219		3
Class C		1,288		931		437		4,292		92
Strong Advisor Focus Fund
Class A		3,465		2,433		388		2,887		11
Class B		3,259		2,499		555		10,865		10
Class C		833		633		208		2,775		22
Strong Advisor International Core Fund
Class A		1,867		1,288		252		1,556		7
Class B		2,723		1,945		374		9,119		9
Class C		683		477		106		2,288		7
Strong Advisor Select Fund
Class A		231,919		154,690		4,166		193,266		1,624
Class B		2,809		1,966		371		9,444		3
Class C		2,506		1,781		402		8,380		37
Strong Advisor Technology Fund
Class A		2,376		1,614		426		1,980		12
Class B		1,552		1,087		291		5,174		4
Class C		653		475		212		2,172		11
Strong Advisor U.S. Small/Mid Cap Growth Fund
Class A		7,660		5,203		1,077		6,383		32
Class B		4,100		2,821		611		13,666		11
Class C		4,226		2,890		1,615		14,086		329
Strong Advisor Utilities and Energy Fund
Class A		25,554		17,057		215		21,295		21
Class B		858		593		65		2,875		4
Class C		674		464		87		2,246		5
Strong Advisor Large Company Core Fund
Class A		182,630		122,861		6,193		152,191		252
Class B		25,472		17,722		3,876		84,905		57
Class C		21,976		15,184		12,068		73,253		734
Class K		72,873		58,298		9,478		—		420

120

For the year ended December 31, 2004, the class specific expense waivers and offsets are as follows:

	Expense Waivers and Absorptions*			Transfer Agency Banking Credits			Directed Brokerage			Earnings Credits
Strong Advisor Common Stock Fund
Class A	$	(4,691	)	$	(194	)	$	—		$	—
Class B		(3,438	)		—			—			—
Class C		(3,323	)		—			—			—
Class Z		(25,848	)		—			—			—
Fund Level		(410,853	)		—			(95,052	)		(425	)
Strong Advisor Mid Cap Growth Fund
Class A		(752	)		—			—			—
Class B		(548	)		—			—			—
Class C		(226	)		—			—			—
Class Z		(6,626	)		—			—			—
Fund Level		(18,890	)		—			(6,030	)		(66	)
Strong Advisor Small Cap Value Fund
Class A		(47,064	)		(1,116	)		—			—
Class B		(15,004	)		—			—			—
Class C		(16,535	)		—			—			—
Class Z		(45,370	)		(535	)		—			—
Fund Level		(603,883	)		—			(100,922	)		(1,217	)
Strong Advisor U.S. Value Fund
Class A		(596	)		—			—			—
Class B		(765	)		—			—			—
Class C		(879	)		—			—			—
Class K		(62,507	)		—			—			—
Class Z		(7,497	)		—			—			—
Fund Level		(100,280	)		—			(37,546	)		(88	)
Strong Advisor Endeavor Large Cap Fund
Class A		(60	)		—			—			—
Class B		(45	)		—			—			—
Class C		(279	)		—			—			—
Fund Level		(12,224	)		—			(2,821	)		(12	)
Strong Advisor Focus Fund
Class A		(9,011	)		—			—			—
Class B		(14,500	)		—			—			—
Class C		(3,674	)		—			—			—
Fund Level		(24,762	)		—			(1,272	)		(4	)
Strong Advisor International Core Fund
Class A		(4,971	)		—			—			—
Class B		(14,170	)		—			—			—
Class C		(3,560	)		—			—			—
Fund Level		(70,114	)		—			(142	)		(2	)
Strong Advisor Select Fund
Class A		(354	)		—			—			—
Class B		(65	)		—			—			—
Class C		(41	)		—			—			—
Fund Level		(23,829	)		—			(4,420	)		(132	)
Strong Advisor Technology Fund
Class A		(6,788	)		(14	)		—			—
Class B		(8,216	)		—			—			—
Class C		(3,622	)		—			—			—
Fund Level		(29,255	)		—			(9,994	)		(1	)
Strong Advisor U.S. Small/Mid Cap Growth Fund
Class A		(3,377	)		—			—			—
Class B		(12,388	)		—			—			—
Class C		(13,810	)		—			—			—
Fund Level		(1,783	)		—			(2,257	)		(5	)
Strong Advisor Utilities and Energy Fund
Class A		(199	)		—			—			—
Class B		(614	)		—			—			—
Class C		(532	)		—			—			—
Fund Level		(2,817	)		—			—			(11	)

121

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Expense Waivers and Absorptions*			Transfer Agency Banking Credits		Directed Brokerage			Earnings Credits
Strong Advisor Large Company Core Fund
Class A	$	(69,744	)	$	—	$	—		$	—
Class B		(702	)		—		—			—
Class C		(5,404	)		—		—			—
Class K		(100,269	)		—		—			—
Fund Level		(30,498	)		—		(12,836	)		(263	)

* These amounts include the contractually agreed upon waivers of fees and/or absorptions of expenses for the period from May 21, 2004 thru December 31, 2004 pursuant to the direction of the Board and in implementation of certain regulatory settlements as discussed in Note 3 and in Note 10. These amounts also include reimbursement by the Advisor for the legal costs incurred by the funds for the legal and regulatory matters discussed in Note 10.

5. Line of Credit

The Strong Funds have established a line of credit agreement (“LOC”) with certain financial institutions, which expires June 30, 2005, to be used for temporary or emergency purposes. Combined borrowings among all participating Strong Funds are subject to a $200 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 year ended December 31, 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, and Strong Advisor Utilities and Energy Fund under the LOC. Strong Advisor U.S. Value Fund, Strong Advisor Endeavor Large Cap Fund, Strong Advisor Technology Fund, Strong Advisor U.S. Small/Mid Cap Growth Fund, and Strong Advisor Large Company Core Fund had minimal borrowings under the LOC during the year. At December 31, 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 year ended December 31, 2004, are as follows:

	Purchases		Sales
Strong Advisor Common Stock Fund	$	566,676,111	$	958,239,833
Strong Advisor Mid Cap Growth Fund		121,247,814		135,162,532
Strong Advisor Small Cap Value Fund		675,712,823		998,506,759
Strong Advisor U.S. Value Fund		189,733,438		149,740,704
Strong Advisor Endeavor Large Cap Fund		66,620,929		67,956,459
Strong Advisor Focus Fund		2,405,452		3,522,520
Strong Advisor International Core Fund		960,798		468,004
Strong Advisor Select Fund		132,026,280		135,125,674
Strong Advisor Technology Fund		2,138,389		2,744,820
Strong Advisor U.S. Small/Mid Cap Growth Fund		6,060,712		6,839,594
Strong Advisor Utilities and Energy Fund		10,079,864		19,422,253
Strong Advisor Large Company Core Fund		198,895,465		230,876,092

There were no purchases or sales of long-term U.S. government securities during the year ended December 31, 2004.

122

7. Income Tax Information

The following information for the Funds is presented on an income tax basis as of December 31, 2004:

	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments		Distributable Ordinary Income		Distributable Long-Term Capital Gains
Strong Advisor Common Stock Fund	$	1,005,219,718	$	361,469,810	$	(13,111,869	)	$	348,357,941	$	—	$	20,778,680
Strong Advisor Mid Cap Growth Fund		50,046,026		17,730,197		(69,073	)		17,661,124		—		—
Strong Advisor Small Cap Value Fund		1,569,481,534		745,687,438		(33,855,220	)		711,832,218		13,371,489		16,024,017
Strong Advisor U.S. Value Fund		312,279,155		61,974,300		(4,246,833	)		57,727,467		320,753		2,740,644
Strong Advisor Endeavor Large Cap Fund		37,081,188		7,490,637		(261,853	)		7,228,784		—		—
Strong Advisor Focus Fund		1,810,776		702,229		(5,664	)		696,565		—		—
Strong Advisor International Core Fund		1,751,637		540,589		(6,298	)		534,291		600		4,561
Strong Advisor Select Fund		81,429,500		16,572,411		(555,516	)		16,016,895		—		2,476,574
Strong Advisor Technology Fund		1,399,325		193,063		(91,766	)		101,297		—		—
Strong Advisor U.S. Small/Mid Cap Growth Fund		3,855,915		1,333,659		(11,709	)		1,321,950		—		—
Strong Advisor Utilities and Energy Fund		1,632,097		302,710		(6,763	)		295,947		89,028		93,449
Strong Advisor Large Company Core Fund		81,988,625		14,209,053		(354,378	)		13,854,675		1,105,436		271,747

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 tax components of dividends paid during the years ended December 31, 2004 and 2003 and capital loss carryovers (expiring in varying amounts through 2012) as of December 31, 2004, and tax basis post-October losses as of December 31, 2004, which are not recognized for tax purposes until the first day of the following fiscal year, are:

	2004 Income Tax Information								2003 Income Tax Information
	Ordinary Income Distributions		Long-Term Capital Gains Distributions		Net Capital Loss Carryovers		Post-October Losses		Ordinary Income Distributions		Long-Term Capital Gains Distributions
Strong Advisor Common Stock Fund	$	—	$	91,698,461	$	—	$	—	$	—	$	—
Strong Advisor Mid Cap Growth Fund		—		—		108,011,874		—		—		—
Strong Advisor Small Cap Value Fund		23,373,468		218,221,859		—		—		793,398		49,600,777
Strong Advisor U.S. Value Fund		15,252,146		12,492,467		—		—		1,833,699		—
Strong Advisor Endeavor Large Cap Fund		—		—		90,931		—		—		—
Strong Advisor Focus Fund		—		—		4,068,581		—		—		—
Strong Advisor International Core Fund		42,765		43,977		—		—		19,549		—
Strong Advisor Select Fund		—		5,687,370		—		—		—		—
Strong Advisor Technology Fund		—		—		567,403		7,749		—		—
Strong Advisor U.S. Small/Mid Cap Growth Fund		—		—		532,011		66,115		—		—
Strong Advisor Utilities and Energy Fund		362,658		411,177		—		—		184,358		—
Strong Advisor Large Company Core Fund		2,041,005		6,303,600		—		—		71,868		101,831

For corporate shareholders in the Funds, the percentages of ordinary dividend income distributed for the year ended December 31, 2004, which is designated as qualifying for the dividends-received deduction, is as follows (unaudited): Strong Advisor Common Stock Fund 0.0%, Strong Advisor Mid Cap Growth Fund 0.0%, Strong Advisor Small Cap Value Fund 37.9%, Strong Advisor U.S. Value Fund 49.6%, Strong Advisor Endeavor Large Cap Fund 0.0%, Strong Advisor Focus Fund 0.0%, Strong Advisor International Core Fund 0.0%, Strong Advisor Select Fund 0.0%, Strong Advisor Technology Fund 0.0%, Strong Advisor U.S. Small/Mid Cap Growth Fund 0.0%, Strong Advisor Utilities and Energy Fund 58.7%, and Strong Advisor Large Company Core Fund 9.8%.

For shareholders in the Funds, the percentages of dividend income distributed for the year ended December 31, 2004, which is designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, is as follows (unaudited): Strong Advisor Common Stock Fund 0.0%, Strong Advisor Mid Cap Growth Fund 0.0%, Strong Advisor Small Cap Value Fund 23.6%, Strong Advisor U.S. Value Fund 48.4%, Strong Advisor Endeavor Large Cap Fund 0.0%, Strong Advisor Focus Fund 0.0%, Strong Advisor International Core Fund 94.5%, Strong Advisor Select Fund 0.0%, Strong Advisor Technology Fund 0.0%, Strong Advisor U.S. Small/Mid Cap Growth Fund 0.0%, Strong Advisor Utilities and Energy Fund 67.5%, and Strong Advisor Large Company Core Fund 51.5%.

Capital loss carryovers utilized during the year ended December 31, 2004, are as follows: Strong Advisor Common Stock Fund $98,017,939, Strong Advisor Mid Cap Growth Fund $10,073,777, Strong Advisor Small Cap Value Fund $0, Strong Advisor U.S. Value Fund $3,875,228, Strong Advisor Endeavor Large Cap Fund $5,545,446, Strong Advisor Focus Fund $441,833,

123

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

Strong Advisor International Core Fund $30,211, Strong Advisor Select Fund $5,735,050, Strong Advisor Technology Fund $195,747, Strong Advisor U.S. Small/Mid Cap Growth Fund $424,473, Strong Advisor Utilities and Energy Fund $313,921, and Strong Advisor Large Company Core Fund $0.

8. Capital Share Transactions

	Strong Advisor Common Stock Fund						Strong Advisor Mid Cap Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	18,351,436		$	62,389,061		$	2,254,765		$	29,891,257
Proceeds from Reinvestment of Distributions		5,133,631			—			—			—
Payment for Shares Redeemed		(32,357,772	)		(48,584,158	)		(3,456,543	)		(29,161,740	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,872,705	)		13,804,903			(1,201,778	)		729,517
CLASS B
Proceeds from Shares Sold		1,929,309			8,099,013			101,227			490,452
Proceeds from Reinvestment of Distributions		2,298,727			—			—			—
Payment for Shares Redeemed		(5,546,942	)		(3,494,374	)		(482,585	)		(720,050	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,318,906	)		4,604,639			(381,358	)		(229,598	)
CLASS C
Proceeds from Shares Sold		4,049,548			9,917,355			43,997			326,442
Proceeds from Reinvestment of Distributions		1,501,280			—			—			—
Payment for Shares Redeemed		(13,428,469	)		(8,090,361	)		(345,908	)		(698,172	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(7,877,641	)		1,826,994			(301,911	)		(371,730	)
CLASS Z
Proceeds from Shares Sold		114,300,846			203,644,369			7,522,386			31,734,000
Proceeds from Reinvestment of Distributions		77,961,481			—			—			—
Payment for Shares Redeemed		(495,966,918	)		(608,593,067	)		(20,385,158	)		(61,043,159	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(303,704,591	)		(404,948,698	)		(12,862,772	)		(29,309,159	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(321,773,843	)	$	(384,712,162	)	$	(14,747,819	)	$	(29,180,970	)

124

	Strong Advisor Common Stock Fund				Strong Advisor Mid Cap Growth Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003		Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold	829,082		3,431,779		183,160		3,106,763
Issued in Reinvestment of Distributions	236,355		—		—		—
Redeemed	(1,468,160	)	(2,666,367	)	(282,618	)	(2,955,165	)
Net Increase (Decrease) in Shares	(402,723	)	765,412		(99,458	)	151,598
CLASS B
Sold	89,606		457,112		8,503		50,542
Issued in Reinvestment of Distributions	109,048		—		—		—
Redeemed	(258,192	)	(198,050	)	(41,116	)	(70,959	)
Net Increase (Decrease) in Shares	(59,538	)	259,062		(32,613	)	(20,417	)
CLASS C
Sold	187,445		546,220		3,832		34,377
Issued in Reinvestment of Distributions	71,218		—		—		—
Redeemed	(625,270	)	(442,002	)	(29,654	)	(69,097	)
Net Increase (Decrease) in Shares	(366,607	)	104,218		(25,822	)	(34,720	)
CLASS Z
Sold	5,128,434		11,182,299		615,596		3,193,498
Issued in Reinvestment of Distributions	3,551,776		—		—		—
Redeemed	(22,238,478	)	(31,635,485	)	(1,676,497	)	(5,725,809	)
Net Increase (Decrease) in Shares	(13,558,268	)	(20,453,186	)	(1,060,901	)	(2,532,311	)

125

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Advisor Small Cap Value Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	111,965,665		$	320,685,110
Proceeds from Reinvestment of Distributions		63,761,770			15,265,206
Payment for Shares Redeemed		(287,141,565	)		(184,534,476	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(111,414,130	)		151,415,840
CLASS B
Proceeds from Shares Sold		3,500,020			23,520,790
Proceeds from Reinvestment of Distributions		13,852,760			2,765,426
Payment for Shares Redeemed		(13,748,747	)		(12,814,273	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		3,604,033			13,471,943
CLASS C
Proceeds from Shares Sold		7,497,546			50,717,429
Proceeds from Reinvestment of Distributions		14,891,930			3,207,242
Payment for Shares Redeemed		(32,663,862	)		(42,529,352	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(10,274,386	)		11,395,319
CLASS Z
Proceeds from Shares Sold		586,760,998			568,392,266
Proceeds from Reinvestment of Distributions		140,802,162			27,317,931
Payment for Shares Redeemed		(612,977,746	)		(432,298,660	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		114,585,414			163,411,537
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(3,499,069	)	$	339,694,639

126

	Strong Advisor Small Cap Value Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	3,946,949		14,585,227
Issued in Reinvestment of Distributions	2,293,078		588,254
Redeemed	(10,327,642	)	(8,277,317	)
Net Increase (Decrease) in Shares	(4,087,615	)	6,896,164
CLASS B
Sold	127,051		1,128,906
Issued in Reinvestment of Distributions	514,591		108,960
Redeemed	(501,970	)	(590,325	)
Net Increase (Decrease) in Shares	139,672		647,541
CLASS C
Sold	273,175		2,388,522
Issued in Reinvestment of Distributions	552,197		126,120
Redeemed	(1,184,664	)	(1,842,815	)
Net Increase (Decrease) in Shares	(359,292	)	671,827
CLASS Z
Sold	20,439,069		25,560,482
Issued in Reinvestment of Distributions	5,026,696		1,047,467
Redeemed	(21,628,099	)	(18,917,370	)
Net Increase (Decrease) in Shares	3,837,666		7,690,579

127

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Advisor U.S. Value Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	1,588,383		$	2,442,595
Proceeds from Reinvestment of Distributions		379,245			33,629
Payment for Shares Redeemed		(1,676,157	)		(1,164,555	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		291,471			1,311,669
CLASS B
Proceeds from Shares Sold		1,289,813			1,532,091
Proceeds from Reinvestment of Distributions		395,211			9,048
Payment for Shares Redeemed		(552,807	)		(708,664	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,132,217			832,475
CLASS C
Proceeds from Shares Sold		698,417			2,936,148
Proceeds from Reinvestment of Distributions		278,278			7,949
Payment for Shares Redeemed		(1,141,334	)		(802,924	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(164,639	)		2,141,173
CLASS K
Proceeds from Shares Sold		22,132,402			75,594,336
Proceeds from Reinvestment of Distributions		109,087			26,245
Payment for Shares Redeemed		(21,908,649	)		(5,956,750	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		332,840			69,663,831
CLASS Z
Proceeds from Shares Sold		135,909,011			65,563,705
Proceeds from Reinvestment of Distributions		11,406,386			421,710
Payment for Shares Redeemed		(65,884,168	)		(156,527,039	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		81,431,229			(90,541,624	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	83,023,118		$	(16,592,476	)

128

	Strong Advisor U.S. Value Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	86,445		158,971
Issued in Reinvestment of Distributions	21,022		2,133
Redeemed	(92,877	)	(76,619	)
Net Increase (Decrease) in Shares	14,590		84,485
CLASS B
Sold	71,109		101,156
Issued in Reinvestment of Distributions	21,981		558
Redeemed	(30,337	)	(49,252	)
Net Increase (Decrease) in Shares	62,753		52,462
CLASS C
Sold	38,764		187,092
Issued in Reinvestment of Distributions	15,559		485
Redeemed	(62,341	)	(51,438	)
Net Increase (Decrease) in Shares	(8,018	)	136,139
CLASS K
Sold	1,217,353		4,541,506
Issued in Reinvestment of Distributions	6,087		1,657
Redeemed	(1,213,371	)	(382,792	)
Net Increase (Decrease) in Shares	10,069		4,160,371
CLASS Z
Sold	7,524,230		4,464,350
Issued in Reinvestment of Distributions	627,559		26,615
Redeemed	(3,593,330	)	(9,915,698	)
Net Increase (Decrease) in Shares	4,558,459		(5,424,733	)

129

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Advisor Endeavor Large Cap Fund						Strong Advisor Focus Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	13,301,217		$	11,550,715		$	60,018		$	133,502
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(12,914,635	)		(13,087,873	)		(680,874	)		(1,033,507	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		386,582			(1,537,158	)		(620,856	)		(900,005	)
CLASS B
Proceeds from Shares Sold		189,456			545,692			20,662			33,725
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(74,741	)		(294,637	)		(299,660	)		(391,552	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		114,715			251,055			(278,998	)		(357,827	)
CLASS C
Proceeds from Shares Sold		115,461			236,667			1,722			128,342
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(130,885	)		(92,284	)		(121,067	)		(196,335	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(15,424	)		144,383			(119,345	)		(67,993	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	485,873		$	(1,141,720	)	$	(1,019,199	)	$	(1,325,825	)
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		1,297,888			1,382,830			9,354			26,782
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(1,234,210	)		(1,497,908	)		(109,938	)		(189,152	)
Net Increase (Decrease) in Shares		63,678			(115,078	)		(100,584	)		(162,370	)
CLASS B
Sold		18,279			66,016			3,451			6,628
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(7,217	)		(36,913	)		(49,543	)		(74,150	)
Net Increase (Decrease) in Shares		11,062			29,103			(46,092	)		(67,522	)
CLASS C
Sold		11,182			27,852			279			25,997
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(12,797	)		(10,494	)		(20,057	)		(37,048	)
Net Increase (Decrease) in Shares		(1,615	)		17,358			(19,778	)		(11,051	)

130

	Strong Advisor International Core Fund						Strong Advisor Select Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	162,808		$	451,750		$	31,977,070		$	28,987,396
Proceeds from Reinvestment of Distributions		26,258			6,485			5,498,260			—
Payment for Shares Redeemed		(104,660	)		(163,951	)		(31,618,577	)		(27,068,354	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		84,406			294,284			5,856,753			1,919,042
CLASS B
Proceeds from Shares Sold		358,381			346,867			1,138,452			257,127
Proceeds from Reinvestment of Distributions		35,883			6,923			91,274			—
Payment for Shares Redeemed		(32,276	)		(65,208	)		(113,933	)		(103,058	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		361,988			288,582			1,115,793			154,069
CLASS C
Proceeds from Shares Sold		91,773			562,293			687,954			204,823
Proceeds from Reinvestment of Distributions		10,119			2,436			60,012			—
Payment for Shares Redeemed		(1,587	)		(585,411	)		(176,310	)		(104,606	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		100,305			(20,682	)		571,656			100,217
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	546,699		$	562,184		$	7,544,202		$	2,173,328
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		13,169			47,151			3,631,057			4,305,907
Issued in Reinvestment of Distributions		2,027			570			622,745			—
Redeemed		(8,684	)		(14,929	)		(3,620,140	)		(3,730,994	)
Net Increase (Decrease) in Shares		6,512			32,792			633,662			574,913
CLASS B
Sold		29,318			36,895			129,807			37,614
Issued in Reinvestment of Distributions		2,774			609			10,663			—
Redeemed		(2,840	)		(6,823	)		(13,648	)		(14,269	)
Net Increase (Decrease) in Shares		29,252			30,681			126,822			23,345
CLASS C
Sold		7,509			58,481			80,437			29,859
Issued in Reinvestment of Distributions		783			215			7,011			—
Redeemed		(134	)		(59,716	)		(20,141	)		(13,880	)
Net Increase (Decrease) in Shares		8,158			(1,020	)		67,307			15,979

131

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Advisor Technology Fund						Strong Advisor U.S. Small/Mid Cap Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	465,534		$	475,649		$	1,205,572		$	2,506,870
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(1,007,814	)		(1,132,211	)		(1,597,336	)		(182,320	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(542,280	)		(656,562	)		(391,764	)		2,324,550
CLASS B
Proceeds from Shares Sold		35,990			285,676			632,045			711,067
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(34,928	)		(18,271	)		(243,443	)		(132,452	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,062			267,405			388,602			578,615
CLASS C
Proceeds from Shares Sold		4,510			38,794			168,462			1,161,876
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(92,766	)		(128,137	)		(480,054	)		(53,800	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(88,256	)		(89,343	)		(311,592	)		1,108,076
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(629,474	)	$	(478,500	)	$	(314,754	)	$	4,011,241
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		63,505			83,030			110,108			237,549
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(133,227	)		(168,601	)		(148,158	)		(16,651	)
Net Increase (Decrease) in Shares		(69,722	)		(85,571	)		(38,050	)		220,898
CLASS B
Sold		4,869			47,464			58,082			69,682
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(5,138	)		(2,590	)		(23,370	)		(11,990	)
Net Increase (Decrease) in Shares		(269	)		44,874			34,712			57,692
CLASS C
Sold		623			5,992			14,560			114,610
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(12,823	)		(21,193	)		(46,160	)		(4,922	)
Net Increase (Decrease) in Shares		(12,200	)		(15,201	)		(31,600	)		109,688

132

	Strong Advisor Utilities and Energy Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	797,521		$	10,745,467
Proceeds from Reinvestment of Distributions		70,401			57,522
Payment for Shares Redeemed*		(10,424,129	)		(8,634,471	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(9,556,207	)		2,168,518
CLASS B
Proceeds from Shares Sold		167,861			50,393
Proceeds from Reinvestment of Distributions		10,103			232
Payment for Shares Redeemed		(4,656	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		173,308			50,625
CLASS C
Proceeds from Shares Sold		81,865			61,694
Proceeds from Reinvestment of Distributions		9,058			1,418
Payment for Shares Redeemed		(85,522	)		(11,717	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		5,401			51,395
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(9,377,498	)	$	2,270,538
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold		66,748			1,122,369
Issued in Reinvestment of Distributions		6,063			5,985
Redeemed*		(894,125	)		(876,335	)
Net Increase (Decrease) in Shares		(821,314	)		252,019
CLASS B
Sold		14,681			5,210
Issued in Reinvestment of Distributions		869			24
Redeemed		(401	)		—
Net Increase (Decrease) in Shares		15,149			5,234
CLASS C
Sold		6,789			6,587
Issued in Reinvestment of Distributions		781			145
Redeemed		(7,747	)		(1,155	)
Net Increase (Decrease) in Shares		(177	)		5,577

* Includes a Redemption-in-Kind on December 21, 2004 of $7,100,325 (587,051 shares).

133

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Advisor Large Company Core Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	9,883,148		$	59,864,417
Proceeds from Reinvestment of Distributions		4,635,427			78,573
Proceeds from Redemption Fees*		12,474			—
Payment for Shares Redeemed		(27,594,187	)		(9,871,639	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(13,063,138	)		50,071,351
CLASS B
Proceeds from Shares Sold		1,903,385			6,531,413
Proceeds from Reinvestment of Distributions		598,238			5,649
Proceeds from Redemption Fees*		1,571			—
Payment for Shares Redeemed		(983,260	)		(411,263	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,519,934			6,125,799
CLASS C
Proceeds from Shares Sold		3,118,877			5,690,544
Proceeds from Reinvestment of Distributions		599,527			5,296
Proceeds from Redemption Fees*		1,296			—
Payment for Shares Redeemed		(2,595,138	)		(624,699	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,124,562			5,071,141
CLASS K
Proceeds from Shares Sold		8,644,119			33,605,594
Proceeds from Reinvestment of Distributions		2,151,242			78,412
Proceeds from Redemption Fees*		6,536			—
Payment for Shares Redeemed		(22,649,704	)		(2,948,367	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(11,847,807	)		30,735,639
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(22,266,449	)	$	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.

134

	Strong Advisor Large Company Core Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	907,676		6,235,824
Issued in Reinvestment of Distributions	435,913		7,791
Redeemed	(2,559,965	)	(976,959	)
Net Increase (Decrease) in Shares	(1,216,376	)	5,266,656
CLASS B
Sold	176,952		691,767
Issued in Reinvestment of Distributions	57,309		549
Redeemed	(93,209	)	(40,925	)
Net Increase (Decrease) in Shares	141,052		651,391
CLASS C
Sold	290,100		596,467
Issued in Reinvestment of Distributions	57,480		512
Redeemed	(242,815	)	(61,554	)
Net Increase (Decrease) in Shares	104,765		535,425
CLASS K
Sold	793,688		3,545,081
Issued in Reinvestment of Distributions	200,954		8,183
Redeemed	(2,065,289	)	(302,576	)
Net Increase (Decrease) in Shares	(1,070,647	)	3,250,688

135

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

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 year ended December 31, 2004, is as follows:

	Balance of Shares Held Jan. 1, 2004	Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held Dec. 31, 2004	Value Dec. 31, 2004		Investment Income Jan. 1, 2004- Dec. 31, 2004		Realized Gain/Loss on Sales
Strong Advisor Small Cap Value Fund
Allied Healthcare Products, Inc.	848,200	276,559		(79,880	)	1,044,879	$	6,843,957	$	—	$	203,991
Apex Silver Mines, Ltd.	2,115,100	617,000		(255,100	)	2,477,000		42,554,860		—		(448,152	)
Barbeques Galore, Ltd. Sponsored ADR	434,231	129,790		(15,000	)	549,021		3,294,126		96,609		77,745
Calgon Carbon Corporation	2,584,600	218,300		(575,700	)	2,227,200		20,222,976		316,686		23,661
Covenant Transport, Inc. Class A	783,000	153,500		(148,800	)	787,700		16,399,914		—		1,360
Discovery Partners International, Inc.	1,503,400	492,600		(59,200	)	1,936,800		9,199,800		—		(116,185	)
Dura Automotive Systems, Inc.1	1,120,900	182,500		(430,300	)	873,100		9,455,673		—		1,056,334
Encore Wire Corporation1	1,163,900	486,700	2	(1,054,000	)	596,600		7,952,678		—		21,678,535
Evans & Sutherland Computer Corporation	700,200	307,953		—		1,008,153		7,026,826		—		—
The GEO Group, Inc. (Formerly Wackenhut Corrections Corporation)	781,910	222,300		(39,600	)	964,610		25,639,334		—		91,881
Global Industries, Ltd.	3,894,600	2,254,000		(80,000	)	6,068,600		50,308,694		—		(241,281	)
Intertape Polymer Group, Inc.	2,426,100	306,500		—		2,732,600		24,893,986		—		—
Kforce, Inc.	1,862,485	370,215		(327,840	)	1,904,860		21,143,946		—		1,169,847
Layne Christensen Company	1,514,300	97,502		(137,710	)	1,474,092		26,754,770		—		904,486
Lightbridge, Inc.	1,523,100	929,600		(78,300	)	2,374,400		14,341,376		—		(334,278	)
Matrix Service Company	841,900	712,900		(20,466	)	1,534,334		12,366,732		—		(185,719	)
McMoRan Exploration Company	837,500	370,300		(45,000	)	1,162,800		21,744,360		—		(39,044	)
Petroleum Helicopters, Inc. (non-voting)	174,260	5,217		—		179,477		4,499,488		—		—
Range Resources Corporation	4,132,300	750,700		(229,200	)	4,653,800		95,216,748		217,613		442,914
Richardson Electronics, Ltd.1	536,700	242,100		(107,000	)	671,800		7,127,798		107,140		(213,588	)
Webco Industries, Inc.	285,460	628,285		(8,000	)	905,745		9,754,874		—		(7,290	)
The Wet Seal, Inc. Class A1	—	1,324,020		(1,324,020	)	—		—		—		(6,139,201	)

¹ Issuer was not an affiliate as of December 31, 2004.

² Includes increase due to stock split.

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 or its successor 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

136

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.

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 employees, officers, directors, and others as defendants in certain federal and state courts with respect to factual matters referenced in the NYAG settlement. On February 20, 2004, the United States Judicial Panel for Multi District Litigation (“MDL”) ordered the transfer of most 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”). The MDL ordered all or most of the other federal court Actions and certain state court Actions involving Strong to be consolidated into no more than three actions and be heard by the District of Maryland court. On September 30, 2004, three consolidated amended complaints were filed in the District of Maryland court. 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. Certain state Actions were not consolidated into the MDL Consolidated Actions and proceedings in these state court Actions have been or 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 Fund Merger

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) for Wells Fargo to acquire certain assets of SFC and certain of its affiliates, including the Advisor. As part of the transaction, Fund shareholders met on December 10, 2004 or December 22, 2004 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. A reorganization of the Strong Funds into the Wells Fargo Funds family is anticipated to take place in April 2005.

137

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders

of Strong Advisor Equity Funds:

We have audited the accompanying statements of assets and liabilities of 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, and Strong Advisor Large Company Core Fund (all twelve collectively constituting Strong Advisor Equity Funds, hereafter referred to as the “Funds”), including the schedules of investments, as of December 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the period ended December 31, 2003 and the financial highlights for each of the years or periods ended December 31, 2003, and prior, were audited by other auditors whose report thereon dated February 3, 2004 expressed an unqualified opinion on those financial statements.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2004, the results of their operations for the year then ended, the changes in their net assets for the year then ended, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 14, 2005

138

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) December 31, 2004

Results of Special Meeting of Shareholders of Strong Advisor Common Stock Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Common Stock Fund into the Wells Fargo Advantage Common Stock Fund.

For	Against	Abstain
31,158,829.876	1,422,999.002	1,140,730.647

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
31,032,664.604	1,494,041.282	1,195,538.639

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
31,006,524.945	1,481,328.363	1,234,706.217

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
33,722,559.525	—	—

Results of Special Meeting of Shareholders of Strong Advisor Mid Cap Growth Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Mid Cap Growth Fund into the Wells Fargo Advantage Mid Cap Growth Fund.

For	Against	Abstain
2,793,869.251	44,738.407	193,855.170

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
2,744,097.207	90,382.068	197,983.553

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
2,788,660.601	45,716.312	198,085.915

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
3,032,462.828	—	—

Results of Special Meeting of Shareholders of Strong Advisor Small Cap Value Fund

At a Special Meeting of the Shareholders of the Fund held on December 22, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Small Cap Value Fund into the Wells Fargo Advantage Small Cap Value Fund.

For	Against	Abstain
33,682,758.214	858,645.869	1,267,349.236

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
33,669,973.056	820,174.308	1,318,605.955

139

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) (continued) December 31, 2004

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
33,618,644.758	832,169.819	1,357,938.742

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
35,808,753.319	—	—

Results of Special Meeting of Shareholders of Strong Advisor U.S. Value Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor U.S. Value Fund into the Wells Fargo Advantage U.S. Value Fund.

For	Against	Abstain
13,389,747.135	104,439.491	63,498.406

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
13,373,669.790	115,153.273	68,861.969

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
13,364,430.657	114,765.666	78,488.709

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
13,557,685.032	—	—

Results of Special Meeting of Shareholders of Strong Advisor Endeavor Large Cap Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Endeavor Large Cap Fund into the Wells Fargo Advantage Endeavor Large Cap Fund.

For	Against	Abstain
2,108,654.620	69,560.000	22,557.000

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
2,104,962.620	65,830.000	29,979.000

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
2,101,798.620	64,150.000	34,823.000

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
2,200,771.620	—	—

140

Results of Special Meeting of Shareholders of Strong Advisor Focus Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Focus Fund into the Wells Fargo Advantage Large Company Growth Fund.

For	Against	Abstain
201,123.000	13,232.000	4,769.000

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
201,911.000	13,232.000	3,981.000

To approve an interim sub-advisory agreement with Peregrine Capital Management, Inc.

For	Against	Abstain
194,596.000	16,761.000	7,767.000

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
219,124.000	—	—

Results of Special Meeting of Shareholders of Strong Advisor International Core Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor International Core Fund into the Wells Fargo Advantage International Core Fund.

For	Against	Abstain
86,591.609	1,751.000	—

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
86,591.609	1,751.000	—

To approve an interim sub-advisory agreement with New Star Institutional Managers Limited.

For	Against	Abstain
86,591.609	1,751.000	—

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
88,342.609	—	—

Results of Special Meeting of Shareholders of Strong Advisor Select Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Select Fund into the Wells Fargo Advantage Endeavor Select Fund.

For	Against	Abstain
4,648,966.486	126,390.000	52,595.000

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
4,643,878.486	120,130.000	63,943.000

141

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) (continued) December 31, 2004

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
4,633,164.486	116,326.000	78,461.000

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
4,827,951.486	—	—

Results of Special Meeting of Shareholders of Strong Advisor Technology Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Technology Fund into the Wells Fargo Advantage Specialized Technology Fund.

For	Against	Abstain
112,147.508	687.000	1,010.000

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
112,147.508	687.000	1,010.000

To approve an interim sub-advisory agreement with RCM Capital Management, LLC.

For	Against	Abstain
112,147.508	687.000	1,010.000

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
113,844.508	—	—

Results of Special Meeting of Shareholders of Strong Advisor U.S. Small/Mid Cap Growth Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor U.S. Small/Mid Cap Growth Fund into the Wells Fargo Advantage Small Cap Growth Fund.

For	Against	Abstain
262,365.954	4,857.000	12,621.000

To approve an interim advisory agreement with Wells Fargo Funds Management, Inc.

For	Against	Abstain
262,213.954	5,009.000	12,621.000

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
262,213.954	4,699.000	12,931.000

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
279,843.954	—	—

142

Results of Special Meeting of Shareholders of Strong Advisor Utilities and Energy Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Utilities and Energy Fund into the Wells Fargo Advantage Equity Income Fund.

For	Against	Abstain
636,265.000	1,743.000	—

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
636,265.000	1,743.000	—

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
635,686.000	2,322.000	—

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
638,008.000	—	—

Results of Special Meeting of Shareholders of Strong Advisor Large Company Core Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Advisor Large Company Core Fund into the Wells Fargo Advantage Large Company Core Fund.

For	Against	Abstain
5,100,289.787	86,631.717	106,736.070

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
5,088,005.787	89,534.717	116,117.070

To approve an interim sub-advisory agreement with Matrix Asset Advisors, Inc.

For	Against	Abstain
5,067,419.787	91,935.717	134,302.070

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
5,293,657.574	—	—

143

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 70 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, 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, Bassett Furniture Industries, Inc. from 1997 to December 2004, 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 from November 1997 to September 2004, 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; 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 President of Vogt Holdings, LLC since July 2004; Senior Vice President of IDX Systems Corporation (a management consulting firm) from June 2001 to June 2004; President of Vogt Management Consulting, Inc. from July 1990 to June 2001; and former Fellow of the American College of Medical Practice Executives.

144

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.

R. Michael Parker (DOB 6-17-45), Chief Compliance Officer of the Strong Funds since August 2004.

Mr. Parker was a Senior Compliance Examiner with the United States Securities and Exchange Commission from April 1970 to April 2004.

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.

John W. Widmer (DOB 1-19-65), Treasurer of the Strong Funds since April 1999; Secretary of the Strong Funds since November 2004.

Mr. Widmer has been Treasurer of the Advisor since April 1999; Assistant Treasurer of Strong Financial Corporation since December 2001; Secretary of Strong Financial Corporation since September 2004; Assistant Secretary of Strong Financial Corporation from December 2001 to January 2003; Treasurer of Strong Service Corporation since April 1999; Treasurer and Secretary of Strong Investor Services, Inc. since September 2004; Treasurer and Assistant Secretary of Strong Investor Services, Inc. from July 2001 to September 2004; 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. from October 1993 to September 2004; 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; Senior Vice President of the Advisor from February 1998 to April 2001; and Director of Capital Processing International, LLC since September 2004.

Effective January 2005, Dana J. Russart replaced Mr. Zoeller as Vice President of the Strong Funds.

Except for Messrs. Davis, 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. 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.

145

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky

William F. Vogt

Officers

Ane K. Ohm, Anti-Money Laundering Compliance Officer

R. Michael Parker, Chief Compliance Officer

Phillip O. Peterson, Independent President

John W. Widmer, Treasurer and Secretary

Thomas M. Zoeller, Vice President

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 Registered Public Accounting Firm

KPMG LLP

303 East Wacker Drive, Chicago, IL 60601-5212

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee, Wisconsin 53202

146

Contact Us

To learn more about our funds, discuss an existing account, or conduct a transaction, call 1-800-368-3863 or visit www.Strong.com.

To reach us by mail, please forward to Strong Investments, P.O. Box 2936, Milwaukee, Wisconsin 53201.

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.

If you are a Financial Professional, call 1-800-368-1683.

Proxy Voting Information

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 (SEC) web site at www.sec.gov.

Filing of Portfolio Holdings

The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s web site at www.sec.gov, and may be reviewed and copied at the SEC’s public reference rooms at 450 Fifth Street, N.W., Washington, D.C. 20549, or at the SEC’s regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.

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. RT48464 02-05

AEQY/WH2001 12-04

Item 1.     Reports to Shareholders

ANNUAL REPORT    |    December 31, 2004

Strong

Growth

Funds

Strong Blue Chip Fund

Strong Discovery Fund

Strong Endeavor Fund

Strong Large Cap Growth Fund

Strong U.S. Emerging Growth Fund

Strong Enterprise Fund

Strong Growth 20 Fund

Strong Growth Fund

Strong Large Company Growth Fund

ANNUAL REPORT    |    December 31, 2004

Strong

Growth

Funds

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) for Wells Fargo to acquire certain assets of SFC and certain of its affiliates, including the Advisor. On December 10, 2004, and on December 22, 2004, shareholders of the Strong Funds met and approved 1) the reorganization of each Strong Fund into a Wells Fargo Advantage Fund (“Reorganization”), and 2) interim investment advisory agreements between the Strong Funds and Wells Fargo Funds Management, LLC and certain sub-advisors (“Interim Agreements”). The Interim Agreements became effective January 1, 2005. The Reorganization of the Funds is expected to occur on or about April 11, 2005.

Table of Contents

Investment Reviews
Strong Blue Chip Fund	2
Strong Discovery Fund	6
Strong Endeavor Fund	10
Strong Large Cap Growth Fund	14
Strong U.S. Emerging Growth Fund	18
Strong Enterprise Fund	22
Strong Growth 20 Fund	26
Strong Growth Fund	30
Strong Large Company Growth Fund	34
Your Fund’s Expenses	38
Financial Information
Schedules of Investments in Securities
Strong Blue Chip Fund	40
Strong Discovery Fund	40
Strong Endeavor Fund	42
Strong Large Cap Growth Fund	44
Strong U.S. Emerging Growth Fund	45
Strong Enterprise Fund	47
Strong Growth 20 Fund	49
Strong Growth Fund	49
Strong Large Company Growth Fund	52
Statements of Assets and Liabilities	54
Statements of Operations	61
Statements of Changes in Net Assets	64
Financial Highlights	68
Notes to Financial Statements	77
Report of Independent Registered Public Accounting Firm	92
Results of Shareholders Meetings	93
Directors and Officers	97

Market Update From Dick Weiss

January 1, 2004, to December 31, 2004

It’s indisputable: When it comes to the stock market, resolution brings results.

We saw this clearly at the tail end of 2004. The market as a whole had wandered aimlessly for the first 10 months of the year, spooked by uncertainty over the outcome of a contentious U.S. Presidential Election and our continuing involvement in Iraq. With George W. Bush’s reelection in November, the market surged, driven by the knowledge that there would be no change of administration in Washington and the U.S. commitment to democratize Iraq would continue.

One issue that currently weighs on the markets is inflation. There was tremendous inflation at the raw material level in both 2003 and 2004, but it has not shown up in any marked degree in the Consumer Price Index (CPI). The most obvious example occurred in the energy sector, where oil rose well above $50 per barrel. Historically, that sort of spike in oil prices would have dramatically (and negatively) impacted the average American’s financial affairs. This time, however, it did not.

Why? Because rather than pass on those increasing raw material costs to customers, most companies chose to take the hit themselves, largely because demand seemed soft. It seems to me that the tricky question is whether companies will continue to absorb higher prices for raw materials (thus depressing profit margins) or, rather, pass those costs along to the public.

In any event, it’s clear that there’s a lot more inflation in the system than is reflected in the CPI. Hence, it’s become a matter of how that inflation will be managed — and by whom.

It’s also worth noting that there are deflationary pressures afoot in the world’s economy today. China, absorbing millions of new workers into its labor pool, is exporting cheap goods around the globe. The United States is the destination for a disproportionate share of that production, and the Chinese are financing our purchases. For the moment, that practice has helped to prop up the U.S. dollar. In the long run, it has unsettling implications.

As we look at 2005, there are a lot of moving parts out there — inflation, deflation, Iraq, China, the ups-and-downs of the U.S. dollar, and the mind-boggling developments in technology with their transformative effects on both our corporate and personal lives. Rapidly aging populations in Europe and China will cause seismic demographic shifts that we believe will have a long-term, dramatic effect on the world economy and markets.

Thanks for your continued investment.

Richard T. Weiss

Strong Financial Corporation

Strong Blue Chip Fund

The Strong Blue Chip Fund posted a return of 12.68% for the twelve months ended December 31, 2004. This placed it ahead of its broad-based benchmark, the Standard and Poor’s 500, which returned 10.87% for the same period.

A narrow market for much of the year

While equity markets were at times volatile during the first nine months of 2004, for the most part stocks fluctuated within a relatively narrow band. This breather was not entirely surprising given 2003’s strong gains, but other factors played a role in keeping equity returns mild for most of the year, including the continuing situation in Iraq, impending Federal Reserve interest-rate hikes, high energy prices, and worries about the impact of slowing Chinese growth on the Asian regional and global economies.

April was a particularly challenging month for the markets and the Fund, as a sharp improvement in employment data provoked fears of inflation and higher interest rates. Because the Fund had significant positions in stocks that were negatively affected by such concerns, performance suffered during this time. 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. Holdings that had been hurt by investors’ concerns in April had largely stabilized and recovered by the end of the first half of the year.

Change came in the fourth quarter

Although equity returns remained tepid in the year’s third quarter, they staged a solid comeback in the fourth, as investors gained greater confidence in the economic outlook. Corporate profits climbed to record levels, job creation appeared to pick up, and oil prices moved down from their earlier highs. The quick resolution to the November elections — unlike the drawn-out scenario in 2000 — and a result that was generally seen as positive for business allowed the equity markets to enjoy a strong upturn through most of the remainder of the year.

The Fed raised rates a total of five times before the end of the year, bringing the target rate up to 2.25% from 1.00%. The measured pace of these increases, a quarter point at a time, helped to quiet fears of inflation.

Factors driving Fund performance

In the first half of the year, the Fund’s energy holdings contributed positively to performance. 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.

Later in the year, many of the Fund’s gains took place in such cyclical sectors as materials, select technology, and industrial stocks. This was indicative of improving investor sentiment with respect to the sustainability of the economic recovery. We had significant holdings in these areas, including Phelps Dodge and Nucor. Home sales continued to be strong, allowing our investments among homebuilders to make meaningful contributions to the Fund’s performance. Internet companies Ebay and Yahoo! also had a positive impact on the Fund’s returns.

Our focus on large capitalization stocks hurt our results over the year, as smaller-company stocks on the whole outperformed larger-cap stocks. We were nonetheless able to comfortably outpace the Fund’s benchmark for the year.

Our investment outlook

For months, many factors took a toll on investor confidence — factors that had little to do with the economy or corporate earnings. Now, investors once again are paying attention to some very positive underlying economic trends. This offers the potential for positive impact on equity markets, though perhaps not at the same rate as in the fourth quarter of 2004.

We anticipate that economic growth should continue at a sustainable pace in coming months. Corporate earnings have been strong, and there is good reason they will continue to be so. Inflation remains at manageable levels, and the Federal Reserve appears to be strongly committed to its measured pace of rate increases. There are still many concerns facing investors, including geopolitical uncertainty and rising interest rates, but on balance, we believe positive economic factors could help to drive reasonable gains among large-cap stocks in coming months.

Although energy prices remain an area of concern — despite recent declines — we believe that even at higher levels, oil prices are not likely 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.

Effective January 1, 2005, John S. Dale, CFA, and Gary E. Nussbaum, CFA, of Peregrine Capital Management, Inc., became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Large Company Growth Fund on or about April 11, 2005.

Thank you for your investment in the Strong Blue Chip Fund.

* The Morningstar Style Box^™ reflects 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).

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.

2

Fund Highlights

Source: Frank Russell Company via FactSet

3

Strong Blue Chip Fund

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.

^† 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 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.

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 Large-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

eBay, Inc.	5.3	%
ConocoPhillips	4.7	%
Yahoo! Inc.	4.1	%
America Movil ADR Series L	3.8	%
QUALCOMM, Inc.	3.7	%
General Electric Company	3.7	%
Tyco International, Ltd.	3.7	%
Burlington Resources, Inc.	3.6	%
D.R. Horton, Inc.	3.6	%
Starwood Hotels & Resorts Worldwide, Inc.	3.5	%
Top Ten	39.7	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

4

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	12.68	%
5-year	-9.23	%
Since Fund Inception (6-30-97)	3.97	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Diversified Operations	12.6	%
Oil & Gas — International Integrated	8.9	%
Telecommunications — Wireless Services	7.2	%
Oil & Gas — United States Exploration & Production	5.8	%
Building — Resident/Commercial	5.7	%
Internet — E*Commerce	5.3	%
Internet — Content	4.1	%
Telecommunications — Wireless Equipment	3.7	%
Leisure — Hotels & Motels	3.5	%
Steel — Producers	3.5	%
Top Ten	60.3	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to growth-style investing risk and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

5

Strong Discovery Fund

The stock market delivered a second consecutive year of gains to investors in 2004. The economy grew in fits and starts, making equity returns volatile, with much of the year’s gain being produced in the fourth quarter. For the year ended December 31, 2004, the Strong Discovery Fund’s value rose by 15.69%, compared to the Fund’s broad-based benchmark, the Russell 2000 Index, which advanced 18.33%. While the Fund delivered strong returns to shareholders, it lagged the benchmark, as the Fund’s growth style underperformed the broader market.

The year tested investors, as gains in the equity market were limited for much of the year by uncertainty about the presidential election, uneven job growth, rising short-term interest rates, increasing energy prices, a declining dollar, and continued turmoil in Iraq. Despite these trends, the economy continued to expand, and many companies experienced healthy profit growth that supported increased stock prices. Investor expectations vacillated from optimistic to dubious with each economic statistic that was released. While an improving economy and stock market were evident, investor satisfaction with the level of growth and sustainability was continually debated.

Investigative approach to investing

Throughout the year, we faithfully executed our intensive research process of “surrounding the company” in order to attempt to generate competitive returns for the Fund’s shareholders. We attempt to delve deeply into each company through financial statement analysis, conversations with management and, lastly, investigations of suppliers, customers and competitors. By utilizing this encompassing model, we are often able to identify companies that will produce a great deal of value relative to the required investment. Moreover, the process provides us with comprehensive knowledge regarding each of the Fund’s holdings and specifically, we can gain a better understanding of where the growth is being generated.

In addition to our research process, our team encourages an environment open to dissent. Within this environment, portfolio managers and analysts constantly challenge each individual investment. Every question presented requires the investments’ position in the portfolio to be further justified. This is a well-established and respected practice of all team members that we expect to continue to assist us in assessing the risk and reward of every investment.

Marvel Enterprises and Equinix stood out

One result of our intensive research and inquisitive mindset was the Fund’s position in Marvel Enterprises. During 2004, this character-based entertainment company with interests in toy development and publishing continued to strengthen its licensing-based business model, as investors saw Spiderman return to the screen. In the process, the company may have gained valuable leverage in negotiating licensing agreements, and, we believe, laid potential groundwork for other fruitful uses of its vast pipeline of characters.

Our extensive research also enabled us to analyze interesting growth opportunities within technology. Due to increases in broadband penetration, multimedia content, and wireless data, Internet demand has been growing at an accelerated pace. One specific Fund holding that benefited from this trend was Equinix, the largest U.S. manager of data centers, which houses servers of corporations and Web portals. The company’s competitive advantage is their industry-leading aggregation of networks, which provides on-site direct interconnect access to more than 170 bandwidth providers representing more than 90% of the world’s Internet traffic. This service (of direct interconnect to the network) provides customers with access to the lowest-cost, highest-performance solution because it is a direct interconnect as opposed to other business models that require third parties.

During 2004, a holding that did not perform to our expectations was GrafTech International. This company manufactures and provides high-quality natural and synthetic graphite and carbon products and services for a variety of end markets. During the year, GrafTech incurred margin pressure due to an unexpected increase in commodity costs. Unfortunately, due to terms in the majority of long-term contracts, the company was not able to pass through the increased cost to customers. We liquidated the Fund’s position because we believed commodity costs would remain at higher levels. Therefore, the company would have continued expense pressure, impacting earnings for the foreseeable future resulting in GrafTech underperforming the markets expectations.

Outlook for 2005

As we enter 2005, we believe the key question is not whether the economy will grow but rather to what degree. We are optimistic that the economy will continue to strengthen, driven by continued acceleration of enterprise capital spending and a resultant growth in earnings.

The market remains constructive, as investors climb a “wall of worry” with concerns about the health of the consumer, fading fiscal stimulus, record budget and trade deficits, a falling dollar, and uncertain employment growth. Companies today have record levels of free cash flow, but thus far have been reluctant to invest in large-scale projects. Consequently, we have seen a huge build-up in liquidity, with corporate debt levels at fifty-year lows. Historically, rising corporate profits and cash flows have led to accelerating capital investment. For this reason, we believe that most of the capital spending cycle and inventory build-up is yet to come.

In addition, we plan to pay close attention to the levels of job creation, long-term interest rates, and the resulting impact on the U.S. dollar. As always, we will try to continue to carefully select holdings for the Fund with an eye toward owning companies possessing unique and strong fundamentals.

The Fund is expected to reorganize into the Wells Fargo Advantage Discovery Fund, the successor to the Strong Discovery Fund, on or about April 11, 2005.

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

Thomas J. Pence

Portfolio Co-Manager

James M. Leach

Portfolio Co-Manager

* The Morningstar Style Box^™ reflects 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).

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.

6

Fund Highlights

Source: Frank Russell Company via FactSet

7

Strong Discovery Fund

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.

^† 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 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.

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 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Marvel Enterprises, Inc.	2.4	%
NII Holdings, Inc. Class B	2.3	%
Lyondell Petrochemical Company	2.1	%
Abercrombie & Fitch Company Class A	2.0	%
Expeditors International of Washington, Inc.	2.0	%
Digene Corporation	1.9	%
Pan American Silver Corporation	1.9	%
Harman International Industries, Inc.	1.9	%
Marvell Technology Group, Ltd.	1.8	%
TIBCO Software, Inc.	1.8	%
Top Ten	20.1	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

8

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	15.69	%
5-year	8.78	%
10-year	10.04	%
Since Fund Inception (12-31-87)	12.75	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Electronics — Semiconductor Manufacturing	7.0	%
Internet — E*Commerce	6.8	%
Medical — Biomedical/Biotechnology	6.1	%
Telecommunications — Wireless Services	5.2	%
Computer Software — Enterprise	3.2	%
Computer Software — Security	2.9	%
Oil & Gas — United States Exploration & Production	2.7	%
Oil & Gas — Drilling	2.5	%
Leisure — Toys/Games/Hobby	2.4	%
Medical — Systems/Equipment	2.2	%
Top Ten	41.0	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, small-company risk, and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

9

Strong Endeavor Fund

The stock market delivered a second consecutive year of gains to investors in 2004. The economy grew in fits and starts, making equity returns volatile, with much of the year’s gain being produced in the fourth quarter. For the year ended December 31, 2004, the Strong Endeavor Fund rose by 14.16%, compared to its broad-based benchmark, the Standard & Poor’s 500 Index, which advanced 10.87%. The Fund outperformed its benchmark, as it focused on companies with the strongest fundamentals and avoided many of the highly publicized disappointments during the period.

The year tested investors, as gains in the equity market were limited for much of the year by uncertainty about the presidential election, uneven job growth, increasing energy prices, rising short-term interest rates, a declining dollar, and continued turmoil in Iraq. Despite these trends, the economy continued to expand, and many companies experienced healthy profit growth that supported higher stock prices.

Investigative approach to investing

Throughout the year, we faithfully executed on our intensive research process of “surrounding the company” in order to generate competitive returns for Fund shareholders. We attempt to delve deeply into each company through financial statement analysis, conversations with management, and channel checks of suppliers, customers and competitors. By utilizing this encompassing model, we are often able to identify companies that have the potential to produce a great deal of value relative to the required investment. Moreover, the process provides us with comprehensive knowledge regarding each of the Fund’s holdings.

Equally important is the fact that our team encourages an environment open to dissent. Within this environment, portfolio managers and analysts constantly challenge each individual investment. Every question presented requires the investment to further justify its position within the Fund. This is a well-established and respected practice of all team members that expect to continue to assist us in assessing the risk and reward of every investment.

Holdings that outperformed

Due to the concerns about oil supply relative to growing demand, many companies that produce energy and those that make equipment to recover energy performed well.

The Fund held one of these, Canadian Natural Resources, a premier exploration and production company. The company’s Horizon oil sands project, currently under construction in Alberta, Canada, is expected to come on line in 2008 and has been estimated to be capable of producing up to six billion barrels of oil over about 40 years. In addition to its Alberta operations, the company has holdings in the North Sea and West Africa.

Another top performer for the Fund for the year was Yahoo!. One of the key drivers for this online media company was an increase in online advertising. During the period, online media represented almost 15% of total media consumption by consumers and continued to gain market share. However, only 3 to 5% of total advertising dollars were spent online. If recent trends persist, we believe this gap could start to close in 2005. Yahoo!’s competitive advantages are its breadth of offerings to advertisers, its global reach and its breadth of product offerings on wireline and wireless devices.

Despite solid fundamental results, Fund’s holding in Teva Pharmaceuticals underperformed in 2004 due to investors’ concern regarding future competition in both the branded and generic pharmaceutical businesses, which resulted in a negative impact on the Fund’s performance. Based on our analysis, we believed this negative sentiment would prove misguided. We hoped to see confirmation of our positive fundamental outlook for the generic industry; numerous new product launches for Teva, and stable market share trends for Teva’s largest branded product, Copaxone.

Outlook for 2005

As we enter 2005, we are optimistic that the economy will continue to strengthen, driven by continued acceleration of enterprise capital spending and a resultant growth in earnings. The market remains constructive, climbing a “wall of worry” reflecting investors’ concerns about the health of the consumer, fading fiscal stimulus, record budget and trade deficits, a falling dollar, and uncertain employment growth.

Companies today have record levels of free cash flow but thus far have been reluctant to invest in large-scale projects. Consequently, we have seen a huge build-up in liquidity, with corporate debt levels at fifty-year lows. Historically rising corporate profits and cash flows have led to accelerating capital investment. For this reason, we believe that most of the capital spending cycle and inventory build-up is yet to come.

In addition, we plan to pay close attention to the levels of job creation, long-term interest rates, and the resulting impact on the U.S. dollar. As always, we will try to continue to carefully select holdings for the Fund, emphasizing companies possessing unique and strong fundamentals.

The Fund is expected to reorganize into the Wells Fargo Advantage Capital Growth Fund, the successor to the Strong Large Company Growth Fund, on or about April 11, 2005.

Thank you for your continued investment in the Strong Endeavor Fund. We appreciate the trust you have placed in us.

Thomas J. Pence

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

10

Fund Highlights

Source: Frank Russell Company via FactSet

11

Strong Endeavor Fund

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.

^† 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 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. To equalize time periods, the indices’ performances were prorated for the month of April 2001.

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 Large-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Yahoo! Inc.	5.3	%
Sprint Corporation	4.7	%
WellPoint, Inc.	4.5	%
EMC Corporation	4.0	%
Dell, Inc.	3.9	%
General Electric Company	3.8	%
Phelps Dodge Corporation	2.9	%
Halliburton Company	2.7	%
Oracle Systems Corporation	2.7	%
Texas Instruments, Inc.	2.7	%
Top Ten	37.2	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

12

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	14.16	%
3-year	2.29	%
Since Fund Inception (4-6-01)	1.67	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Medical — Products	7.2	%
Electronics — Semiconductor Manufacturing	7.0	%
Telecommunications — Wireless Equipment	5.5	%
Internet — Content	5.3	%
Diversified Operations	5.2	%
Telecommunications — Services	4.7	%
Medical — Health Maintenance Organizations	4.5	%
Computer — Manufacturers	4.3	%
Computer — Data Storage	4.0	%
Metal Ores — Miscellaneous	2.9	%
Top Ten	50.6	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to growth-style investing risk. Consult the Fund’s prospectus for additional information on these and other risks.

13

Strong Large Cap Growth Fund

In a second consecutive year of positive performance following the long bear market, the Strong Large Cap Growth Fund gained 8.64% during the 12 months ending December 31, 2004. The Fund’s broad-based benchmark, the Standard & Poor’s 500 Index, returned 10.87% during the same time.

Higher growth and interest rates

The U.S. economy continued to grow at a healthy pace in 2004 despite the Federal Reserve Board’s policy of sustained but moderate interest rate hikes and the sharp increase in energy prices during most of the year. Stocks generally responded favorably to strong earnings growth, which drove most shares higher. However, the large-capitalization growth stock segment of the market was the market’s weakest-performing area for the fifth straight year. Large-cap stocks tended to trail small-cap stocks, while growth generally underperformed value.

The Fund performed well by focusing the portfolio’s investments on the “haves” versus the “have-nots” in the economy. In other words, we continued to favor growth companies with high-quality management teams that we believed could gain market share and deliver sustainable revenue and earnings growth. We also sought to avoid companies that appeared destined to become fallen growth stocks. The “haves” we sought could be found in virtually every industry — including retail, new media and Internet, energy, health care, industrials, or financial services — allowing us to build a diversified portfolio.

Stock performance

The Fund’s most successful investments in 2004 had a number of common characteristics: excellent management teams with clear visions of how to achieve growth, a differentiated business model, and sound financial management.

For example, one of the Fund’s top performers was Internet giant Yahoo!. This well-run leading online portal is helping spur the developed world’s growth in Internet usage by inventing and nurturing new services and markets that were faint dreams only a decade ago. Today, Yahoo! is a new “bellwether” in the age of broadband-driven media and e-commerce.

Another big gainer in the portfolio was retailer Target. Target hit the bull’s-eye with investors in 2004 as they shed their languishing Marshall Field’s and Mervyn’s department stores to refocus the company exclusively on its faster-growing namesake stores. Investors, ourselves included, applauded management’s moves to reinvent a company that has existed for over 100 years.

Another area of emphasis producing gains in 2004 was our exposure to energy-related stocks, which benefited from rising oil and natural gas prices. By contrast, an area we de-emphasized, to the Fund’s advantage, was the pharmaceutical sector, which we believed faced a number of headwinds for earnings growth creating difficult challenges for many once-stellar growth companies. However, Pfizer was one of our principal underperformers due to factors such as political rhetoric, generic competition, and safety concerns of a key drug. Although we were able to properly forecast these issues and reduce our position, it remained an underperformer in the portfolio.

What’s changed, what’s not

In 2005, we are beginning a new chapter by joining forces with the venerable company Wells Fargo & Company. Additionally, two of my senior partners, Brandon Nelson and Tom Ognar, officially join me as Portfolio Co-Managers of the Fund on January 1, 2005.

In many respects, these changes represent the status quo from a portfolio-management perspective, as my partners and I have worked side by side for many years. Moreover, the Fund’s investment philosophy and process have not changed. We are very excited about the future and truly appreciate your confidence and patience through the recent changes.

The Fund is expected to reorganize into the Wells Fargo Advantage Large Cap Growth Fund, the successor to the Strong Large Cap Growth Fund, on or about April 11, 2005.

We look forward to continuing to help you meet your long-term investment objectives. Thank you for your investment in the Strong Large Cap Growth Fund.

Bruce C. Olson

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

14

Fund Highlights

Source: Frank Russell Company via FactSet

15

Strong Large Cap Growth Fund

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.

^† 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 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

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 Large-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Dell, Inc.	3.1	%
Target Corporation	3.1	%
The Procter & Gamble Company	2.8	%
Juniper Networks, Inc.	2.7	%
eBay, Inc.	2.5	%
Amgen, Inc.	2.4	%
General Electric Company	2.4	%
Johnson & Johnson	2.3	%
Yahoo! Inc.	2.2	%
QUALCOMM, Inc.	2.0	%
Top Ten	25.5	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

16

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	8.64	%
5-year	-10.74	%
10-year	7.95	%
Since Fund Inception (12-30-81)	11.68	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Medical — Biomedical/Biotechnology	5.4	%
Medical — Products	5.4	%
Computer — Local Networks	4.8	%
Electronics — Semiconductor Manufacturing	4.1	%
Telecommunications — Wireless Equipment	4.0	%
Leisure — Gaming/Equipment	3.8	%
Internet — Content	3.3	%
Diversified Operations	3.3	%
Computer — Manufacturers	3.1	%
Retail — Major Discount Chains	3.1	%
Top Ten	40.3	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to growth-style investing risk. Consult the Fund’s prospectus for additional information on these and other risks.

17

Strong U.S. Emerging Growth Fund

After a very strong year for the Fund in 2003, 2004 was more difficult. For the year ended December 31, 2004, the Strong U.S. Emerging Growth Fund returned 6.51%, well behind its broad-based benchmark, the Russell 2000 Index, which returned 18.33% for the same period. The Fund’s underperformance occurred primarily in the year’s first and third quarters. During the second and fourth quarters, the Fund’s performance was more closely in line with the benchmark.

Factors affecting performance

There were two primary factors driving the Fund’s underperformance. First, small- and mid-cap growth stocks dramatically underperformed their respective value counterparts. 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 confidence in stocks’ growth prospects. Then, in the second quarter, the economy began to pick up steam. In response, the Federal Reserve Board 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 favored for this portfolio — the most.

The third quarter brought more uncertainty about the sustainability of the U.S. economic recovery. For one thing, the Fed kept upward pressure on interest rates with hikes of one-quarter of a percentage point in August and September following the June increase. Moreover, the price of crude oil continued to push higher, stoking fears that the high cost of energy would siphon disposable cash from other areas of the economy. In response, growth stocks significantly underperformed the broader market during the third quarter. In fact, according to a Merrill Lynch study of growth versus value strategies, during the first three quarters of 2004, the fastest-growing companies had the worst performance.

In the fourth quarter, the broader market turned in a strong rally in which mid- and small-cap growth stocks fully participated. Although the Fund posted a double-digit gain for the quarter, it nevertheless underperformed for the year.

The other reason for the Fund’s underperformance was unfavorable stock selection. One company that provided tremendous returns in 2003, Odyssey HealthCare, unexpectedly lowered its guidance on fourth-quarter earnings, hurting not only its own share price but also those of other companies in the hospice services industry. As one of the Fund’s largest holdings, Odyssey HealthCare negatively effected the performance of the Fund, and we sold the stock.

Positioned for a stronger economy

Throughout 2004, we did not make any substantial changes to the Fund’s overall positioning from 2003. The portfolio remained poised to benefit from an improving business environment and increasing consumer confidence. Although the potential for further interest-rate hikes 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 term, 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

The Federal Reserve increased short-term interest rates five times in 2004 and appears ready to keep raising rates in the new year to keep inflation in check. Nevertheless, we think the worst of the resulting volatility is behind us. Normally, small-cap growth stocks appreciate in value after several Federal Reserve rate hikes, and we saw some evidence of this in the fourth quarter. Easing energy prices also represent a potentially positive influence on stock prices. Moreover, we expect to see strong corporate earnings in upcoming quarters. Given that many stocks are still at what we consider reasonable valuations, we believe such earnings improvements could help drive the prices of small- and mid-cap growth stocks higher in 2005.

Effective January 1, 2005, Jerome “Cam” Philpott, CFA, and Stuart Roberts of Wells Capital Management Incorporated became the Portfolio Co-Managers of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Small Cap Fund on or about April 11, 2005.

Thank you for your investment in the Strong U.S. Emerging Growth Fund.

* The Morningstar Style Box^™ reflects 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).

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.

18

Fund Highlights

Source: Frank Russell Company via FactSet

19

Strong U.S. Emerging Growth Fund

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.

^† 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 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.

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 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Investors Financial Services Corporation	3.3	%
JLG Industries, Inc.	3.2	%
Trimble Navigation, Ltd.	3.2	%
Landstar Systems, Inc.	3.1	%
Shuffle Master, Inc.	2.9	%
Cognizant Technology Solutions Corporation Class A	2.8	%
Joy Global, Inc.	2.8	%
Alamosa Holdings, Inc.	2.8	%
Getty Images, Inc.	2.7	%
P.F. Chang’s China Bistro, Inc.	2.6	%
Top Ten	29.4	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

20

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	6.51	%
5-year	-3.65	%
Since Fund Inception (12-31-98)	8.72	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Performance: 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Machinery — Construction/Mining	13.5	%
Transportation — Truck	6.8	%
Oil & Gas — United States Exploration & Production	6.5	%
Retail — Restaurants	5.7	%
Telecommunications — Wireless Services	5.0	%
Electronics — Semiconductor Manufacturing	4.9	%
Financial Services — Miscellaneous	4.5	%
Commercial Services — Market Research	4.0	%
Medical — Systems/Equipment	3.9	%
Telecommunications — Wireless Equipment	3.2	%
Top Ten	58.0	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, small-company risk, and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

21

Strong Enterprise Fund

The U.S. stock market delivered a second consecutive year of gains to investors in 2004. The economy grew in fits and starts, making equity returns volatile, with much of the year’s gain being produced in the fourth quarter. For the year ended December 31, 2004, the Strong Enterprise Fund returned 14.55%, compared to its broad-based benchmark, the Russell Midcap Index, which advanced 20.22%. While the Fund delivered strong returns to shareholders, it didn’t keep pace with the benchmark, as the Fund’s growth style underperformed the broader market.

During 2004, mid-cap value stocks outperformed mid-cap growth stocks by a wide margin, continuing a pattern we have seen for four of the last five years. This, of course, worked against our ability to beat the Fund’s broad-based benchmark, the Russell Midcap Index, which includes both growth and value stocks.

The year tested investors, as gains in the equity market were limited for much of the year by uncertainty about the presidential election, uneven job growth, increasing energy prices, rising short-term interest rates, a declining dollar, and continued turmoil in Iraq. Despite these trends, the economy continued to expand, and many companies experienced healthy profit growth that supported rising stock prices. Investor expectations vacillated from optimistic to dubious with each economic statistic that was released. While an improving economy and stock market were evident, investor satisfaction with the level of growth and sustainability was continually debated.

Investigative approach to investing

Throughout the year we faithfully executed on our intensive research process of “surrounding the company” in order to generate competitive returns for Fund shareholders. We attempt to delve deeply into each company through financial statement analysis, conversations with management and, lastly, channel checks of suppliers, customers and competitors. By utilizing this encompassing model, we are often able to identify companies that will produce a great deal of value relative to the required investment. Moreover, the process provides us with comprehensive knowledge regarding each of the Fund’s holdings.

In addition to our research process, our team encourages an environment open to dissent. Within this environment, portfolio managers and analysts constantly challenge each individual investment. Every question presented requires the investment to further justify its position within the Fund. This is a well-established and respected practice of all team members that will continue to assist us in assessing the risk and reward of every investment.

One result of our intensive research was the Fund’s position in St. Joe, which is engaged in town, resort, commercial and industrial development, land sales, and commercial real estate services in Northwest Florida. After meeting with management and touring numerous land developments, we concluded that Northwest Florida could be an untapped real estate market in which tremendous growth opportunities lie ahead. The company had an abundance of land available for development in this area. More importantly, the firm’s strategic focus is to release and develop land in a very disciplined manner aimed at creating maximum value. With its long-term focus on value creation, we viewed St. Joe as a core growth investment within the Fund.

Another company that continued to perform well for the Fund was Harman International Industries. Harman designs, manufactures, and sells high fidelity auto products and electronic systems for the consumer and professional markets. During 2004, Harman enjoyed accelerated growth, as it continued to roll out infotainment systems to more automotive manufacturers and increased the number of installations per manufacturer. Furthermore, the company announced a strategic acquisition whose purpose was to reduce costs and increase Harman’s control over the entire electronic system.

Despite solid fundamental results, the Fund’s holding in Teva Pharmaceuticals underperformed in 2004 due to investors’ concern regarding future competition in both the branded and generic pharmaceutical businesses, which resulted in a negative impact on the Fund’s performance. Based on our analysis, we believed this negative sentiment would prove misguided. We hoped to see confirmation of our positive fundamental outlook for the generic industry, numerous new product launches for Teva, and stable market share trends for Teva’s largest branded product, Copaxone.

Outlook for 2005

As we enter 2005, we believe the key question is not whether the economy will grow, but rather to what degree. We are optimistic that the economy will continue to strengthen, driven by continued acceleration of enterprise capital spending and a resultant growth in earnings.

The market remains constructive, climbing a “wall of worry” reflecting investors’ concerns about the health of the consumer, fading fiscal stimulus, record budget and trade deficits, a falling dollar, and uncertain employment growth. Companies today have record levels of free cash flow but thus far have been reluctant to invest in large-scale projects. Consequently, we have seen a huge build-up in liquidity, with corporate debt levels at fifty-year lows. Historically, rising corporate profits and cash flows have led to accelerating capital investment. For this reason, we believe that most of the capital spending cycle and inventory build-up is yet to come.

In addition, we expect to pay close attention to the levels of job creation, long-term interest rates, and the resulting impact on the U.S. dollar. As always, we will try to continue to carefully select holdings for the Fund with an eye toward owning companies possessing unique and strong fundamentals.

The Fund is expected to reorganize into the Wells Fargo Advantage Enterprise Fund, the successor to the Strong Enterprise Fund, on or about April 11, 2005.

Thank you for your continued investment in the Strong Enterprise Fund. We appreciate the trust you have placed in us.

Thomas J. Pence

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

22

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

23

Strong Enterprise Fund

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.

^† 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 Investor Class shares only; performance for other classes will vary due to differences in fee structures.

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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Marvel Enterprises, Inc.	2.5	%
Expeditors International of Washington, Inc.	2.2	%
Lyondell Petrochemical Company	2.1	%
Abercrombie & Fitch Company Class A	2.0	%
NII Holdings, Inc. Class B	2.0	%
Constellation Brands, Inc. Class A	2.0	%
WellPoint, Inc.	1.9	%
Transocean, Inc.	1.9	%
Harman International Industries, Inc.	1.9	%
Marvell Technology Group, Ltd.	1.9	%
Top Ten	20.4	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

24

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	14.55	%
5-year	-9.19	%
Since Fund Inception (9-30-98)	16.66	%

Institutional Class1,2
1-year	15.68	%
5-year	-8.94	%
Since Fund Inception (9-30-98)	16.92	%

Advisor Class1,3
1-year	14.92	%
5-year	-9.13	%
Since Fund Inception (9-30-98)	16.65	%

Class K1,4
1-year	15.38	%
5-year	-8.89	%
Since Fund Inception (9-30-98)	16.97	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes

Performance:

² The performance of the Institutional Class shares prior to 6-30-03 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.

³ The performance of the Advisor Class shares prior to 2-24-00 is based on the Fund’s Investor Class shares’ performance, restated for the higher expense ratio of the Advisor Class shares.

⁴ 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Electronics — Semiconductor Manufacturing	7.5	%
Internet — E*Commerce	6.9	%
Telecommunications — Wireless Services	5.1	%
Medical — Biomedical/Biotechnology	4.1	%
Computer Software — Security	3.4	%
Oil & Gas — Drilling	3.3	%
Computer Software — Enterprise	2.8	%
Auto/Truck — Original Equipment	2.6	%
Leisure — Toys/Games/Hobby	2.5	%
Internet — Content	2.4	%
Top Ten	40.6	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, small-company risk, and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

25

Strong Growth 20 Fund

Recording its second consecutive year of positive double-digit returns, the Strong Growth 20 Fund had a successful year in 2004, posting a return of 13.27%. This return was well ahead of the broadly-based Standard & Poor’s 500 Index return of 10.87%.

The outperformance of the Fund was driven by outstanding stock selection within the consumer discretionary sector, including names such as eBay, Yahoo!, Harman International, Starbucks, and Coach. Internet-related stocks were particularly positive contributors to performance throughout the year, as investors continued to gravitate to this extremely fast-growing segment of the economy. Energy was another area of strength for the Fund, led by outstanding performance from Ultra Petroleum, a fast-growing exploration and production company. Other standout contributors were Puerto Rican bank Doral Financial, and semiconductor leader Marvell Technology. Some areas of weakness during the year included communications, computer technology, homebuilding, education, and generic drug stocks.

Capitalizing on strong, sustainable growth

As we have noted in the past, we believe earnings and revenue growth are critical factors in determining stock price movements. Thus, our research process is centered around finding companies with the prospects for robust and sustainable growth in earnings and revenue. To find that growth, we use thorough, hands-on research, emphasizing companies whose management teams have a history of successfully executing their strategy and whose business model has sufficient profit potential. We then marry our company-specific analysis with our analysis of macroeconomic, secular, and technical trends to form our decision about whether the Fund should invest in a particular stock.

For example, several months ago, we purchased shares of Ultra Petroleum because we believed it had tremendous profitability potential — extremely high production growth combined with the industry’s lowest cost structure. Our conclusion was that Ultra Petroleum’s high production growth rate was likely to continue for several more years, driven by the strength of its drilling prospects and management’s solid track record. Finally, an investment in Ultra Petroleum made sense given the team’s positive overall outlook for crude oil and natural gas prices. Ultra Petroleum was up 95% in 2004 and was the largest holding in the Fund as of December 31, 2004.

The importance of effective sell criteria

Deciding when to sell a stock is just as important as deciding when to buy. Our criteria for selling are essentially the opposite of our buying criteria. We may sell a stock when a deterioration in its fundamental qualities causes us to become suspicious about the company’s continued growth or profitability potential. Examples of events that can cause this suspicion are questionable earnings reports, new competitive threats, changes in the economy, or changes in management personnel.

In July of 2004, following its latest quarterly earnings report, we began selling shares of eResearch Technology, which provides software and consulting services to help companies streamline the Food and Drug Administration approval process. For the first time in several quarters, eResearch failed to post a positive earnings surprise relative to analysts’ estimates. Also, the growth in backlog of orders, a lead indicator of future growth, showed dramatic deceleration. Our inclination to get more cautious proved accurate. In the following weeks and months, eResearch management guided earnings estimates lower for the remainder of 2004 and for 2005. After falling as low as $10.70 per share in October, the stock finished the year at $15.85, down sharply from our initial sales in the mid $20s.

Outlook for 2005

As we begin 2005, our outlook for the next several months remains positive, as we expect the economy to benefit from continued low interest rates and inflation. This environment should allow for solid growth in corporate profits, which tends to be beneficial for stock prices. We plan to continue to seek out the fastest-growing companies we can identify that we believe fit within the framework of our investment process.

On a separate note, in April 2005, the Strong Growth 20 Fund is scheduled to be reorganized into the Wells Fargo Advantage Growth Fund (the successor to the Strong Growth Fund), a Fund co-managed by me and two of my senior partners, Bruce Olson and Tom Ognar. Bruce, Tom, and I are very experienced portfolio managers who have worked closely together on the same team for the past several years. We consider it a privilege to manage other people’s investments and look forward to the opportunity to continue managing yours.

Thank you for your investment in the Strong Growth 20 Fund.

Brandon M. Nelson

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

26

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

27

Strong Growth 20 Fund

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.

^† 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 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 Investor Class shares only; performance for other classes will vary, due to differences in fee structures.

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 Multi-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Multi-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Ultra Petroleum Corporation	8.1	%
Doral Financial Corporation	7.6	%
Marvell Technology Group, Ltd.	6.2	%
Yahoo! Inc.	6.1	%
Aetna, Inc.	5.9	%
eBay, Inc.	5.8	%
Coach, Inc.	4.7	%
Station Casinos, Inc.	4.6	%
FedEx Corporation	4.0	%
Google, Inc. Class A	3.9	%
Top Ten	56.9	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

28

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	13.27	%
5-year	-12.13	%
Since Fund Inception (6-30-97)	7.38	%

Advisor Class1, 2
1-year	13.55	%
5-year	-12.05	%
Since Fund Inception (6-30-97)	7.35	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² The performance of the Advisor Class shares prior to 2-24-00 is based on the Fund’s Investor Class shares’ performance, restated or the higher expense ratio of the Advisor Class shares.

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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Internet — Content	12.2	%
Oil & Gas — United States Exploration & Production	9.5	%
Finance — Mortgage & Related Services	7.6	%
Electronics — Semiconductor Manufacturing	6.2	%
Medical — Health Maintenance Organizations	5.9	%
Internet — E*Commerce	5.8	%
Apparel — Clothing Manufacturing	4.7	%
Leisure — Gaming/Equipment	4.6	%
Financial Services — Miscellaneous	4.4	%
Transportation — Air Freight	4.0	%
Top Ten	64.9	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk, nondiversified-portfolio risk, and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

29

Strong Growth Fund

The Strong Growth Fund delivered a solid return of 12.57% for the year ended December 31, 2004. This bested the Standard & Poor’s 500 Index, the Fund’s broad-based benchmark, which returned 10.87%.

Four broad trends dominated 2004. First, the economy experienced continued robust corporate earnings growth. In this environment, the Fund benefited from a pro-cyclical growth positioning. Second, long-term interest rates surprised most market prognosticators by finishing the year lower than where they started. Third, political uncertainty was alleviated by the clean George W. Bush victory, unmarred by any terrorist events or procedural troubles. This, we believe, gave the market the spark of confidence needed to ignite the subsequent fourth quarter rally. The fourth trend in evidence during 2004 was another year of dominance by value stocks over growth stocks. Nevertheless, the Fund performed well in this environment, which we believe was a result of our emphasis on selecting securities that exemplified the theme of dominant business models generating dynamic market share growth.

Searching for “share-gainers”

Our investment process emphasized security selection as the main determinant of our portfolio construction. We used a dynamic process of fundamental research and quantitative screens, overlaying this data with secular growth themes we identified and developed during this process. We focused our research on what we call “share-gainers”— that is, those companies that have developed business models that allow them not only to grow faster than the underlying economy, but also to do so in a sustainable fashion. We did extensive research on the rate, the consistency, and the sustainability of both revenue and earnings growth. We also gravitated to industry leaders; as such companies often have sustainable advantages over their competition. Finally, we emphasized companies whose management teams have a history of successfully executing their strategy, as strategy without execution is worthless.

The Fund’s sector allocation tended to be guided by our fundamentally driven security selection process. However, we did monitor sector allocation closely as part of our risk-management strategy. We were aware of the risk of having too many eggs in one basket. Another key to our process is our sell discipline. If we begin to suspect that a security’s underlying fundamentals are not performing in line with or better than our expectations, we do not hesitate to trim or sell the position. Strong growth stocks often receive premium valuations, but that premium can collapse if the market suddenly becomes skeptical about the company’s future prospects.

Google outperforms

Internet search engine provider Google was an addition to the Fund that exemplified our process. We recognized that Google was not only benefiting from increased usage of the Internet, but also from the movement of advertisers’ dollars away from traditional media to the Internet. Our research found that Google provides consumers and advertisers with a mutually rewarding experience. Moreover, the returns its business model generated were some of the best we found in any sector of the economy. Google exemplified what we look for: a market share gainer in a fast growing industry with an impressive return on capital business model.

Digene was an example of a stock we owned that didn’t work to our expectations. Its HPV/HCV test was the only diagnostic test available for diagnosing HPV (human papillomavirus) infection, which is the primary cause of cervical cancer. Our expectations for growth in revenues and earnings were met with disappointment, as the rollout of HPV/HCV test was slower and more costly than we anticipated. We decided to sell our position as we foresaw that it would take time to reevaluate whether there were structural or just timing problems with the doctors’ acceptance of this test.

Outlook for 2005

In the latter half of the year, the yield curve flattened considerably, as the Fed kept raising short-term interest rates, while long-term rates stayed about where they were. To us, this signaled the bond market’s perception that economic growth might slow in the coming months.

If the economy does decelerate, it would make finding rapidly growing companies more of a challenge. Nevertheless, we believe that our focus on share-gainers can help us find good growth opportunities in a wide variety of economic environments.

On a separate note, we added Brandon Nelson and Bruce Olson as portfolio managers on the Fund on January 1, 2005. Both have years of experience as portfolio managers on the team that has supported the management of the Fund. They have been key contributors to our research and portfolio management process.

The Fund is expected to reorganize into the Wells Fargo Advantage Growth Fund, the successor to the Strong Growth Fund, on or about April 11, 2005.

Thank you for your continued investment in the Growth Fund.

Thomas C. Ognar

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

30

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

31

Strong Growth Fund

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.

^† 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 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 Investor Class shares only; performance for other classes will vary due to differences in fee structures.

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 Multi-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Multi-Cap Growth Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Dell, Inc.	3.0	%
eBay, Inc.	3.0	%
PETCO Animal Supplies, Inc.	2.8	%
Cognizant Technology Solutions Corporation Class A	2.4	%
First Marblehead Corporation	2.3	%
Hughes Supply, Inc.	2.3	%
Kinetic Concepts, Inc.	2.3	%
Yahoo! Inc.	2.1	%
PETsMART, Inc.	2.0	%
Polycom, Inc.	2.0	%
Top Ten	24.2	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

32

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	12.57	%
5-year	-8.21	%
10-year	11.26	%
Since Fund Inception (12-31-93)	11.79	%
Institutional Class1,2
1-year	13.26	%
5-year	-7.62	%
10-year	11.62	%
Since Fund Inception (12-31-93)	12.12	%
Advisor Class1,3
1-year	12.46	%
5-year	-8.33	%
10-year	11.02	%
Since Fund Inception (12-31-93)	11.54	%
Class C1,4
1-year	10.57	%
5-year	-9.13	%
10-year	10.04	%
Since Fund Inception (12-31-93)	10.55	%
Class K1,5
1-year	13.23	%
5-year	-7.89	%
10-year	11.45	%
Since Fund Inception (12-31-93)	11.97	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² The performance of the Institutional Class shares prior to 2-24-00 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.

³ The performance of the Advisor Class shares prior to 2-24-00 is based on the Fund’s Investor Class shares’ performance, restated for the higher expense ratio of the Advisor Class shares.

⁴ The performance of Class C shares prior to 12-26-02 is based on the Fund’s Investor Class shares’ performance, restated for the higher expense ratio of the Class C shares. Average annual total returns include a 1.00% contingent deferred sales charge imposed on redemptions made within 12 months of purchase.

⁵ 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Retail — Miscellaneous	5.5	%
Financial Services — Miscellaneous	5.3	%
Electronics — Semiconductor Manufacturing	4.6	%
Computer — Local Networks	4.6	%
Medical — Products	4.4	%
Internet — Content	3.9	%
Medical — Biomedical/Biotechnology	3.7	%
Internet — E*Commerce	3.4	%
Computer — Manufacturers	3.0	%
Retail/Wholesale — Building Products	3.0	%
Top Ten	41.4	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to the following specific risks: growth-style investing risk and medium-company risk. Consult the Fund’s prospectus for additional information on these and other risks.

33

Strong Large Company Growth Fund

The U.S. stock market delivered a second consecutive year of gains to investors in 2004. The economy grew in fits and starts, making equity returns volatile, with much of the year’s gain being produced in the fourth quarter. For the year ended December 31, 2004, the Strong Large Company Growth Fund rose by 17.51%, compared to its broad-based benchmark, the Standard & Poor’s 500 Index, which advanced 10.87%. The Fund dramatically outperformed its benchmark, as it focused on companies with the strongest fundamentals and avoided many of the period’s highly publicized disappointments.

Investors’ patience was tested, as gains in the equity market were limited for much of the year by uncertainty about the presidential election, uneven job growth, increasing energy prices, rising short-term interest rates, a declining dollar, and continued turmoil in Iraq. Despite these trends, the economy continued to expand, and many companies experienced healthy profit growth that supported higher stock prices.

Investigative approach to investing

Throughout the year we faithfully executed on our intensive research process of “surrounding the company” in order to generate competitive returns for shareholders. We attempt to delve deeply into each company through financial statement analysis, conversations with management and channel checks of suppliers, customers, and competitors. By utilizing this encompassing model, we are often able to identify companies with the potential to produce a great deal of value relative to the required investment. Moreover, the process provides us with comprehensive knowledge regarding each of the Fund’s holdings.

Equally important is the fact that our team encourages an environment open to dissent. Within this environment, portfolio managers and analysts constantly challenge each individual investment. Every question presented requires the investment to further justify its position within the Fund. This is a well-established and respected practice of all team members that we expect to continue to utilize in assessing the risk and reward of every investment.

Holdings that outperformed

Due to the concerns about oil supply relative to growing demand, many companies that produce energy or make equipment to recover energy performed well. One of these was Transocean, a top performer in the offshore contract drilling industry focusing on deep-water drilling for oil and gas wells. In 2004 capacity was tight in this market, resulting in increased day rates. Specifically, the firm recently signed a contract for a fifth-generation unit, named “Deep Seas,” for $240,000 per day compared to spot rates of $130,000 per day in 2003. Furthermore, we thought the recent increase in drilling activity both in the North Sea and Gulf of Mexico boded well for the company.

Another top performer for the year was Sprint. In 2004 the diversified telecommunications company, aided particularly by strength in its wireless business, reduced debt levels, streamlined operations, and worked to create packaged bundles of communications services for customers.

What’s more, in December Sprint announced a merger with Nextel Communications. In our opinion, the merger created a favorable position for Sprint by reducing the number of competitors in the industry. Moreover, the business union looked to be a very complementary one. If approved by the regulatory agencies, the merger would not only allow Sprint to tap into Nextel’s vast base of corporate customers, but also to gain access to the proprietary Direct Connect functionality of Nextel’s phones. Lastly, Sprint announced plans, in regards to the merger, to potentially sell its wireline business in an effort to streamline operations.

Despite solid fundamental results, the Fund’s holding in Teva Pharmaceuticals underperformed in 2004 due to investors’ concern regarding future competition in both the branded and generic pharmaceutical businesses, which resulted in a negative impact on the Fund’s performance. Based on our analysis, we believed this negative sentiment would prove misguided. We hoped to see confirmation of our positive fundamental outlook for the generic industry, numerous new product launches for Teva, and stable market share trends for Teva’s largest branded product, Copaxone.

Outlook for 2005

As we enter 2005, we are optimistic that the economy will continue to strengthen, driven by continued acceleration of enterprise capital spending and a resultant growth in earnings. The market remains constructive, climbing a “wall of worry” reflecting concerns about the health of the consumer, fading fiscal stimulus, record budget and trade deficits, a falling dollar, and uncertain employment growth.

Companies today have record levels of free cash flow but thus far have been reluctant to invest in large-scale projects. Consequently, we have seen a huge build-up in liquidity, with corporate debt levels at fifty-year lows. Historically, rising corporate profits and cash flows have led to accelerating capital investment. For this reason, we believe that most of the capital spending cycle and inventory build-up is yet to come.

In addition, we expect to pay close attention to the levels of job creation, long-term interest rates and the resulting impact on the U.S. dollar. As always, we will try to continue to carefully select holdings for the Fund, emphasizing companies possessing unique and strong fundamentals.

The Fund is expected to reorganize into the Wells Fargo Advantage Capital Growth Fund, the successor to the Strong Large Company Growth Fund, on or about April 11, 2005.

Thank you for your continued investment in the Strong Large Company Growth Fund. We appreciate the trust you have placed in us.

Thomas J. Pence

Portfolio Manager

* The Morningstar Style Box^™ reflects 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).

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.

34

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

35

Strong Large Company Growth Fund

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.

^† 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 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 the Investor Class shares only; performance for other classes will vary, due to differences in fee structures. To equalize time periods, the indices’ performances were prorated for the month of November 1997.

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 Large-Cap Growth Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Growth Funds Category. Source of the S&P 500 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Yahoo! Inc.	4.9	%
Sprint Corporation	4.5	%
WellPoint, Inc.	4.0	%
EMC Corporation	3.8	%
General Electric Company	3.6	%
Dell, Inc.	3.4	%
Phelps Dodge Corporation	2.7	%
Oracle Systems Corporation	2.6	%
Texas Instruments, Inc.	2.6	%
Genzyme Corporation	2.5	%
Top Ten	34.6	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

36

Average Annual Total Returns

As of 12-31-04

Investor Class1,2
1-year	17.51	%
5-year	2.58	%
Since Fund Inception (11-3-97)	10.21	%
Class K1,3
1-year	18.06	%
5-year	2.73	%
Since Fund Inception (11-3-97)	10.32	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for both share classes.

We have contractually agreed to waive fees and/or absorb expenses for an indefinite period of time to keep Total Annual Operating Expenses of the Large Company Growth Fund at no more than 1.50% for the Investor Class shares and 0.99% for the Class K shares. This contract may only be terminated by the Board of Directors of the Fund, but not before May 1, 2005.

Performance:

² The performance of the Investor Class prior to 9-16-02 is based on the performance of the Rockhaven Premier Dividend Fund (the predecessor Fund), and does not reflect the Fund’s maximum sales charge of 5.75%, which was charged from 9-17-99 through 9-13-02. The Fund’s Investor Class has 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 performance.

³ The performance of the Class K shares prior to 6-30-03 is based on the performance of the Fund’s Investor Class or the Fund’s predecessor, the Rockhaven Premier Dividend Fund. The prior performance has not been restated for the lower expense ratio of the Class K shares and does not reflect the Fund’s maximum sales charge of 5.75% (charged from 9-17-99 through 9-13-02) or the Investor Class redemption fee.

The predecessor Fund’s investment strategy emphasized investments in convertible securities.

Please consult a prospectus for information about all share classes.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Medical — Products	6.8	%
Electronics — Semiconductor Manufacturing	6.6	%
Telecommunications — Wireless Equipment	5.2	%
Diversified Operations	5.0	%
Internet— Content	4.9	%
Telecommunications — Services	4.5	%
Medical — Health Maintenance Organizations	4.0	%
Computer — Manufacturers	3.9	%
Computer — Data Storage	3.8	%
Metal Ores — Miscellaneous	2.7	%
Top Ten	47.4	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to growth-style investing risk. Consult the Fund’s prospectus for additional information on these and other risks.

37

YOUR FUND’S EXPENSES December 31, 2004

About Your Fund’s Expenses

Example

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on a hypothetical investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2004 through December 31, 2004.

Actual Expenses

The columns under the heading entitled “Actual” help you to estimate the actual expenses you paid over the period. The “Actual — Ending Account Value” shown is derived from the Fund’s actual return, and the “Actual — Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column under the heading entitled “Actual — Expenses Paid During Period”.

Hypothetical Example for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the last column of the table (Hypothetical — Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

38

Actual Returns vs. Hypothetical Returns

Six Months Ended December 31, 2004

	Class	Fund’s Annualized Expense Ratio1,2		Beginning Account Value 7-01-04		Actual				Hypothetical (5% return before expenses)
						Ending Account Value 12-31-04		Expenses Paid During Period3		Ending Account Value 12-31-04		Expenses Paid During Period3
Strong Blue Chip Fund	Investor	1.51	%	$	1,000.00	$	1,083.90	$	7.91	$	1,017.55	$	7.66
Strong Discovery Fund	Investor	1.40	%	$	1,000.00	$	1,096.80	$	7.38	$	1,018.10	$	7.10
Strong Endeavor Fund	Investor	1.94	%	$	1,000.00	$	1,090.20	$	10.19	$	1,015.38	$	9.83
Strong Large Cap Growth Fund	Investor	1.20	%	$	1,000.00	$	1,051.30	$	6.19	$	1,019.10	$	6.09
Strong U.S. Emerging Growth Fund	Investor	1.67	%	$	1,000.00	$	1,054.50	$	8.62	$	1,016.74	$	8.47
Strong Enterprise Fund	Investor Institutional Advisor K	1.86 0.80 1.50 1.06	% % % %	$ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $	1,088.10 1,093.80 1,090.10 1,092.60	$ $ $ $	9.76 4.21 7.88 5.58	$ $ $ $	1,015.79 1,021.11 1,017.60 1,019.81	$ $ $ $	9.42 4.06 7.61 5.38
Strong Growth 20 Fund	Investor Advisor	1.79 1.57	% %	$ $	1,000.00 1,000.00	$ $	1,080.20 1,081.40	$ $	9.36 8.21	$ $	1,016.14 1,017.24	$ $	9.07 7.96
Strong Growth Fund	Investor Institutional Advisor C K	1.48 0.90 1.54 2.36 0.93	% % % % %	$ $ $ $ $	1,000.00 1,000.00 1,000.00 1,000.00 1,000.00	$ $ $ $ $	1,058.00 1,061.60 1,057.80 1,053.80 1,061.50	$ $ $ $ $	7.66 4.66 7.97 12.18 4.82	$ $ $ $ $	1,017.70 1,020.61 1,017.39 1,013.27 1,020.46	$ $ $ $ $	7.51 4.57 7.81 11.94 4.72
Strong Large Company Growth Fund	Investor K	1.43 0.95	% %	$ $	1,000.00 1,000.00	$ $	1,096.40 1,099.40	$ $	7.54 5.01	$ $	1,017.95 1,020.36	$ $	7.25 4.82

¹ Based on the Fund’s most recent six-month period; may differ from expense ratios based on one-year data in the Financial Highlights.

² These ratios do not include the effect of directed brokerage credits and/or custody earnings credits, if any.

³ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days, and divided by 366.

39

SCHEDULES OF INVESTMENTS IN SECURITIES December 31, 2004

STRONG BLUE CHIP FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 96.4%
Aerospace - Defense 3.1%
General Dynamics Corporation		45,200	$	4,727,920
Apparel - Shoes & Related Manufacturing 2.5%
NIKE, Inc. Class B		42,700		3,872,463
Banks - Money Center 3.3%
Bank of America Corporation		107,600		5,056,124
Building - Construction Products/ Miscellaneous 2.1%
Masco Corporation		87,200		3,185,416
Building - Resident/Commercial 5.7%
D.R. Horton, Inc.		133,050		5,363,246
Toll Brothers, Inc. (b)		47,700		3,272,697
				8,635,943
Computer Software - Desktop 2.3%
Microsoft Corporation		129,100		3,448,261
Cosmetics - Personal Care 2.6%
The Procter & Gamble Company		72,300		3,982,284
Diversified Operations 12.6%
Emerson Electric Company		44,100		3,091,410
General Electric Company		152,000		5,548,000
Tyco International, Ltd.		155,000		5,539,700
United Technologies Corporation		46,400		4,795,440
				18,974,550
Finance - Investment Brokers 2.7%
The Goldman Sachs Group, Inc.		39,200		4,078,368
Insurance - Diversified 2.1%
American International Group, Inc.		49,100		3,224,397
Internet - Content 4.1%
Yahoo! Inc. (b)		163,800		6,171,984
Internet - E*Commerce 5.3%
eBay, Inc. (b)		68,400		7,953,552
Leisure - Hotels & Motels 3.5%
Starwood Hotels & Resorts Worldwide, Inc.		90,100		5,261,840
Metal Ores - Miscellaneous 2.8%
Phelps Dodge Corporation		43,400		4,293,128
Oil & Gas - Drilling 3.4%
Transocean, Inc. (b)		122,100		5,175,819
Oil & Gas - International Integrated 8.9%
ChevronTexaco Corporation		55,000		2,888,050
ConocoPhillips		81,900		7,111,377
Exxon Mobil Corporation		65,600		3,362,656
				13,362,083
Oil & Gas - United States Exploration & Production 5.8%
Burlington Resources, Inc.		126,000		5,481,000
Occidental Petroleum Corporation		55,200		3,221,472
				8,702,472
Retail - Drug Stores 2.4%
Walgreen Company		93,000		3,568,410
Retail - Restaurants 2.6%
McDonald’s Corporation		123,000	$	3,943,380
Steel - Producers 3.5%
Nucor Corporation		99,400		5,202,596
Telecommunications - Wireless Equipment 3.7%
QUALCOMM, Inc.		131,400		5,571,360
Telecommunications - Wireless Services 7.2%
America Movil ADR Series L		110,000		5,758,500
Mobile Telesystems Sponsored ADR		36,400		5,041,764
				10,800,264
Tobacco 2.1%
Altria Group, Inc.		50,800		3,103,880
Transportation - Air Freight 2.1%
FedEx Corporation		31,600		3,112,284
Total Common Stocks (Cost $115,867,283)				145,408,778
Short-Term Investments (a) 4.5%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $5,200,932); Collateralized by: United States Government & Agency Issues	$	5,200,000		5,200,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $1,500,206); Collateralized by: United States Government & Agency Issues		1,500,100		1,500,100
Total Short-Term Investments (Cost $6,700,100)				6,700,100
Total Investments in Securities (Cost $122,567,383) 100.9%				152,108,878
Other Assets and Liabilities, Net (0.9%)				(1,331,624	)
Net Assets 100.0%			$	150,777,254
STRONG DISCOVERY FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 96.3%
Aerospace - Defense Equipment 1.3%
GenCorp, Inc.		130,200	$	2,417,814
Apparel - Clothing Manufacturing 0.9%
Coach, Inc. (b)		30,450		1,717,380
Auto/Truck - Original Equipment 2.6%
Autoliv, Inc.		48,800		2,357,040
Eaton Corporation		35,040		2,535,494
				4,892,534
Banks - Northeast 1.3%
North Fork Bancorporation, Inc.		85,200		2,458,020
Beverages - Alcoholic 1.3%
Constellation Brands, Inc. Class A (b)		52,100		2,423,171
Chemicals - Basic 2.1%
Lyondell Petrochemical Company		138,700		4,011,204

40

STRONG DISCOVERY FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Commercial Services - Miscellaneous 1.5%
Cogent, Inc. (b)	29,000	$	957,000
Hewitt Associates, Inc. Class A (b)	59,900		1,917,399
			2,874,399
Computer - Local Networks 0.9%
MRV Communications, Inc. (b)	493,400		1,810,778
Computer - Peripheral Equipment 1.2%
Synaptics, Inc. (b) (d)	74,600		2,281,268
Computer Software - Desktop 1.5%
Macromedia, Inc. (b)	94,600		2,943,952
Computer Software - Enterprise 3.2%
Cognos, Inc. (b)	58,800		2,590,728
TIBCO Software, Inc. (b)	260,076		3,469,414
			6,060,142
Computer Software - Medical 1.0%
Cerner Corporation (b) (d)	35,100		1,866,267
Computer Software - Security 2.9%
Check Point Software Technologies, Ltd. (b)	108,800		2,679,744
McAfee, Inc. (b)	68,100		1,970,133
VeriSign, Inc. (b)	27,000		905,040
			5,554,917
Electronics - Contract Manufacturing 0.7%
Sanmina-SCI Corporation (b)	167,520		1,418,894
Electronics - Miscellaneous Components 1.3%
General Cable Corporation (b) (d)	110,600		1,531,810
Sigmatel, Inc. (b) (d)	27,100		962,863
			2,494,673
Electronics - Semiconductor Manufacturing 7.0%
Advanced Micro Devices, Inc. (b) (d)	129,700		2,855,994
Altera Corporation (b)	81,300		1,682,910
Cree, Inc. (b) (d)	72,600		2,909,808
Marvell Technology Group, Ltd. (b) (d)	99,700		3,536,359
National Semiconductor Corporation	59,500		1,068,025
Tessera Technologies, Inc. (b) (d)	35,500		1,320,955
			13,374,051
Finance - Investment Management 0.5%
T. Rowe Price Group, Inc.	16,600		1,032,520
Household - Consumer Electronics 1.9%
Harman International Industries, Inc.	27,970		3,552,190
Internet - Content 2.2%
Monster Worldwide, Inc. (b)	67,600		2,274,064
SINA Corp (b) (d)	59,100		1,894,746
			4,168,810
Internet - E*Commerce 6.8%
Ameritrade Holding Corporation (b)	195,000		2,772,900
Getty Images, Inc. (b)	42,900		2,953,665
Overstock.com, Inc. (b) (d)	30,900		2,132,100
Priceline.com, Inc. (b) (d)	126,656		2,987,815
ValueClick, Inc. (b)	164,200		2,188,786
			13,035,266
Internet - Network Security/Solutions 1.3%
Equinix, Inc. (b) (d)	57,300		2,449,002
Internet - Software 0.8%
OpenTV Corporation Class A (b)	407,748	$	1,565,752
Leisure - Gaming/Equipment 0.7%
Harrah’s Entertainment, Inc. (d)	19,800		1,324,422
Leisure - Hotels & Motels 0.0%
Las Vegas Sands Corporation (b)	1,900		91,200
Leisure - Movies & Related 0.9%
Lions Gate Entertainment Corporation (b) (d)	153,070		1,625,603
Leisure - Services 0.8%
Royal Caribbean Cruises, Ltd.	27,500		1,497,100
Leisure - Toys/Games/Hobby 2.4%
Marvel Enterprises, Inc. (b) (d)	226,564		4,640,031
Machinery - Construction/Mining 1.1%
Bucyrus International, Inc. Class A (d)	51,900		2,109,216
Machinery - General Industrial 1.6%
Albany International Corporation Class A	27,200		956,352
UNOVA, Inc. (b)	82,800		2,094,012
			3,050,364
Media - Radio/TV 0.5%
Westwood One, Inc. (b)	36,800		991,024
Medical - Biomedical/Biotechnology 6.1%
Digene Corporation (b)	139,823		3,656,372
Genzyme Corporation (b)	39,500		2,293,765
Guilford Pharmaceuticals, Inc. (b)	339,700		1,681,515
InterMune, Inc. (b)	76,000		1,007,760
Northfield Laboratories, Inc. (b)	79,500		1,792,725
Protein Design Labs, Inc. (b)	62,600		1,293,316
			11,725,453
Medical - Drug/Diversified 1.1%
Bone Care International, Inc. (b) (d)	77,000		2,144,450
Medical - Ethical Drugs 0.9%
Inspire Pharmaceuticals, Inc. (b) (d)	101,590		1,703,664
Medical - Hospitals 0.7%
Community Health Systems, Inc. (b)	49,390		1,376,993
Medical - Products 1.8%
American Medical Systems Holdings, Inc. (b) (d)	63,800		2,667,478
EPIX Pharmaceuticals, Inc. (b)	48,400		866,844
			3,534,322
Medical - Systems/Equipment 2.2%
Fisher Scientific International, Inc. (b)	46,000		2,869,480
Varian Medical Systems, Inc. (b)	31,700		1,370,708
			4,240,188
Medical/Dental - Services 1.1%
LabOne, Inc. (b)	63,700		2,040,948
Medical/Dental - Supplies 1.0%
Dentsply International, Inc.	34,330		1,929,346
Metal Ores - Miscellaneous 1.6%
Phelps Dodge Corporation	30,800		3,046,736

41

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG DISCOVERY FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Mining - Gems 1.9%
Pan American Silver Corporation (b)		224,000	$	3,579,520
Oil & Gas - Canadian Exploration & Production 0.6%
Canadian Natural Resources, Ltd.		26,500		1,133,405
Oil & Gas - Drilling 2.5%
ENSCO International, Inc.		52,400		1,663,176
Noble Corporation (b)		63,800		3,173,412
				4,836,588
Oil & Gas - Machinery/Equipment 1.1%
Input/Output, Inc. (b)		244,900		2,164,916
Oil & Gas - Production/Pipeline 1.1%
The Williams Companies, Inc.		129,600		2,111,184
Oil & Gas - United States Exploration & Production 2.7%
Chesapeake Energy Corporation (d)		171,900		2,836,350
Edge Petroleum Corporation (b)		63,600		927,288
Noble Energy, Inc.		22,500		1,387,350
				5,150,988
Paper & Paper Products 1.0%
Smurfit-Stone Container Corporation (b)		106,200		1,983,816
Real Estate Operations 1.4%
The St. Joe Company		40,500		2,600,100
Retail - Clothing/Shoes 2.0%
Abercrombie & Fitch Company Class A		82,500		3,873,375
Retail - Home Furnishings 0.6%
Williams-Sonoma, Inc. (b)		30,500		1,068,720
Retail - Miscellaneous 2.0%
Michaels Stores, Inc.		67,700		2,028,969
PETsMART, Inc.		51,039		1,813,416
				3,842,385
Telecommunications - Equipment 0.5%
Symmetricom, Inc. (b)		94,659		919,139
Telecommunications - Wireless Equipment 1.2%
Carrier Access Corporation (b)		92,900		992,172
Novatel Wireless, Inc. (b) (d)		68,100		1,319,778
				2,311,950
Telecommunications - Wireless Services 5.2%
Crown Castle International Corporation (b)		157,740		2,624,794
NII Holdings, Inc. Class B (b) (d)		94,202		4,469,885
Nextel Partners, Inc. Class A (b) (d)		150,000		2,931,000
				10,025,679
Transportation - Services 2.0%
Expeditors International of Washington, Inc.		67,200		3,755,136
Trucks & Parts - Heavy Duty 1.8%
Cummins, Inc.		23,300		1,952,307
Oshkosh Truck Corporation		20,300		1,388,114
				3,340,421
Total Common Stocks (Cost $146,947,881)				184,171,386
Short-Term Investments (a) 13.6%
Collateral Received for Securities Lending 10.2%
Navigator Prime Portfolio		19,404,609	$	19,404,609
Repurchase Agreements (c) 3.4%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $4,500,806); Collateralized by: United States Government & Agency Issues	$	4,500,000		4,500,000
State Street Bank (Dated 12/31/04), 0.85% Due 1/03/05 (Repurchase proceeds $2,039,044); Collateralized by: United States Government & Agency Issues		2,038,900		2,038,900
Total Repurchase Agreements				6,538,900
Total Short-Term Investments (Cost $25,943,509)				25,943,509
Total Investments in Securities (Cost $172,891,390) 109.9%				210,114,895
Other Assets and Liabilities, Net (9.9%)				(18,933,923	)
Net Assets 100.0%			$	191,180,972
STRONG ENDEAVOR FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 100.4%
Apparel - Shoes & Related Manufacturing 0.8%
NIKE, Inc. Class B		1,740	$	157,801
Banks - Money Center 1.0%
The Bank of New York Company, Inc.		5,880		196,510
Banks - Super Regional 1.5%
Wachovia Corporation		5,420		285,092
Chemicals - Basic 2.2%
The Dow Chemical Company		8,780		434,698
Computer - Data Storage 4.0%
EMC Corporation (b)		51,470		765,359
Computer - Local Networks 0.8%
Juniper Networks, Inc. (b)		5,410		147,098
Computer - Manufacturers 4.3%
Apple Computer, Inc. (b)		1,430		92,092
Dell, Inc. (b)		17,820		750,935
				843,027
Computer Software - Enterprise 2.7%
Oracle Systems Corporation (b)		38,570		529,180
Diversified Operations 5.2%
General Electric Company		20,050		731,825
Honeywell International, Inc.		8,000		283,280
				1,015,105
Electronics - Semiconductor Manufacturing 7.0%
Advanced Micro Devices, Inc. (b)		8,710		191,794
Altera Corporation (b)		12,230		253,161

42

STRONG ENDEAVOR FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Marvell Technology Group, Ltd. (b)		11,260	$	399,392
Texas Instruments, Inc.		21,040		518,005
				1,362,352
Finance - Consumer/Commercial Loans 1.1%
CIT Group, Inc.		4,830		221,310
Food - Confectionery 1.0%
William Wrigley Jr. Company		2,750		190,272
Household - Consumer Electronics 1.4%
Harman International Industries, Inc.		2,170		275,590
Insurance - Property/Casualty/Title 1.8%
The Allstate Corporation		6,600		341,352
Internet - Content 5.3%
Yahoo! Inc. (b)		27,170		1,023,766
Internet - E*Commerce 2.1%
eBay, Inc. (b)		3,570		415,120
Leisure - Hotels & Motels 0.3%
Las Vegas Sands Corporation (b)		1,330		63,840
Leisure - Services 0.5%
Royal Caribbean Cruises, Ltd.		1,880		102,347
Leisure - Toys/Games/Hobby 2.3%
Marvel Enterprises, Inc. (b)		21,570		441,754
Media - Cable TV 1.8%
EchoStar Communications Corporation Class A		10,610		352,676
Medical - Biomedical/Biotechnology 2.6%
Genzyme Corporation (b)		8,760		508,693
Medical - Generic Drugs 2.5%
Teva Pharmaceutical Industries, Ltd. ADR		16,230		484,628
Medical - Health Maintenance Organizations 4.5%
WellPoint, Inc. (b)		7,630		877,450
Medical - Products 7.2%
Alcon, Inc.		5,880		473,928
Boston Scientific Corporation (b)		11,560		410,958
Medtronic, Inc.		10,110		502,164
				1,387,050
Medical - Systems/Equipment 1.6%
Fisher Scientific International, Inc. (b)		4,900		305,662
Metal Ores - Gold/Silver 1.6%
Placer Dome, Inc.		16,670		314,396
Metal Ores - Miscellaneous 2.9%
Phelps Dodge Corporation		5,720		565,822
Oil & Gas - Canadian Exploration & Production 0.6%
Canadian Natural Resources, Ltd.		2,870		122,750
Oil & Gas - Drilling 1.3%
Transocean, Inc. (b)		5,930		251,373
Oil & Gas - Field Services 2.7%
Halliburton Company		13,140	$	515,614
Oil & Gas - Production/Pipeline 2.3%
The Williams Companies, Inc.		26,790		436,409
Oil & Gas - United States Exploration & Production 1.3%
Noble Energy, Inc.		4,140		255,272
Paper & Paper Products 1.3%
Smurfit-Stone Container Corporation (b)		13,110		244,895
Real Estate Operations 0.6%
The St. Joe Company		1,750		112,350
Retail - Drug Stores 1.5%
CVS Corporation		6,530		294,307
Retail - Major Discount Chains 2.1%
Target Corporation		7,965		413,622
Retail/Wholesale - Office Supplies 2.6%
Staples, Inc.		14,700		495,537
Telecommunications - Equipment 1.4%
Lucent Technologies, Inc. (b)		70,830		266,321
Telecommunications - Services 4.7%
Sprint Corporation		36,900		916,965
Telecommunications - Wireless Equipment 5.5%
Motorola, Inc.		25,410		437,052
QUALCOMM, Inc.		9,190		389,656
Research in Motion, Ltd. (b)		2,850		234,897
				1,061,605
Telecommunications - Wireless Services 0.8%
NII Holdings, Inc. Class B (b)		3,310		157,059
Transportation - Airline 1.7%
Southwest Airlines Company		20,700		336,996
Total Common Stocks (Cost $16,533,210)				19,489,025
Short-Term Investments (a) 3.2%
Repurchase Agreements (c)
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $500,090); Collateralized by: United States Government & Agency Issues	$	500,000		500,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $127,609); Collateralized by: United States Government & Agency Issues		127,600		127,600
Total Short-Term Investments (Cost $627,600)				627,600
Total Investments in Securities (Cost $17,160,810) 103.6%				20,116,625
Other Assets and Liabilities, Net (3.6%)				(699,967	)
Net Assets 100.0%			$	19,416,658

43

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG LARGE CAP GROWTH FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.1%
Agricultural Operations 0.6%
Monsanto Company	60,000	$	3,333,000
Banks - Midwest 0.5%
TCF Financial Corporation	80,000		2,571,200
Chemicals - Specialty 1.0%
Praxair, Inc.	115,000		5,077,250
Commercial Services - Miscellaneous 1.1%
Paychex, Inc.	160,000		5,452,800
Commercial Services - Schools 1.5%
Apollo Group, Inc. Class A (b)	95,000		7,667,450
Computer - Data Storage 1.0%
EMC Corporation (b)	360,000		5,353,200
Computer - IT Services 0.9%
Cognizant Technology Solutions Corporation Class A (b)	115,000		4,867,950
Computer - Local Networks 4.8%
Cisco Systems, Inc. (b)	300,000		5,790,000
Juniper Networks, Inc. (b)	520,000		14,138,800
Polycom, Inc. (b)	210,000		4,897,200
			24,826,000
Computer - Manufacturers 3.1%
Dell, Inc. (b)	385,000		16,223,900
Computer Software - Desktop 1.5%
Microsoft Corporation	300,000		8,013,000
Computer Software - Education/Entertainment 1.4%
Electronic Arts, Inc. (b)	115,000		7,093,200
Computer Software - Enterprise 1.0%
Oracle Systems Corporation (b)	385,000		5,282,200
Computer Software - Security 1.5%
Symantec Corporation (b)	95,000		2,447,200
VeriSign, Inc. (b)	155,000		5,195,600
			7,642,800
Cosmetics - Personal Care 2.8%
The Procter & Gamble Company	265,000		14,596,200
Diversified Operations 3.3%
General Electric Company	340,000		12,410,000
Tyco International, Ltd.	135,000		4,824,900
			17,234,900
Electronics - Miscellaneous Components 0.5%
Rockwell Automation, Inc.	55,000		2,725,250
Electronics - Scientific Measuring 1.1%
Danaher Corporation (d)	95,000		5,453,950
Electronics - Semiconductor Manufacturing 4.1%
Advanced Micro Devices, Inc. (b) (d)	145,000		3,192,900
Altera Corporation (b)	130,000		2,691,000
Analog Devices, Inc.	130,000	$	4,799,600
Marvell Technology Group, Ltd. (b)	180,000		6,384,600
Microchip Technology, Inc. (d)	155,000		4,132,300
			21,200,400
Finance - Consumer/Commercial Loans 1.1%
SLM Corporation	110,000		5,872,900
Finance - Investment Brokers 2.3%
The Goldman Sachs Group, Inc.	65,000		6,762,600
Lehman Brothers Holdings, Inc.	60,000		5,248,800
			12,011,400
Finance - Mortgage & Related Services 1.9%
Countrywide Financial Corporation	115,000		4,256,150
FHLMC	75,000		5,527,500
			9,783,650
Financial Services - Miscellaneous 1.6%
American Express Company	145,000		8,173,650
Food - Miscellaneous Preparation 1.6%
PepsiCo, Inc.	160,000		8,352,000
Household - Consumer Electronics 1.0%
Harman International Industries, Inc.	40,000		5,080,000
Insurance - Accident & Health 0.5%
AFLAC, Inc.	65,000		2,589,600
Internet - Content 3.3%
Google, Inc. Class A (b) (d)	30,000		5,793,000
Yahoo! Inc. (b)	305,000		11,492,400
			17,285,400
Internet - E*Commerce 2.5%
eBay, Inc. (b)	110,000		12,790,800
Leisure - Gaming/Equipment 3.8%
International Game Technology	275,000		9,454,500
Station Casinos, Inc.	95,000		5,194,600
Wynn Resorts, Ltd. (b) (d)	75,000		5,019,000
			19,668,100
Leisure - Hotels & Motels 1.4%
Marriott International, Inc. Class A	115,000		7,242,700
Machinery - Farm 0.9%
Deere & Company (d)	60,000		4,464,000
Media - Radio/TV 1.1%
XM Satellite Radio Holdings, Inc. Class A (b)	145,000		5,454,900
Medical - Biomedical/Biotechnology 5.4%
Amgen, Inc. (b)	190,000		12,188,500
Biogen Idec, Inc. (b) (d)	40,000		2,664,400
Genzyme Corporation (b)	75,000		4,355,250
Gilead Sciences, Inc. (b)	250,000		8,747,500
			27,955,650
Medical - Drug/Diversified 2.9%
Abbott Laboratories	60,000		2,799,000
Johnson & Johnson	190,000		12,049,800
			14,848,800
Medical - Ethical Drugs 1.6%
Eyetech Pharmaceuticals, Inc. (b)	72,900		3,316,950
Eli Lilly & Company	90,000		5,107,500
			8,424,450
Medical - Generic Drugs 0.9%
Teva Pharmaceutical Industries, Ltd. ADR	150,000		4,479,000

44

STRONG LARGE CAP GROWTH FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Medical - Health Maintenance Organizations 1.0%
Aetna, Inc.		40,000	$	4,990,000
Medical - Hospitals 0.5%
HCA, Inc. (d)		65,000		2,597,400
Medical - Products 5.4%
Biomet, Inc.		145,000		6,291,550
Guidant Corporation		50,000		3,605,000
St. Jude Medical, Inc. (b) (d)		240,000		10,063,200
Zimmer Holdings, Inc. (b) (d)		100,000		8,012,000
				27,971,750
Medical/Dental - Supplies 1.1%
Kinetic Concepts, Inc. (b)		75,000		5,722,500
Metal Ores - Miscellaneous 0.5%
Alcoa, Inc.		85,000		2,670,700
Oil & Gas - Drilling 0.6%
Noble Corporation (b) (d)		60,000		2,984,400
Oil & Gas - Field Services 0.5%
BJ Services Company		60,000		2,792,400
Oil & Gas - International Integrated 1.0%
Exxon Mobil Corporation		100,000		5,126,000
Oil & Gas - Machinery/Equipment 1.0%
Smith International, Inc. (b) (d)		100,000		5,441,000
Oil & Gas - United States Exploration & Production 2.7%
Apache Corporation		70,000		3,539,900
Occidental Petroleum Corporation		75,000		4,377,000
Ultra Petroleum Corporation (b)		55,000		2,647,150
XTO Energy, Inc.		100,000		3,538,000
				14,102,050
Retail - Consumer Electronics 0.5%
Best Buy Company, Inc.		45,500		2,703,610
Retail - Department Stores 0.6%
Kohl’s Corporation (b)		60,000		2,950,200
Retail - Discount & Variety 1.8%
Dollar General Corporation (d)		260,000		5,400,200
Dollar Tree Stores, Inc. (b)		145,000		4,158,600
				9,558,800
Retail - Drug Stores 1.2%
Walgreen Company		160,000		6,139,200
Retail - Major Discount Chains 3.1%
Target Corporation		310,000		16,098,300
Retail - Miscellaneous 1.3%
Cabela’s, Inc. (b)		80,000		1,819,200
PETCO Animal Supplies, Inc. (b)		120,000		4,737,600
				6,556,800
Retail - Restaurants 0.8%
Starbucks Corporation (b)		65,000		4,053,400
Retail - Super/Mini Markets 1.0%
Whole Foods Marketing, Inc.		55,000		5,244,250
Retail/Wholesale - Building Products 3.0%
The Home Depot, Inc.		240,000	$	10,257,600
Lowe’s Companies, Inc.		90,000		5,183,100
				15,440,700
Retail/Wholesale - Office Supplies 1.1%
Staples, Inc.		175,000		5,899,250
Telecommunications - Fiber Optics 0.9%
Corning, Inc. (b)		375,000		4,413,750
Telecommunications - Wireless Equipment 4.0%
Motorola, Inc.		315,000		5,418,000
QUALCOMM, Inc.		250,000		10,600,000
Research in Motion, Ltd. (b) (d)		60,000		4,945,200
				20,963,200
Total Common Stocks (Cost $406,996,297)				513,511,310
Short-Term Investments (a) 3.9%
Collateral Received for Securities Lending 2.8%
Navigator Prime Portfolio		14,854,959		14,854,959
Repurchase Agreements (c) 1.1%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $1,500,269); Collateralized by: United States Government & Agency Issues	$	1,500,000		1,500,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $4,030,986); Collateralized by: United States Government & Agency Issues		4,030,700		4,030,700
Total Repurchase Agreements				5,530,700
Total Short-Term Investments (Cost $20,385,659)				20,385,659
Total Investments in Securities (Cost $427,381,956) 103.0%				533,896,969
Other Assets and Liabilities, Net (3.0%)				(15,466,295	)
Net Assets 100.0%			$	518,430,674
STRONG U.S. EMERGING GROWTH FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 101.8%
Chemicals - Specialty 1.0%
Symyx Technologies, Inc. (b)		21,835	$	656,797
Commercial Services - Consulting 1.1%
Navigant Consulting, Inc. (b)		26,825		713,545
Commercial Services - Market Research 4.0%
Corporate Executive Board Company		17,445		1,167,768
CoStar Group, Inc. (b)		30,265		1,397,638
				2,565,406
Commercial Services - Schools 2.2%
Bright Horizons Family Solutions, Inc. (b)		11,390		737,616
Laureate Education, Inc. (b)		15,380		678,104
				1,415,720

45

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG U.S. EMERGING GROWTH FUND (continued)

		Shares or Principal Amount	Value (Note 2)
Computer - IT Services 2.8%
Cognizant Technology Solutions Corporation Class A (b)		43,330	$	1,834,159
Computer - Peripheral Equipment 2.1%
Synaptics, Inc. (b)		44,125		1,349,342
Computer Software - Desktop 1.3%
Sonic Solutions (b)		37,290		836,788
Electronics - Miscellaneous Components 1.4%
Sigmatel, Inc. (b)		24,720		878,302
Electronics - Semiconductor Manufacturing 4.9%
Cree, Inc. (b)		18,580		744,686
FormFactor, Inc. (b)		39,325		1,067,280
Tessera Technologies, Inc. (b)		35,815		1,332,676
				3,144,642
Energy - Other 1.2%
Massey Energy Company		21,225		741,814
Financial Services - Miscellaneous 4.5%
Investors Financial Services Corporation	��	42,970		2,147,641
iPayment, Inc. (b)		14,825		734,134
				2,881,775
Insurance - Property/Casualty/Title 1.0%
ProAssurance Corporation (b)		16,905		661,155
Internet - Content 2.4%
Ask Jeeves, Inc. (b)		21,955		587,296
InfoSpace, Inc. (b)		20,580		978,579
				1,565,875
Internet - E*Commerce 2.7%
Getty Images, Inc. (b)		25,010		1,721,938
Internet - Network Security/Solutions 3.2%
Equinix, Inc. (b)		29,525		1,261,898
F5 Networks, Inc. (b)		15,825		770,994
				2,032,892
Leisure - Gaming/Equipment 2.9%
Shuffle Master, Inc. (b)		39,390		1,855,269
Leisure - Hotels & Motels 1.1%
Las Vegas Sands Corporation (b)		15,070		723,360
Leisure - Products 1.0%
Celebrate Express, Inc. (b)		34,429		654,151
Machinery - Construction/Mining 13.5%
A.S.V., Inc. (b)		31,090		1,489,211
Bucyrus International, Inc. Class A		39,430		1,602,435
JLG Industries, Inc.		106,155		2,083,823
Joy Global, Inc.		42,140		1,830,140
Terex Corporation (b)		34,590		1,648,214
				8,653,823
Medical - Biomedical/Biotechnology 0.7%
Immunicon Corporation (b)		68,200		476,036
Medical - Drug/Diversified 1.0%
MGI Pharma, Inc. (b)		22,780		638,068
Medical - Ethical Drugs 2.2%
Salix Pharmaceuticals, Ltd. (b)		79,592	$	1,400,023
Medical - Health Maintenance Organizations 1.7%
Centene Corporation (b)		38,770		1,099,129
Medical - Products 1.9%
Kyphon, Inc. (b)		47,560		1,225,146
Medical - Systems/Equipment 3.9%
Foxhollow Technologies, Inc. (b)		55,240		1,358,352
Ventana Medical Systems, Inc. (b)		18,195		1,164,298
				2,522,650
Medical/Dental - Services 1.7%
American Healthways, Inc. (b)		33,431		1,104,560
Oil & Gas - Field Services 1.1%
Oceaneering International, Inc. (b)		18,430		687,808
Oil & Gas - Machinery/Equipment 1.5%
CARBO Ceramics, Inc.		14,370		991,530
Oil & Gas - United States Exploration & Production 6.5%
\KCS Energy, Inc. (b)		51,200		756,736
Quicksilver Resources, Inc. (b)		37,540		1,380,721
Range Resources Corporation		41,535		849,806
Ultra Petroleum Corporation (b)		24,525		1,180,388
				4,167,651
Retail - Clothing/Shoes 2.4%
Chicos FAS, Inc. (b)		16,829		766,224
Urban Outfitters, Inc. (b)		17,990		798,756
				1,564,980
Retail - Restaurants 5.7%
The Cheesecake Factory, Inc. (b)		40,980		1,330,621
P.F. Chang’s China Bistro, Inc. (b)		29,845		1,681,766
Peets Coffee & Tea, Inc. (b)		25,080		663,868
				3,676,255
Telecommunications - Wireless Equipment 3.2%
Trimble Navigation, Ltd. (b)		61,740		2,039,890
Telecommunications - Wireless Services 5.0%
Alamosa Holdings, Inc. (b)		142,100		1,771,987
Nextel Partners, Inc. Class A (b)		73,365		1,433,552
				3,205,539
Transportation - Services 2.2%
C.H. Robinson Worldwide, Inc.		25,255		1,402,158
Transportation - Truck 6.8%
J.B. Hunt Transport Services, Inc.		32,765		1,469,510
Knight Transportation, Inc.		38,705		959,884
Landstar Systems, Inc. (b)		26,675		1,964,347
				4,393,741
Total Common Stocks (Cost $45,508,393)				65,481,917

46

STRONG U.S. EMERGING GROWTH FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 0.5%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $306,922); Collateralized by: United States Government & Agency Issues	$	306,900	$	306,900
Total Short-Term Investments (Cost $306,900)				306,900
Total Investments in Securities (Cost $45,815,293) 102.3%				65,788,817
Other Assets and Liabilities, Net (2.3%)				(1,471,407	)
Net Assets 100.0%			$	64,317,410
STRONG ENTERPRISE FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 97.7%
Apparel - Clothing Manufacturing 0.8%
Coach, Inc. (b)		38,720	$	2,183,808
Auto/Truck - Original Equipment 2.6%
Autoliv, Inc.		73,100		3,530,730
Eaton Corporation		54,040		3,910,334
				7,441,064
Banks - Northeast 1.3%
North Fork Bancorporation, Inc.		127,450		3,676,933
Banks - Super Regional 1.0%
Marshall & Ilsley Corporation (d)		62,000		2,740,400
Beverages - Alcoholic 2.0%
Constellation Brands, Inc. Class A (b) (d)		120,600		5,609,106
Chemicals - Basic 2.1%
Lyondell Petrochemical Company		204,300		5,908,356
Commercial Services - Miscellaneous 1.5%
Cogent, Inc. (b)		43,100		1,422,300
Hewitt Associates, Inc. Class A (b) (d)		89,400		2,861,694
				4,283,994
Computer - Local Networks 1.0%
Juniper Networks, Inc. (b)		100,990		2,745,918
Computer - Peripheral Equipment 1.2%
Synaptics, Inc. (b) (d)		111,000		3,394,380
Computer Software - Desktop 1.6%
Macromedia, Inc. (b)		140,421		4,369,902
Computer Software - Enterprise 2.8%
Cognos, Inc. (b) (d)		60,900		2,683,254
TIBCO Software, Inc. (b) (d)		384,296		5,126,509
				7,809,763
Computer Software - Medical 1.0%
Cerner Corporation (b) (d)		52,400		2,786,108
Computer Software - Security 3.4%
Check Point Software Technologies, Ltd. (b)		162,815		4,010,133
McAfee, Inc. (b) (d)		100,600		2,910,358
VeriSign, Inc. (b)		79,900		2,678,248
				9,598,739
Electronics - Contract Manufacturing 0.8%
Sanmina-SCI Corporation (b)		249,020	$	2,109,199
Electronics - Miscellaneous Components 0.5%
Sigmatel, Inc. (b)		40,400		1,435,412
Electronics - Semiconductor Manufacturing 7.5%
Advanced Micro Devices, Inc. (b)		194,100		4,274,082
Altera Corporation (b)		120,900		2,502,630
Cree, Inc. (b) (d)		107,900		4,324,632
Marvell Technology Group, Ltd. (b) (d)		149,300		5,295,671
National Semiconductor Corporation		155,500		2,791,225
Tessera Technologies, Inc. (b) (d)		53,100		1,975,851
				21,164,091
Finance - Investment Management 0.6%
T. Rowe Price Group, Inc.		24,800		1,542,560
Household - Consumer Electronics 1.9%
Harman International Industries, Inc.		41,990		5,332,730
Internet - Content 2.4%
Monster Worldwide, Inc. (b)		101,000		3,397,640
SINA Corp (b) (d)		106,100		3,401,566
				6,799,206
Internet - E*Commerce 6.9%
Ameritrade Holding Corporation (b)		271,200		3,856,464
Getty Images, Inc. (b)		66,600		4,585,410
Overstock.com, Inc. (b) (d)		46,300		3,194,700
Priceline.com, Inc. (b) (d)		189,610		4,472,900
ValueClick, Inc. (b) (d)		244,900		3,264,517
				19,373,991
Internet - Network Security/Solutions 1.3%
Equinix, Inc. (b) (d)		87,700		3,748,298
Leisure - Gaming/Equipment 0.7%
Harrah’s Entertainment, Inc. (d)		29,400		1,966,566
Leisure - Hotels & Motels 0.9%
Las Vegas Sands Corporation (b)		18,900		907,200
Marriott International, Inc. Class A		26,100		1,643,778
				2,550,978
Leisure - Services 0.8%
Royal Caribbean Cruises, Ltd.		40,900		2,226,596
Leisure - Toys/Games/Hobby 2.5%
Marvel Enterprises, Inc. (b) (d)		340,857		6,980,751
Machinery - Construction/Mining 1.2%
Joy Global, Inc. (d)		78,895		3,426,410
Machinery - General Industrial 1.1%
UNOVA, Inc. (b)		125,600		3,176,424
Media - Radio/TV 0.5%
Westwood One, Inc. (b) (d)		55,700		1,500,001
Medical - Biomedical/Biotechnology 4.1%
Digene Corporation (b)		179,349		4,689,976
Genzyme Corporation (b)		58,955		3,423,517
Protein Design Labs, Inc. (b) (d)		165,300		3,415,098
				11,528,591

47

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG ENTERPRISE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Medical - Generic Drugs 0.9%
Teva Pharmaceutical Industries, Ltd. ADR (d)		83,600	$	2,496,296
Medical - Health Maintenance Organizations 1.9%
WellPoint, Inc. (b)		46,905		5,394,075
Medical - Hospitals 0.7%
Community Health Systems, Inc. (b) (d)		73,550		2,050,574
Medical - Nursing Homes 0.5%
Manor Care, Inc. (d)		38,700		1,371,141
Medical - Products 1.4%
American Medical Systems Holdings, Inc. (b) (d)		95,400		3,988,674
Medical - Systems/Equipment 2.3%
Fisher Scientific International, Inc. (b)		68,970		4,302,349
Varian Medical Systems, Inc. (b)		47,430		2,050,873
				6,353,222
Medical/Dental - Services 1.0%
Quest Diagnostics, Inc.		28,900		2,761,395
Medical/Dental - Supplies 1.0%
Dentsply International, Inc. (d)		51,170		2,875,754
Metal Ores - Gold/Silver 1.6%
Placer Dome, Inc. (d)		241,190		4,548,843
Metal Ores - Miscellaneous 1.5%
Phelps Dodge Corporation		42,000		4,154,640
Mining - Gems 1.1%
Pan American Silver Corporation (b) (d)		187,800		3,001,044
Oil & Gas - Canadian Exploration & Production 0.6%
Canadian Natural Resources, Ltd.		39,300		1,680,861
Oil & Gas - Drilling 3.3%
ENSCO International, Inc. (d)		61,690		1,958,041
Pride International, Inc. (b) (d)		90,600		1,860,924
Transocean, Inc. (b)		126,700		5,370,813
				9,189,778
Oil & Gas - Machinery/Equipment 1.1%
Input/Output, Inc. (b)		361,600		3,196,544
Oil & Gas - Production/Pipeline 1.6%
The Williams Companies, Inc.		274,000		4,463,460
Oil & Gas - United States Exploration & Production 1.4%
Chesapeake Energy Corporation (d)		229,910		3,793,515
Paper & Paper Products 1.0%
Smurfit-Stone Container Corporation (b)		156,700		2,927,156
Real Estate Operations 1.4%
The St. Joe Company		61,400		3,941,880
Retail - Clothing/Shoes 2.0%
Abercrombie & Fitch Company Class A		122,700		5,760,765
Retail - Home Furnishings 0.7%
Williams-Sonoma, Inc. (b)		54,200	$	1,899,168
Retail - Miscellaneous 2.1%
Michaels Stores, Inc.		102,200		3,062,934
PETsMART, Inc.		77,962		2,769,990
				5,832,924
Retail/Wholesale - Office Supplies 0.7%
Staples, Inc.		62,300		2,100,133
Telecommunications - Wireless Equipment 1.4%
Novatel Wireless, Inc. (b) (d)		100,913		1,955,694
Research in Motion, Ltd. (b)		23,940		1,973,135
				3,928,829
Telecommunications - Wireless Services 5.1%
Crown Castle International Corporation (b)		233,200		3,880,448
NII Holdings, Inc. Class B (b) (d)		120,280		5,707,286
Nextel Partners, Inc. Class A (b) (d)		242,060		4,729,852
				14,317,586
Transportation - Airline 0.8%
Southwest Airlines Company		143,100		2,329,668
Transportation - Services 2.2%
Expeditors International of Washington, Inc.		112,700		6,297,676
Trucks & Parts - Heavy Duty 2.4%
Cummins, Inc. (d)		56,400		4,725,756
Oshkosh Truck Corporation		30,100		2,058,238
				6,783,994
Total Common Stocks (Cost $224,314,273)				274,849,870
Short-Term Investments (a) 14.5%
Collateral Received for Securities Lending 11.4%
Navigator Prime Portfolio		32,019,561		32,019,561
Repurchase Agreements (c) 3.1%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $6,801,218); Collateralized by: United States Government & Agency Issues	$	6,800,000		6,800,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $2,027,544); Collateralized by: United States Government & Agency Issues		2,027,400		2,027,400
Total Repurchase Agreements				8,827,400
Total Short-Term Investments (Cost $40,846,961)				40,846,961
Total Investments in Securities (Cost $265,161,234) 112.2%				315,696,831
Other Assets and Liabilities, Net (12.2%)				(34,330,942	)
Net Assets 100.0%			$	281,365,889

48

STRONG GROWTH 20 FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 100.4%
Apparel - Clothing Manufacturing 4.7%
Coach, Inc. (b)		125,000	$	7,050,000
Computer - Data Storage 2.9%
EMC Corporation (b)		290,000		4,312,300
Computer - Manufacturers 1.3%
Apple Computer, Inc. (b)		30,000		1,932,000
Diversified Operations 3.0%
General Electric Company		125,000		4,562,500
Electronics - Scientific Measuring 3.5%
Danaher Corporation		90,000		5,166,900
Electronics - Semiconductor Manufacturing 6.2%
Marvell Technology Group, Ltd. (b)		260,000		9,222,200
Finance - Investment Brokers 1.4%
The Goldman Sachs Group, Inc.		20,000		2,080,800
Finance - Mortgage & Related Services 7.6%
Doral Financial Corporation		230,000		11,327,500
Financial Services - Miscellaneous 4.4%
Alliance Data Systems Corporation (b)		90,000		4,273,200
Jackson Hewitt Tax Service, Inc.		90,000		2,272,500
				6,545,700
Household - Consumer Electronics 3.0%
Harman International Industries, Inc.		35,000		4,445,000
Internet - Content 12.2%
Google, Inc. Class A (b)		30,000		5,793,000
InfoSpace, Inc. (b)		70,000		3,328,500
Yahoo! Inc. (b)		240,000		9,043,200
				18,164,700
Internet - E*Commerce 5.8%
eBay, Inc. (b)		75,000		8,721,000
Internet - Network Security/Solutions 2.4%
Digital River, Inc. (b)		85,000		3,536,850
Leisure - Gaming/Equipment 4.6%
Station Casinos, Inc.		125,000		6,835,000
Leisure - Hotels & Motels 2.3%
Marriott International, Inc. Class A		55,000		3,463,900
Medical - Drug/Diversified 1.1%
Johnson & Johnson		25,000		1,585,500
Medical - Health Maintenance Organizations 5.9%
Aetna, Inc.		70,000		8,732,500
Oil & Gas - Field Services 3.6%
BJ Services Company		115,000		5,352,100
Oil & Gas - United States Exploration & Production 9.5%
InterOil Corporation (b)		55,000	$	2,081,200
Ultra Petroleum Corporation (b)		250,000		12,032,500
				14,113,700
Retail - Major Discount Chains 1.0%
Target Corporation		30,000		1,557,900
Retail - Restaurants 3.8%
Starbucks Corporation (b)		90,000		5,612,400
Telecommunications - Equipment 2.4%
Dycom Industries, Inc. (b)		120,000		3,662,400
Telecommunications - Wireless Equipment 3.8%
QUALCOMM, Inc.		75,000		3,180,000
Research in Motion, Ltd. (b)		30,000		2,472,600
				5,652,600
Transportation - Air Freight 4.0%
FedEx Corporation		60,000		5,909,400
Total Common Stocks (Cost $109,368,077)				149,544,850
Short-Term Investments (a) 0.3%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $357,025); Collateralized by: United States Government & Agency Issues	$	357,000		357,000
Total Short-Term Investments (Cost $357,000)				357,000
Total Investments in Securities (Cost $109,725,077) 100.7%				149,901,850
Other Assets and Liabilities, Net (0.7%)				(970,400	)
Net Assets 100.0%			$	148,931,450
STRONG GROWTH FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 99.3%
Agricultural Operations 0.1%
Monsanto Company		25,000	$	1,388,750
Auto/Truck - Original Equipment 0.8%
Eaton Corporation		170,000		12,301,200
Banks - Midwest 0.2%
TCF Financial Corporation		115,000		3,696,100
Beverages - Soft Drinks 0.5%
Cott Corporation (b)		335,000		8,284,550
Chemicals - Specialty 0.7%
Praxair, Inc.		255,000		11,258,250
Commercial Services - Market Research 0.4%
Corporate Executive Board Company		82,300		5,509,162

49

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG GROWTH FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Commercial Services - Miscellaneous 1.8%
Cogent, Inc. (b)	185,000	$	6,105,000
Paychex, Inc.	625,000		21,300,000
			27,405,000
Commercial Services - Schools 1.5%
Apollo Group, Inc. Class A (b)	275,001		22,195,331
Computer - Data Storage 1.1%
EMC Corporation (b)	550,000		8,178,500
Xyratex, Ltd. (b)	481,600		7,936,768
			16,115,268
Computer - IT Services 2.9%
Accenture, Ltd. Class A (b)	100,000		2,700,000
Cognizant Technology Solutions Corporation Class A (b)	860,000		36,403,800
Kanbay International, Inc. (b)	75,100		2,350,630
Satyam Computer Services, Ltd. ADR	80,000		1,930,400
			43,384,830
Computer - Local Networks 4.6%
Cisco Systems, Inc. (b)	825,000		15,922,500
Juniper Networks, Inc. (b)	770,000		20,936,300
Polycom, Inc. (b)	1,275,000		29,733,000
QLogic Corporation (b)	75,000		2,754,750
			69,346,550
Computer - Manufacturers 3.0%
Dell, Inc. (b)	1,080,000		45,511,200
Computer Software - Desktop 2.1%
Microsoft Corporation	1,075,000		28,713,250
NAVTEQ Corporation (b)	80,000		3,708,800
			32,422,050
Computer Software - Education/Entertainment 1.3%
Blackboard, Inc. (b)	75,000		1,110,750
Electronic Arts, Inc. (b)	290,000		17,887,200
			18,997,950
Computer Software - Enterprise 2.9%
Cognos, Inc. (b)	410,000		18,064,600
Mercury Interactive Corporation (b)	335,000		15,259,250
TIBCO Software, Inc. (b)	780,000		10,405,200
			43,729,050
Computer Software - Medical 0.3%
Cerner Corporation (b)	90,000		4,785,300
Computer Software - Security 1.4%
Symantec Corporation (b)	55,000		1,416,800
VeriSign, Inc. (b)	575,000		19,274,000
			20,690,800
Cosmetics - Personal Care 1.9%
The Gillette Company	90,000		4,030,200
The Procter & Gamble Company	445,000		24,510,600
			28,540,800
Diversified Operations 2.7%
General Electric Company	775,000		28,287,500
Tyco International, Ltd.	335,000		11,972,900
			40,260,400
Electronics - Contract Manufacturing 0.5%
Flextronics International, Ltd. (b) (d)	550,000		7,601,000
Electronics - Miscellaneous Components 0.7%
Plantronics, Inc.	175,000		7,257,250
Rockwell Automation, Inc.	70,000		3,468,500
			10,725,750
Electronics - Scientific Measuring 0.4%
PerkinElmer, Inc.	280,000	$	6,297,200
Electronics - Semiconductor Manufacturing 4.6%
Altera Corporation (b)	355,000		7,348,500
Analog Devices, Inc.	305,000		11,260,600
Marvell Technology Group, Ltd. (b) (d)	275,000		9,754,250
Maxim Integrated Products, Inc.	175,000		7,418,250
Microchip Technology, Inc. (d)	880,000		23,460,800
SiRF Technology Holdings, Inc. (b)	800,000		10,176,000
			69,418,400
Energy - Other 0.4%
CONSOL Energy, Inc.	150,000		6,157,500
Finance - Consumer/Commercial Loans 0.9%
SLM Corporation	250,000		13,347,500
Finance - Investment Brokers 0.6%
Lehman Brothers Holdings, Inc.	105,000		9,185,400
Finance - Mortgage & Related Services 1.1%
Countrywide Financial Corporation	430,000		15,914,300
Finance - Publicly Traded Investment Funds-Equity (Non 40 Act) 1.0%
Pharmaceutical Holders Trust	205,000		14,901,450
Financial Services - Miscellaneous 5.3%
Alliance Data Systems Corporation (b)	575,000		27,301,000
American Express Company	130,000		7,328,100
CheckFree Corporation (b)	150,000		5,712,000
First Marblehead Corporation (b)	626,800		35,257,500
iPayment, Inc. (b)	90,000		4,456,800
			80,055,400
Food - Miscellaneous Preparation 0.9%
PepsiCo, Inc.	265,000		13,833,000
Household - Consumer Electronics 0.4%
Harman International Industries, Inc.	45,000		5,715,000
Insurance - Diversified 0.5%
Prudential Financial, Inc.	145,000		7,969,200
Insurance - Property/Casualty/Title 0.4%
RenaissanceRe Holdings, Ltd.	120,000		6,249,600
Internet - Content 3.9%
FindWhat.com (b)	225,000		3,989,250
Google, Inc. Class A (b) (d)	122,000		23,558,200
Yahoo! Inc. (b)	855,000		32,216,400
			59,763,850
Internet - E*Commerce 3.4%
Arbinet-thexchange, Inc. (b)	250,000		6,212,500
eBay, Inc. (b)	385,000		44,767,800
			50,980,300
Internet - Network Security/Solutions 1.9%
Digital River, Inc. (b)	700,000		29,127,000

50

STRONG GROWTH FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Leisure - Gaming/Equipment 1.6%
International Game Technology	225,000	$	7,735,500
Station Casinos, Inc.	315,000		17,224,200
			24,959,700
Leisure - Hotels & Motels 0.4%
Marriott International, Inc. Class A	95,000		5,983,100
Leisure - Services 1.2%
Carnival Corporation	165,000		9,508,950
Royal Caribbean Cruises, Ltd. (d)	170,000		9,254,800
			18,763,750
Machinery - General Industrial 0.4%
Pentair, Inc.	140,000		6,098,400
Media - Radio/TV 0.3%
Univision Communications, Inc. Class A (b)	15,000		439,050
Viacom, Inc. Class B	130,000		4,730,700
			5,169,750
Medical - Biomedical/Biotechnology 3.7%
Amgen, Inc. (b)	325,000		20,848,750
Amylin Pharmaceuticals, Inc. (b)	220,000		5,139,200
Genzyme Corporation (b)	70,000		4,064,900
Gilead Sciences, Inc. (b)	750,000		26,242,500
			56,295,350
Medical - Drug/Diversified 0.7%
Bone Care International, Inc. (b)	170,000		4,734,500
Johnson & Johnson	100,000		6,342,000
			11,076,500
Medical - Ethical Drugs 1.6%
Eli Lilly & Company	225,000		12,768,750
Pfizer, Inc.	400,000		10,756,000
			23,524,750
Medical - Generic Drugs 1.2%
Teva Pharmaceutical Industries, Ltd. ADR	625,000		18,662,500
Medical - Health Maintenance Organizations 2.0%
Aetna, Inc.	80,000		9,980,000
Centene Corporation (b)	120,000		3,402,000
Molina Healthcare, Inc. (b)	355,000		16,464,900
			29,846,900
Medical - Outpatient/Home Care 1.2%
Psychiatric Solutions, Inc. (b)	520,000		19,011,200
Medical - Products 4.4%
Advanced Neuromodulation Systems, Inc. (b)	100,000		3,946,000
INAMED Corporation (b)	385,000		24,351,250
St. Jude Medical, Inc. (b)	700,000		29,351,000
Zimmer Holdings, Inc. (b)	105,000		8,412,600
			66,060,850
Medical - Systems/Equipment 0.3%
Symmetry Medical, Inc. (b)	218,500		4,599,425
Medical/Dental - Services 1.5%
Covance, Inc. (b)	605,000		23,443,750
Medical/Dental - Supplies 2.3%
Kinetic Concepts, Inc. (b)	455,000		34,716,500
Oil & Gas - Drilling 0.8%
ENSCO International, Inc.	400,000		12,696,000
Oil & Gas - Field Services 0.4%
BJ Services Company	120,000	$	5,584,800
Oil & Gas - Machinery/Equipment 2.0%
Baker Hughes, Inc.	75,000		3,200,250
Grant Prideco, Inc. (b)	400,000		8,020,000
Smith International, Inc. (b)	345,000		18,771,450
			29,991,700
Oil & Gas - United States Exploration & Production 1.4%
Bill Barrett Corporation (b)	87,800		2,808,722
XTO Energy, Inc.	500,000		17,690,000
			20,498,722
Retail - Leisure Product 1.7%
Dick’s Sporting Goods, Inc. (b)	600,000		21,090,000
Guitar Center, Inc. (b)	90,000		4,742,100
			25,832,100
Retail - Miscellaneous 5.5%
Michaels Stores, Inc.	325,000		9,740,250
PETCO Animal Supplies, Inc. (b)	1,080,000		42,638,400
PETsMART, Inc.	855,000		30,378,150
			82,756,800
Retail - Restaurants 0.9%
Red Robin Gourmet Burgers, Inc. (b)	140,000		7,485,800
Texas Roadhouse, Inc. Class A (b)	203,908		6,025,481
			13,511,281
Retail - Super/Mini Markets 0.4%
Whole Foods Marketing, Inc.	70,000		6,674,500
Retail/Wholesale - Building Products 3.0%
The Home Depot, Inc.	260,000		11,112,400
Hughes Supply, Inc.	1,065,000		34,452,750
			45,565,150
Telecommunications - Equipment 1.3%
ADTRAN, Inc.	75,000		1,435,500
Dycom Industries, Inc. (b)	255,000		7,782,600
InPhonic, Inc. (b)	375,000		10,305,000
			19,523,100
Telecommunications - Fiber Optics 0.3%
Corning, Inc. (b) (d)	350,000		4,119,500
Telecommunications - Wireless Equipment 0.9%
Motorola, Inc.	310,000		5,332,000
QUALCOMM, Inc.	95,000		4,028,000
Research in Motion, Ltd. (b) (d)	60,000		4,945,200
			14,305,200
Telecommunications - Wireless Services 0.4%
NII Holdings, Inc. Class B (b)	135,000		6,405,750
Transportation - Services 0.4%
Expeditors International of Washington, Inc. (d)	100,000		5,588,000
Total Common Stocks (Cost $1,125,822,959)			1,504,329,419

51

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG GROWTH FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 2.7%
Collateral Received for Securities Lending 1.0%
Navigator Prime Portfolio		15,172,847	$	15,172,847
Repurchase Agreements (c) 1.7%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $22,504,031); Collateralized by: United States Government & Agency Issues	$	22,500,000		22,500,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $20,930,208); Collateralized by: United States Government & Agency Issues		2,930,000		2,930,000
Total Repurchase Agreements				25,430,000
Total Short-Term Investments (Cost $40,602,847)				40,602,847
Total Investments in Securities (Cost $1,166,425,806) 102.0%				1,544,932,266
Other Assets and Liabilities, Net (2.0%)				(30,708,744	)
Net Assets 100%			$	1,514,223,522
STRONG LARGE COMPANY GROWTH FUND
	Shares or Principal Amount		Value (Note 2)
Common Stocks 94.6%
Apparel - Shoes & Related Manufacturing 0.8%
NIKE, Inc. Class B		8,840	$	801,700
Banks - Money Center 1.0%
The Bank of New York Company, Inc.		30,350		1,014,297
Banks - Super Regional 1.4%
Wachovia Corporation		27,150		1,428,090
Chemicals - Basic 2.1%
The Dow Chemical Company		45,300		2,242,803
Computer - Data Storage 3.8%
EMC Corporation (b)		265,400		3,946,498
Computer - Local Networks 0.7%
Juniper Networks, Inc. (b)		27,350		743,646
Computer - Manufacturers 3.9%
Apple Computer, Inc. (b)		7,300		470,120
Dell, Inc. (b)		84,390		3,556,195
				4,026,315
Computer Software - Enterprise 2.6%
Oracle Systems Corporation (b)		197,400		2,708,328
Diversified Operations 5.0%
General Electric Company		103,150		3,764,975
Honeywell International, Inc.		40,350		1,428,793
				5,193,768
Electronics - Semiconductor Manufacturing 6.6%
Advanced Micro Devices, Inc. (b)		44,050		969,981
Altera Corporation (b)		62,250		1,288,575
Marvell Technology Group, Ltd. (b)		53,300	$	1,890,551
Texas Instruments, Inc.		109,750		2,702,045
				6,851,152
Finance - Consumer/Commercial Loans 1.1%
CIT Group, Inc.		24,450		1,120,299
Food - Confectionery 0.9%
William Wrigley Jr. Company		14,050		972,120
Household - Consumer Electronics 1.3%
Harman International Industries, Inc.		10,900		1,384,300
Insurance - Property/Casualty/Title 1.7%
The Allstate Corporation		33,950		1,755,894
Internet - Content 4.9%
Yahoo! Inc. (b)		134,600		5,071,728
Internet - E*Commerce 2.0%
eBay, Inc. (b)		18,300		2,127,924
Leisure - Hotels & Motels 0.3%
Las Vegas Sands Corporation (b)		7,000		336,000
Leisure - Services 0.5%
Royal Caribbean Cruises, Ltd.		9,850		536,234
Leisure - Toys/Games/Hobby 2.2%
Marvel Enterprises, Inc. (b)		113,900		2,332,672
Media - Cable TV 1.8%
EchoStar Communications Corporation Class A		56,050		1,863,102
Medical - Biomedical/Biotechnology 2.5%
Genzyme Corporation (b)		45,150		2,621,860
Medical - Generic Drugs 2.4%
Teva Pharmaceutical Industries, Ltd. ADR		82,650		2,467,929
Medical - Health Maintenance Organizations 4.0%
WellPoint, Inc. (b)		36,150		4,157,250
Medical - Products 6.8%
Alcon, Inc.		30,360		2,447,016
Boston Scientific Corporation (b)		58,850		2,092,117
Medtronic, Inc.		51,400		2,553,038
				7,092,171
Medical - Systems/Equipment 1.5%
Fisher Scientific International, Inc. (b)		24,700		1,540,786
Metal Ores - Gold/Silver 1.5%
Placer Dome, Inc.		85,450		1,611,587
Metal Ores - Miscellaneous 2.7%
Phelps Dodge Corporation		28,950		2,863,734
Oil & Gas - Canadian Exploration & Production 0.6%
Canadian Natural Resources, Ltd.		14,650		626,581
Oil & Gas - Drilling 1.2%
Transocean, Inc. (b)		29,750		1,261,103

52

STRONG LARGE COMPANY GROWTH FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Oil & Gas - Field Services 2.5%
Halliburton Company		66,400	$	2,605,536
Oil & Gas - Production/Pipeline 2.1%
The Williams Companies, Inc.		137,650		2,242,319
Oil & Gas - United States Exploration & Production 1.2%
Noble Energy, Inc.		20,950		1,291,777
Paper & Paper Products 1.2%
Smurfit-Stone Container Corporation (b)		67,650		1,263,702
Real Estate Operations 0.5%
The St. Joe Company		8,650		555,330
Retail - Drug Stores 1.4%
CVS Corporation		33,400		1,505,338
Retail - Major Discount Chains 2.0%
Target Corporation		40,550		2,105,762
Retail/Wholesale - Office Supplies 2.4%
Staples, Inc.		74,450		2,509,709
Telecommunications - Equipment 1.3%
Lucent Technologies, Inc. (b)		357,450		1,344,012
Telecommunications - Services 4.5%
Sprint Corporation		186,800		4,641,980
Telecommunications - Wireless Equipment 5.2%
Motorola, Inc.		129,800		2,232,560
QUALCOMM, Inc.		46,850		1,986,440
Research in Motion, Ltd. (b)		15,050		1,240,421
				5,459,421
Telecommunications - Wireless Services 0.8%
NII Holdings, Inc. Class B (b)		17,150		813,767
Transportation - Airline 1.7%
Southwest Airlines Company		105,600		1,719,168
Total Common Stocks (Cost $85,824,451)				98,757,692
Short-Term Investments (a) 6.3%
Repurchase Agreements (c)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $6,543,063); Collateralized by: United States Government & Agency Issues	$	6,542,600		6,542,600
Total Short-Term Investments (Cost $6,542,600)				6,542,600
Total Investments in Securities (Cost $92,367,051) 100.9%				105,300,292
Other Assets and Liabilities, Net (0.9%)				(950,578	)
Net Assets 100.0%			$	104,349,714

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

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.

53

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2004

	(In Thousands, Except Per Share Amounts)
	Strong Blue Chip Fund			Strong Discovery Fund		Strong Endeavor Fund
Assets:
Investments in Securities, at Value (Cost of $122,567, $172,891 and $17,161, respectively)	$	152,109		$	210,115	$	20,117
Receivable for Securities Sold		—			450		279
Receivable for Fund Shares Sold		28			727		1
Dividends and Interest Receivable		223			18		14
Other Assets		50			25		3
Total Assets		152,410			211,335		20,414
Liabilities:
Payable for Securities Purchased		—			416		—
Payable for Fund Shares Redeemed		1,521			262		978
Payable Upon Return of Securities on Loan		—			19,405		—
Accrued Operating Expenses and Other Liabilities		112			71		19
Total Liabilities		1,633			20,154		997
Net Assets	$	150,777		$	191,181	$	19,417
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	283,907		$	145,731	$	18,138
Undistributed Net Investment Income (Loss)		—			—		—
Accumulated Net Realized Gain (Loss)		(162,671	)		8,226		(1,677	)
Net Unrealized Appreciation (Depreciation)		29,541			37,224		2,956
Net Assets	$	150,777		$	191,181	$	19,417
Capital Shares Outstanding (Unlimited Number Authorized)		12,033			8,879		1,826
Net Asset Value Per Share – Investor Class	$	12.53		$	21.53	$	10.64

See Notes to Financial Statements.

54

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except Per Share Amounts)
	Strong Large Cap Growth Fund			Strong U.S. Emerging Growth Fund
Assets:
Investments in Securities, at Value (Cost of $427,382 and $45,815, respectively)	$	533,897		$	65,789
Receivable for Securities Sold		3,900			1,455
Receivable for Fund Shares Sold		207			213
Dividends and Interest Receivable		260			5
Other Assets		35			15
Total Assets		538,299			67,477
Liabilities:
Payable for Securities Purchased		545			—
Payable for Fund Shares Redeemed		4,273			3,118
Payable Upon Return of Securities on Loan		14,855			—
Accrued Operating Expenses and Other Liabilities		195			42
Total Liabilities		19,868			3,160
Net Assets	$	518,431		$	64,317
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	889,737		$	88,152
Undistributed Net Investment Income (Loss)		—			—
Accumulated Net Realized Gain (Loss)		(477,821	)		(43,809	)
Net Unrealized Appreciation (Depreciation)		106,515			19,974
Net Assets	$	518,431		$	64,317
Capital Shares Outstanding (Unlimited Number Authorized)		22,792			4,053
Net Asset Value Per Share – Investor Class	$	22.75		$	15.87

See Notes to Financial Statements.

55

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Enterprise Fund
Assets:
Investments in Securities, at Value (Cost of $265,161)	$	315,697
Receivable for Fund Shares Sold		126
Dividends and Interest Receivable		27
Other Assets		163
Total Assets		316,013
Liabilities:
Payable for Securities Purchased		672
Payable for Fund Shares Redeemed		1,737
Payable Upon Return of Securities on Loan		32,020
Accrued Operating Expenses and Other Liabilities		218
Total Liabilities		34,647
Net Assets	$	281,366
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	523,906
Undistributed Net Investment Income (Loss)		—
Accumulated Net Realized Gain (Loss)		(293,076	)
Net Unrealized Appreciation (Depreciation)		50,536
Net Assets	$	281,366
Investor Class ($ and shares in full)
Net Assets	$	260,211,880
Capital Shares Outstanding (Unlimited Number Authorized)		10,428,023
Net Asset Value Per Share	$	24.95
Institutional Class ($ and shares in full)
Net Assets	$	7,126,043
Capital Shares Outstanding (Unlimited Number Authorized)		281,661
Net Asset Value Per Share	$	25.30
Advisor Class ($ and shares in full)
Net Assets	$	1,529,366
Capital Shares Outstanding (Unlimited Number Authorized)		61,075
Net Asset Value Per Share	$	25.04
Class K ($ and shares in full)
Net Assets	$	12,498,600
Capital Shares Outstanding (Unlimited Number Authorized)		492,812
Net Asset Value Per Share	$	25.36

See Notes to Financial Statements.

56

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Growth 20 Fund
Assets:
Investments in Securities, at Value (Cost of $109,725)	$	149,902
Receivable for Fund Shares Sold		47
Dividends and Interest Receivable		59
Other Assets		11
Total Assets		150,019
Liabilities:
Payable for Fund Shares Redeemed		977
Accrued Operating Expenses and Other Liabilities		111
Total Liabilities		1,088
Net Assets	$	148,931
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	464,521
Undistributed Net Investment Income (Loss)		—
Accumulated Net Realized Gain (Loss)		(355,767	)
Net Unrealized Appreciation (Depreciation)		40,177
Net Assets	$	148,931
Investor Class ($ and shares in full)
Net Assets	$	144,535,143
Capital Shares Outstanding (Unlimited Number Authorized)		9,844,093
Net Asset Value Per Share	$	14.68
Advisor Class ($ and shares in full)
Net Assets	$	4,396,307
Capital Shares Outstanding (Unlimited Number Authorized)		298,125
Net Asset Value Per Share	$	14.75

See Notes to Financial Statements.

57

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands)
	Strong Growth Fund
Assets:
Investments in Securities, at Value (Cost of $1,166,426)	$	1,544,932
Receivable for Securities Sold		5,686
Receivable for Fund Shares Sold		1,591
Dividends and Interest Receivable		365
Other Assets		108
Total Assets		1,552,682
Liabilities:
Payable for Securities Purchased		9,950
Payable for Fund Shares Redeemed		12,797
Payable Upon Return of Securities on Loan		15,173
Accrued Operating Expenses and Other Liabilities		538
Total Liabilities		38,458
Net Assets	$	1,514,224
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	1,830,258
Undistributed Net Investment Income (Loss)		—
Accumulated Net Realized Gain (Loss)		(694,540	)
Net Unrealized Appreciation (Depreciation)		378,506
Net Assets	$	1,514,224

See Notes to Financial Statements.

58

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	Strong Growth Fund
Investor Class
Net Assets	$	1,146,002,206
Capital Shares Outstanding (Unlimited Number Authorized)		59,211,933
Net Asset Value Per Share	$	19.35
Institutional Class
Net Assets	$	294,891,588
Capital Shares Outstanding (Unlimited Number Authorized)		14,754,240
Net Asset Value Per Share	$	19.99
Advisor Class
Net Assets	$	6,357,036
Capital Shares Outstanding (Unlimited Number Authorized)		330,676
Net Asset Value Per Share	$	19.22
Class C
Net Assets	$	314,277
Capital Shares Outstanding (Unlimited Number Authorized)		16,539
Net Asset Value Per Share	$	19.00
Class K
Net Assets	$	66,658,415
Capital Shares Outstanding (Unlimited Number Authorized)		3,387,961
Net Asset Value Per Share	$	19.68

See Notes to Financial Statements.

59

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Large Company Growth Fund
Assets:
Investments in Securities, at Value (Cost of $92,367)	$	105,300
Receivable for Fund Shares Sold		2,190
Dividends and Interest Receivable		63
Other Assets		12
Total Assets		107,565
Liabilities:
Payable for Securities Purchased		2,967
Payable for Fund Shares Redeemed		215
Accrued Operating Expenses and Other Liabilities		33
Total Liabilities		3,215
Net Assets	$	104,350
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	91,817
Undistributed Net Investment Income (Loss)		—
Accumulated Net Realized Gain (Loss)		(400	)
Net Unrealized Appreciation (Depreciation)		12,933
Net Assets	$	104,350
Investor Class ($ and shares in full)
Net Assets	$	99,454,712
Capital Shares Outstanding (Unlimited Number Authorized)		6,334,310
Net Asset Value Per Share	$	15.70
Class K ($ and shares in full)
Net Assets	$	4,895,002
Capital Shares Outstanding (Unlimited Number Authorized)		309,347
Net Asset Value Per Share	$	15.82

See Notes to Financial Statements.

60

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Blue Chip Fund			Strong Discovery Fund			Strong Endeavor Fund
Income:
Dividends (net of foreign withholding taxes of $2, $2 and $2, respectively)	$	2,009		$	412		$	151
Interest		61			77			6
Total Income		2,070			489			157
Expenses:
Investment Advisory Fees		758			1,282			160
Administrative Fees		455			427			64
Custodian Fees		10			21			7
Shareholder Servicing Costs		965			534			138
Reports to Shareholders		168			99			4
12b-1 Fees		—			—			53
Other		85			102			36
Total Expenses before Expense Waivers and Offsets		2,441			2,465			462
Expense Waivers and Offsets (Note 4)		(54	)		(68	)		(43	)
Expenses, Net		2,387			2,397			419
Net Investment Income (Loss)		(317	)		(1,908	)		(262	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		28,524			18,988			186
Net Change in Unrealized Appreciation/Depreciation on Investments		(10,314	)		7,878			2,183
Net Gain (Loss) on Investments		18,210			26,866			2,369
Net Increase (Decrease) in Net Assets Resulting from Operations	$	17,893		$	24,958		$	2,107

See Notes to Financial Statements.

61

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Large Cap Growth Fund			Strong U.S. Emerging Growth Fund
Income:
Dividends (net of foreign withholding taxes of $9 and $1, respectively)	$	4,890		$	70
Interest		106			11
Total Income		4,996			81
Expenses:
Investment Advisory Fees		3,065			619
Administrative Fees		1,664			248
Custodian Fees		35			15
Shareholder Servicing Costs		1,594			357
Reports to Shareholders		288			69
Other		243			63
Total Expenses before Expense Waivers and Offsets		6,889			1,371
Expense Waivers and Offsets (Note 4)		(202	)		(33	)
Expenses, Net		6,687			1,338
Net Investment Income (Loss)		(1,691	)		(1,257	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		73,815			18,408
Net Change in Unrealized Appreciation/Depreciation on Investments		(28,242	)		(14,290	)
Net Gain (Loss) on Investments		45,573			4,118
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,882		$	2,861

See Notes to Financial Statements.

62

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Enterprise Fund			Strong Growth 20 Fund			Strong Growth Fund			Strong Large Company Growth Fund
Income:
Dividends (net of foreign withholding taxes of $13, $25, $34 and $5, respectively)	$	835		$	544		$	10,914		$	651
Interest		92			59			279			39
Total Income		927			603			11,193			690
Expenses (Note 4):
Investment Advisory Fees		2,076			1,267			11,725			582
Administrative Fees		810			508			3,856			231
Custodian Fees		30			15			107			11
Shareholder Servicing Costs		1,732			1,037			4,537			237
Reports to Shareholders		292			181			1,066			41
12b-1 Fees		4			12			23			187
Other		171			114			643			73
Total Expenses before Expense Waivers and Offsets		5,115			3,134			21,957			1,362
Expense Waivers and Offsets		(153	)		(88	)		(818	)		(256	)
Expenses, Net		4,962			3,046			21,139			1,106
Net Investment Income (Loss)		(4,035	)		(2,443	)		(9,946	)		(416	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		38,766			31,815			261,989			9,100
Futures Contracts		—			298			—			1
Net Realized Gain (Loss)		38,766			32,113			261,989			9,101
Net Change in Unrealized Appreciation/Depreciation on Investments		3,910			(10,723	)		(70,440	)		4,516
Net Gain (Loss) on Investments		42,676			21,390			191,549			13,617
Net Increase (Decrease) in Net Assets Resulting from Operations	$	38,641		$	18,947		$	181,603		$	13,201

See Notes to Financial Statements.

63

STATEMENTS OF CHANGES IN NET ASSETS

	(In Thousands)
	Strong Blue Chip Fund						Strong Discovery Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(317	)	$	(1,371	)	$	(1,908	)	$	(1,012	)
Net Realized Gain (Loss)		28,524			(20,202	)		18,989			19,126
Net Change in Unrealized Appreciation/Depreciation		(10,314	)		67,883			7,877			30,925
Net Increase (Decrease) in Net Assets Resulting from Operations		17,893			46,310			24,958			49,039
Distributions:
From Net Investment Income		—			—			—			(7	)
From Net Realized Gains		—			—			(10,141	)		(1,805	)
Total Distributions		—			—			(10,141	)		(1,812	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(43,426	)		(73,292	)		9,571			(13,795	)
Total Increase (Decrease) in Net Assets		(25,533	)		(26,982	)		24,388			33,432
Net Assets:
Beginning of Year		176,310			203,292			166,793			133,361
End of Year	$	150,777		$	176,310		$	191,181		$	166,793
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—
	Strong Endeavor Fund						Strong Large Cap Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(262	)	$	(50	)	$	(1,691	)	$	(3,032	)
Net Realized Gain (Loss)		186			521			73,815			36,332
Net Change in Unrealized Appreciation/Depreciation		2,183			801			(28,242	)		117,845
Net Increase (Decrease) in Net Assets Resulting from Operations		2,107			1,272			43,882			151,145
Distributions From Net Investment Income		—			—			—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		12,810			(447	)		(169,582	)		(95,908	)
Total Increase (Decrease) in Net Assets		14,917			825			(125,700	)		55,237
Net Assets:
Beginning of Year		4,500			3,675			644,131			588,894
End of Year	$	19,417		$	4,500		$	518,431		$	644,131
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

64

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong U.S. Emerging Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(1,257	)	$	(1,325	)
Net Realized Gain (Loss)		18,408			7,047
Net Change in Unrealized Appreciation/Depreciation		(14,290	)		26,088
Net Increase (Decrease) in Net Assets Resulting from Operations		2,861			31,810
Distributions From Net Investment Income		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(38,659	)		9,891
Total Increase (Decrease) in Net Assets		(35,798	)		41,701
Net Assets:
Beginning of Year		100,115			58,414
End of Year	$	64,317		$	100,115
Undistributed Net Investment Income (Loss)	$	—		$	—
	Strong Enterprise Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(4,035	)	$	(3,606	)
Net Realized Gain (Loss)		38,766			41,662
Net Change in Unrealized Appreciation/Depreciation		3,910			43,963
Net Increase (Decrease) in Net Assets Resulting from Operations		38,641			82,019
Distributions From Net Investment Income		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(44,503	)		(24,147	)
Total Increase (Decrease) in Net Assets		(5,862	)		57,872
Net Assets:
Beginning of Year		287,228			229,356
End of Year	$	281,366		$	287,228
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

65

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Growth 20 Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(2,443	)	$	(3,998	)
Net Realized Gain (Loss)		32,113			24,865
Net Change in Unrealized Appreciation/Depreciation		(10,723	)		43,224
Net Increase (Decrease) in Net Assets Resulting from Operations		18,947			64,091
Distributions From Net Investment Income		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(128,908	)		4,591
Total Increase (Decrease) in Net Assets		(109,961	)		68,682
Net Assets:
Beginning of Year		258,892			190,210
End of Year	$	148,931		$	258,892
Undistributed Net Investment Income (Loss)	$	—		$	—
	Strong Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(9,946	)	$	(16,286	)
Net Realized Gain (Loss)		261,988			145,925
Net Change in Unrealized Appreciation/Depreciation		(70,439	)		320,600
Net Increase (Decrease) in Net Assets Resulting from Operations		181,603			450,239
Distributions From Net Investment Income		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(410,294	)		(181,638	)
Total Increase (Decrease) in Net Assets		(228,691	)		268,601
Net Assets:
Beginning of Year		1,742,915			1,474,314
End of Year	$	1,514,224		$	1,742,915
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

66

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Large Company Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(416	)	$	(202	)
Net Realized Gain (Loss)		9,101			1,276
Net Change in Unrealized Appreciation/Depreciation		4,516			8,628
Net Increase (Decrease) in Net Assets Resulting from Operations		13,201			9,702
Distributions:
From Net Investment Income
Investor Class		—			(14	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		19,374			40,712
Total Increase (Decrease) in Net Assets		32,575			50,400
Net Assets:
Beginning of Year		71,775			21,375
End of Year	$	104,350		$	71,775
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

67

FINANCIAL HIGHLIGHTS

STRONG BLUE CHIP FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)			Oct. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	11.12		$	8.62		$	12.36		$	16.56		$	20.99		$	18.10
Income From Investment Operations:
Net Investment Income (Loss)		(0.03	)		(0.09	)		(0.08	)		(0.06	)		(0.01	)		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments		1.44			2.59			(3.66	)		(4.14	)		(3.42	)		2.98
Total from Investment Operations		1.41			2.50			(3.74	)		(4.20	)		(3.43	)		2.89
Less Distributions:
From Net Realized Gains		—			—			—			—			(1.00	)		—
Total Distributions		—			—			—			—			(1.00	)		—
Net Asset Value, End of Period	$	12.53		$	11.12		$	8.62		$	12.36		$	16.56		$	20.99
Ratios and Supplemental Data
Total Return(c)		+12.68	%		+29.00	%		–30.26	%		–25.36	%		–16.43	%		+15.97	%
Net Assets, End of Period (In Millions)	$	151		$	176		$	203		$	339		$	499		$	616
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.6	%		1.7	%		1.6	%		1.4	%		1.1	%*		1.1	%
Ratio of Expenses to Average Net Assets		1.6	%		1.7	%		1.6	%		1.4	%		1.1	%*		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.2	)%		(0.8	)%		(0.7	)%		(0.4	)%		(0.2	)%*		(0.5	)%
Portfolio Turnover Rate		201.8	%		268.5	%		214.0	%		203.9	%		21.2	%		67.9	%

STRONG DISCOVERY FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	19.73		$	14.42		$	16.84		$	16.39		$	18.64
Income From Investment Operations:
Net Investment Income (Loss)		(0.21	)		(0.12	)		(0.06	)		(0.08	)		0.06
Net Realized and Unrealized Gains (Losses) on Investments		3.22			5.64			(1.91	)		0.76			0.51
Total from Investment Operations		3.01			5.52			(1.97	)		0.68			0.57
Less Distributions:
From Net Investment Income		—			(0.00	)(d)		—			—			(0.04	)
From Net Realized Gains		(1.21	)		(0.21	)		(0.45	)		(0.23	)		(2.78	)
Total Distributions		(1.21	)		(0.21	)		(0.45	)		(0.23	)		(2.82	)
Net Asset Value, End of Period	$	21.53		$	19.73		$	14.42		$	16.84		$	16.39
Ratios and Supplemental Data
Total Return(c)		+15.69	%		+38.34	%		–12.12	%		+4.17	%		+3.97	%
Net Assets, End of Period (In Millions)	$	191		$	167		$	133		$	158		$	165
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.4	%		1.5	%		1.5	%		1.5	%		1.5	%
Ratio of Expenses to Average Net Assets		1.4	%		1.4	%		1.5	%		1.5	%		1.5	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.1	)%		(0.7	)%		(0.4	)%		(0.5	)%		0.3	%
Portfolio Turnover Rate		171.2	%		302.2	%		420.0	%		501.7	%		481.8	%

 * Calculated on an annualized basis.

(a) Information presented relates to a share of capital stock of the Fund outstanding for the entire period.

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

(c) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(d) Amount calculated is less than $0.005.

See Notes to Financial Statements.

68

FINANCIAL HIGHLIGHTS (continued)

STRONG ENDEAVOR FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	9.32		$	7.03		$	9.94		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.14	)		(0.10	)		(0.11	)		(0.06	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		1.46			2.39			(2.80	)		0.00	(d)
Total from Investment Operations		1.32			2.29			(2.91	)		(0.06	)
Less Distributions:
From Net Investment Income		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	10.64		$	9.32		$	7.03		$	9.94
Ratios and Supplemental Data
Total Return(e)		+14.16	%		+32.57	%		–29.28	%		–0.60	%
Net Assets, End of Period (In Millions)	$	19		$	5		$	4		$	6
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		2.2	%		2.8	%		2.7	%		3.1	%*
Ratio of Expenses to Average Net Assets		2.0	%		1.9	%		1.9	%		2.2	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%		(1.1	)%		(1.2	)%		(1.2	)%*
Portfolio Turnover Rate		215.2	%		243.0	%		416.8	%		391.8	%

STRONG LARGE CAP GROWTH FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(f)			Oct. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	20.94		$	16.51		$	23.55		$	34.77		$	45.49		$	41.52
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)		(0.10	)		(0.08	)		(0.02	)		0.01			(0.16	)
Net Realized and Unrealized Gains (Losses) on Investments		1.88			4.53			(6.96	)		(11.20	)	��	(4.81	)		12.01
Total from Investment Operations		1.81			4.43			(7.04	)		(11.22	)		(4.80	)		11.85
Less Distributions:
From Net Investment Income		—			—			—			(0.00	)(d)		—			—
From Net Realized Gains		—			—			—			—			(5.92	)		(7.88	)
Total Distributions		—			—			—			(0.00	)(d)		(5.92	)		(7.88	)
Net Asset Value, End of Period	$	22.75		$	20.94		$	16.51		$	23.55		$	34.77		$	45.49
Ratios and Supplemental Data
Total Return(e)		+8.64	%		+26.83	%		–29.89	%		–32.27	%		–10.34	%		+28.12	%
Net Assets, End of Period (In Millions)	$	518		$	644		$	589		$	976		$	1,574		$	1,769
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.2	%		1.3	%		1.2	%		1.1	%		1.0	%*		1.0	%
Ratio of Expenses to Average Net Assets		1.2	%		1.3	%		1.2	%		1.1	%		1.0	%*		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.3	)%		(0.5	)%		(0.4	)%		(0.1	)%		0.1	%*		(0.4	)%
Portfolio Turnover Rate		89.0	%		253.4	%		443.2	%		468.7	%		68.6	%		455.0	%

 * 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 period from April 6, 2001 (inception date) to December 31, 2001.

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

(d) Amount calculated is less than $0.005.

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

See Notes to Financial Statements.

69

FINANCIAL HIGHLIGHTS (continued)

STRONG U.S. EMERGING GROWTH FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	14.90		$	10.02		$	15.17		$	19.17		$	19.59
Income From Investment Operations:
Net Investment Income (Loss)		(0.31	)		(0.20	)		(0.24	)		(0.23	)		(0.19	)
Net Realized and Unrealized Gains (Losses) on Investments		1.28			5.08			(4.91	)		(3.77	)		0.22
Total from Investment Operations		0.97			4.88			(5.15	)		(4.00	)		0.03
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			—			(0.45	)
Total Distributions		—			— ��			—			—			(0.45	)
Net Asset Value, End of Period	$	15.87		$	14.90		$	10.02		$	15.17		$	19.17
Ratios and Supplemental Data
Total Return(b)		+6.51	%		+48.70	%		–33.95	%		–20.87	%		+0.29	%
Net Assets, End of Period (In Millions)	$	64		$	100		$	58		$	86		$	112
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.7	%		1.8	%		1.9	%		1.6	%		1.4	%
Ratio of Expenses to Average Net Assets		1.6	%		1.7	%		1.9	%		1.6	%		1.4	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.5	)%		(1.6	)%		(1.8	)%		(1.5	)%		(1.2	)%
Portfolio Turnover Rate		112.3	%		100.3	%		171.5	%		168.2	%		186.8	%
STRONG ENTERPRISE FUND — INVESTOR CLASS
	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	21.78		$	15.90		$	22.14		$	28.37		$	41.24
Income From Investment Operations:
Net Investment Income (Loss)		(0.34	)(c)		(0.30	)		(0.28	)(c)		(0.31	)		(0.28	)
Net Realized and Unrealized Gains (Losses) on Investments		3.51			6.18			(5.96	)		(5.92	)		(12.04	)
Total from Investment Operations		3.17			5.88			(6.24	)		(6.23	)		(12.32	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			—			(0.55	)
Total Distributions		—			—			—			—			(0.55	)
Net Asset Value, End of Period	$	24.95		$	21.78		$	15.90		$	22.14		$	28.37
Ratios and Supplemental Data
Total Return(b)		+14.55	%		+36.98	%		–28.18	%		–21.96	%		–29.77	%
Net Assets, End of Period (In Millions)	$	260		$	249		$	224		$	372		$	575
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.9	%		2.0	%		2.0	%		1.8	%		1.4	%
Ratio of Expenses to Average Net Assets		1.9	%		1.8	%		2.0	%		1.8	%		1.4	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.5	)%		(1.4	)%		(1.5	)%		(1.2	)%		(0.7	)%
Portfolio Turnover Rate(d)		184.5	%		261.2	%		376.8	%		629.8	%		473.7	%

(a) Information presented relates to a share of capital stock of the Fund outstanding for the entire period.

(b) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

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

See Notes to Financial Statements.

70

FINANCIAL HIGHLIGHTS (continued)

STRONG ENTERPRISE FUND — INSTITUTIONAL CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	21.87		$	18.34
Income From Investment Operations:
Net Investment Income (Loss)		(0.11	)(c)		(0.06	)
Net Realized and Unrealized Gains (Losses) on Investments		3.54			3.59
Total from Investment Operations		3.43			3.53
Less Distributions:
From Net Investment Income		—			—
Total Distributions		—			—
Net Asset Value, End of Period	$	25.30		$	21.87
Ratios and Supplemental Data
Total Return(d)		+15.68	%		+19.25	%
Net Assets, End of Period (In Millions)	$	7		$	2
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		0.9	%		1.2	%*
Ratio of Expenses to Average Net Assets		0.8	%		1.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.5	)%		(0.7	)%*
Portfolio Turnover Rate(e)		184.5	%		261.2	%

STRONG ENTERPRISE FUND — ADVISOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(f)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	21.79		$	15.86		$	22.04		$	28.31		$	51.32
Income From Investment Operations:
Net Investment Income (Loss)		(0.27	)(c)		(0.23	)		(0.24	)(c)		(0.21	)		(0.03	)
Net Realized and Unrealized Gains (Losses) on Investments		3.52			6.16			(5.94	)		(6.06	)		(22.43	)
Total from Investment Operations		3.25			5.93			(6.18	)		(6.27	)		(22.46	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			—			(0.55	)
Total Distributions		—			—			—			—			(0.55	)
Net Asset Value, End of Period	$	25.04		$	21.79		$	15.86		$	22.04		$	28.31
Ratios and Supplemental Data
Total Return(d)		+14.92	%		+37.39	%		–28.04	%		–22.15	%		–43.68	%
Net Assets, End of Period (In Millions)	$	2		$	2		$	1		$	1		$	0	(g)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.6	%		1.5	%		1.8	%		2.1	%		2.0	%*
Ratio of Expenses to Average Net Assets		1.6	%		1.5	%		1.8	%		2.1	%		1.9	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%		(1.1	)%		(1.3	)%		(1.6	)%		(1.2	)%*
Portfolio Turnover Rate(e)		184.5	%		261.2	%		376.8	%		629.8	%		473.7	%

 * 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 period from June 30, 2003 (commencement of class) to December 31, 2003.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

(f) For the period from February 24, 2000 (commencement of class) to December 31, 2000.

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

See Notes to Financial Statements.

71

FINANCIAL HIGHLIGHTS (continued)

STRONG ENTERPRISE FUND — CLASS K

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	21.98		$	15.94		$	16.32
Income From Investment Operations:
Net Investment Income (Loss)		(0.19	)(c)		(0.10	)		(0.04	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		3.57			6.14			(0.34	)
Total from Investment Operations		3.38			6.04			(0.38	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	25.36		$	21.98		$	15.94
Ratios and Supplemental Data
Total Return(d)		+15.38	%		+37.89	%		–2.33	%
Net Assets, End of Period (In Millions)	$	12		$	34		$	4
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.3	%		1.3	%		1.3	%*
Ratio of Expenses to Average Net Assets		1.1	%		1.2	%		1.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.8	)%		(0.8	)%		(0.6	)%*
Portfolio Turnover Rate(e)		184.5	%		261.2	%		376.8	%

STRONG GROWTH 20 FUND — INVESTOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	12.96		$	10.19		$	14.74		$	25.13		$	30.63
Income From Investment Operations:
Net Investment Income (Loss)		(0.19	)(c)		(0.17	)(c)		(0.21	)		(0.15	)		(0.10	)
Net Realized and Unrealized Gains (Losses) on Investments		1.91			2.94			(4.34	)		(10.24	)		(3.05	)
Total from Investment Operations		1.72			2.77			(4.55	)		(10.39	)		(3.15	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			—			(2.35	)
Total Distributions		—			—			—			—			(2.35	)
Net Asset Value, End of Period	$	14.68		$	12.96		$	10.19		$	14.74		$	25.13
Ratios and Supplemental Data
Total Return(d)		+13.27	%		+27.18	%		–30.87	%		–41.35	%		–10.33	%
Net Assets, End of Period (In Millions)	$	145		$	253		$	184		$	361		$	766
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.9	%		1.8	%		1.9	%		1.5	%		1.3	%
Ratio of Expenses to Average Net Assets		1.8	%		1.7	%		1.9	%		1.5	%		1.3	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%		(1.5	)%		(1.5	)%		(0.8	)%		(0.4	)%
Portfolio Turnover Rate(e)		187.1	%		318.1	%		460.8	%		658.7	%		521.0	%

 * 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 period from August 30, 2002 (commencement of class) to December 31, 2002.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

See Notes to Financial Statements.

72

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH 20 FUND — ADVISOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	12.99		$	10.19		$	14.69		$	25.06		$	36.61
Income From Investment Operations:
Net Investment Income (Loss)		(0.16	)(c)		(0.15	)(c)		(0.15	)		(0.12	)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		1.92			2.95			(4.35	)		(10.25	)		(9.18	)
Total from Investment Operations		1.76			2.80			(4.50	)		(10.37	)		(9.20	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			—			(2.35	)
Total Distributions		—			—			—			—			(2.35	)
Net Asset Value, End of Period	$	14.75		$	12.99		$	10.19		$	14.69		$	25.06
Ratios and Supplemental Data
Total Return(d)		+13.55	%		+27.48	%		–30.63	%		–41.38	%		–25.17	%
Net Assets, End of Period (In Millions)	$	4		$	6		$	7		$	10		$	5
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.6	%		1.6	%		1.6	%		1.6	%		2.0	%*
Ratio of Expenses to Average Net Assets		1.6	%		1.5	%		1.6	%		1.6	%		1.9	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.2	)%		(1.3	)%		(1.2	)%		(0.9	)%		(1.0	)%*
Portfolio Turnover Rate(e)		187.1	%		318.1	%		460.8	%		658.7	%		521.0	%
STRONG GROWTH FUND — INVESTOR CLASS
	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.19		$	13.21		$	17.68		$	27.05		$	35.66
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)(c)		(0.16	)(c)		(0.18	)(c)		(0.15	)		(0.17	)
Net Realized and Unrealized Gains (Losses) on Investments		2.29			4.14			(4.29	)		(9.15	)		(3.21	)
Total from Investment Operations		2.16			3.98			(4.47	)		(9.30	)		(3.38	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			(0.07	)		(5.23	)
Total Distributions		—			—			—			(0.07	)		(5.23	)
Net Asset Value, End of Period	$	19.35		$	17.19		$	13.21		$	17.68		$	27.05
Ratios and Supplemental Data
Total Return(d)		+12.57	%		+30.13	%		–25.28	%		–34.39	%		–9.23	%
Net Assets, End of Period (In Millions)	$	1,146		$	1,366		$	1,256		$	2,022		$	3,411
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.5	%		1.5	%		1.6	%		1.4	%		1.2	%
Ratio of Expenses to Average Net Assets		1.5	%		1.5	%		1.6	%		1.4	%		1.2	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.8	)%		(1.1	)%		(1.2	)%		(0.7	)%		(0.6	)%
Portfolio Turnover Rate(e)		91.6	%		138.8	%		248.5	%		399.8	%		366.3	%

 * 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 period from February 24, 2000 (commencement of class) to December 31, 2000.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

See Notes to Financial Statements.

73

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH FUND — INSTITUTIONAL CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.65		$	13.48		$	17.91		$	27.17		$	43.74
Income From Investment Operations:
Net Investment Income (Loss)		(0.03	)(c)		(0.07	)(c)		(0.08	)(c)		(0.02	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.37			4.24			(4.35	)		(9.17	)		(11.33	)
Total from Investment Operations		2.34			4.17			(4.43	)		(9.19	)		(11.34	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			(0.07	)		(5.23	)
Total Distributions		—			—			—			(0.07	)		(5.23	)
Net Asset Value, End of Period	$	19.99		$	17.65		$	13.48		$	17.91		$	27.17
Ratios and Supplemental Data
Total Return(d)		+13.26	%		+30.93	%		–24.73	%		–33.84	%		–25.72	%
Net Assets, End of Period (In Millions)	$	295		$	311		$	195		$	73		$	18
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		0.9	%		0.9	%		0.9	%		0.9	%		0.8	%*
Ratio of Expenses to Average Net Assets		0.9	%		0.9	%		0.9	%		0.9	%		0.8	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.2	)%		(0.5	)%		(0.5	)%		(0.3	)%		(0.1	)%*
Portfolio Turnover Rate(e)		91.6	%		138.8	%		248.5	%		399.8	%		366.3	%
STRONG GROWTH FUND — ADVISOR CLASS
	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.09		$	13.14		$	17.58		$	26.96		$	43.74
Income From Investment Operations:
Net Investment Income (Loss)		(0.15	)(c)		(0.16	)(c)		(0.17	)(c)		(0.15	)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		2.28			4.11			(4.27	)		(9.16	)		(11.53	)
Total from Investment Operations		2.13			3.95			(4.44	)		(9.31	)		(11.55	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			(0.07	)		(5.23	)
Total Distributions		—			—			—			(0.07	)		(5.23	)
Net Asset Value, End of Period	$	19.22		$	17.09		$	13.14		$	17.58		$	26.96
Ratios and Supplemental Data
Total Return(d)		+12.46	%		+30.06	%		–25.26	%		–34.54	%		–26.21	%
Net Assets, End of Period (In Millions)	$	6		$	9		$	10		$	14		$	4
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.6	%		1.6	%		1.6	%		1.6	%		2.0	%*
Ratio of Expenses to Average Net Assets		1.5	%		1.6	%		1.6	%		1.6	%		1.9	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.9	)%		(1.1	)%		(1.2	)%		(1.0	)%		(0.9	)%*
Portfolio Turnover Rate(e)		91.6	%		138.8	%		248.5	%		399.8	%		366.3	%

 * 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 period from February 24, 2000 (commencement of class) to December 31, 2000.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

��

See Notes to Financial Statements.

74

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH FUND — CLASS C

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.03		$	13.21		$	13.44
Income From Investment Operations:
Net Investment Income (Loss)		(0.30	)(c)		(0.32	)(c)		0.00	(c)(d)
Net Realized and Unrealized Gains (Losses) on Investments		2.27			4.14			(0.23	)
Total from Investment Operations		1.97			3.82			(0.23	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	19.00		$	17.03		$	13.21
Ratios and Supplemental Data
Total Return(e)		+11.57	%		+28.92	%		–1.71	%
Net Assets, End of Period (In Millions)	$	0	(f)	$	1		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		3.4	%		4.3	%		2.3	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%		2.3	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.7	)%		(2.0	)%		0.0	%*(d)
Portfolio Turnover Rate(g)		91.6	%		138.8	%		248.5	%

STRONG GROWTH FUND — CLASS K

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(h)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	17.38		$	13.29		$	13.53
Income From Investment Operations:
Net Investment Income (Loss)		(0.03	)(c)		(0.08	)(c)		(0.01	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		2.33			4.17			(0.23	)
Total from Investment Operations		2.30			4.09			(0.24	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	19.68		$	17.38		$	13.29
Ratios and Supplemental Data
Total Return(e)		+13.23	%		+30.78	%		–1.77	%
Net Assets, End of Period (In Millions)	$	67		$	56		$	13
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.3	%		1.2	%		1.3	%*
Ratio of Expenses to Average Net Assets		1.0	%		1.0	%		1.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.2	)%		(0.5	)%		(0.7	)%*
Portfolio Turnover Rate(g)		91.6	%		138.8	%		248.5	%

 * 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 period from December 26, 2002 (commencement of class) to December 31, 2002.

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

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

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

(h) For the period from August 30, 2002 (commencement of class) through December 31, 2002.

See Notes to Financial Statements.

75

FINANCIAL HIGHLIGHTS (continued)

STRONG LARGE COMPANY GROWTH FUND — INVESTOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002(b)			Sep. 30, 2002(c)			Sep. 30, 2001			Sep. 30, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	13.36		$	10.66		$	10.25		$	12.17		$	19.15		$	13.12
Income From Investment Operations:
Net Investment Income		(0.06	)		(0.04	)		0.00	(d)		0.31			0.32			0.29
Net Realized and Unrealized Gains (Losses) on Investments		2.40	(e)		2.75	(e)		0.45			(1.93	)		(5.09	)		6.26
Total from Investment Operations		2.34			2.71			0.45			(1.62	)		(4.77	)		6.55
Less Distributions:
From Net Investment Income		—			(0.01	)		(0.04	)		(0.27	)		(0.32	)		(0.27	)
From Net Realized Gains		—			—			—			(0.03	)		(1.89	)		(0.25	)
Total Distributions		—			(0.01	)		(0.04	)		(0.30	)		(2.21	)		(0.52	)
Net Asset Value, End of Period	$	15.70		$	13.36		$	10.66		$	10.25		$	12.17		$	19.15
Ratios and Supplemental Data
Total Return(f)		+17.51	%		+25.41	%		+4.38	%		–13.69	%		–26.22	%		+50.67	%
Net Assets, End of Period (In Millions)	$	99		$	71		$	21		$	18		$	33		$	37
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.8	%		1.8	%		1.9	%*		1.7	%		1.6	%		1.6	%
Ratio of Expenses to Average Net Assets		1.4	%		1.5	%		1.3	%*		1.5	%		1.5	%		1.5	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.5	)%		(0.5	)%		0.2	%*		2.3	%		2.2	%		1.8	%
Portfolio Turnover Rate(g)		238.9	%		229.0	%		71.8	%		311.3	%		285.3	%		180.8	%

STRONG LARGE COMPANY GROWTH FUND — CLASS K

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003(h)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	13.40		$	11.96
Income From Investment Operations:
Net Investment Income		(0.01	)		(0.00	)(d)
Net Realized and Unrealized Gains (Losses) on Investments		2.43	(e)		1.44	(i)
Total from Investment Operations		2.42			1.44
Less Distributions:
From Net Investment Income		—			—
Total Distributions		—			—
Net Asset Value, End of Period	$	15.82		$	13.40
Ratios and Supplemental Data
Total Return(f)		+18.06	%		+12.04	%
Net Assets, End of Period (In Millions)	$	5		$	1
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.3	%		2.1	%*
Ratio of Expenses to Average Net Assets		0.9	%		0.9	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.1	)%		(0.0	)%*(d)
Portfolio Turnover Rate(g)		238.9	%		229.0	%

 * Calculated on an annualized basis.

(a) Information presented relates to a share of capital stock of the Fund outstanding for the entire period.

(b) In 2002, the Fund changed its fiscal year-end from September to December.

(c) Effective September 5, 2002, Strong Capital Management, Inc. assumed the investment advisory responsibilities from Rockhaven Asset Management, LLC.

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

(e) Includes $0.01 in redemption fees (Note 2Q).

(f) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

(h) For the period from June 30, 2003 (commencement of class) through December 31, 2003.

(i) Includes $0.02 in redemption fees (Note 2Q).

See Notes to Financial Statements.

76

NOTES TO FINANCIAL STATEMENTS

December 31, 2004

1. Organization

The accompanying financial statements represent the following Strong Growth Funds (the “Funds”), each with its own investment objectives and policies:

• Strong Blue Chip Fund⁽¹⁾ (a series fund of Strong Conservative Equity Funds, Inc.)

• Strong Discovery Fund⁽¹⁾ (a series fund of Strong Discovery Fund, Inc.)

• Strong Endeavor Fund⁽¹⁾ (a series fund of Strong Opportunity Fund, Inc.)

• Strong Large Cap Growth Fund⁽¹⁾ (a series fund of Strong Large Cap Growth Fund, Inc.)

• Strong U.S. Emerging Growth Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

• Strong Enterprise Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

• Strong Growth 20 Fund⁽²⁾ (a series fund of Strong Equity Funds, Inc.)

• Strong Growth Fund⁽¹⁾ (a series fund of Strong Equity Funds, Inc.)

• Strong Large Company Growth 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 Blue Chip Fund, Strong Discovery Fund, Strong Endeavor Fund, Strong Large Cap Growth Fund, and Strong U.S. Emerging Growth Fund offer Investor Class shares. Strong Enterprise Fund offers Investor Class, Institutional Class, Advisor Class, and Class K shares. Strong Growth 20 Fund offers Investor Class and Advisor Class shares. Strong Growth Fund offers Investor Class, Institutional Class, Advisor Class, Class C, and Class K shares. Strong Large Company Growth Fund offers Investor 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 initial investment minimums, Advisor Class shares and Class C shares are available only through financial professionals, and Class K shares are primarily available through retirement plans.

Effective June 30, 2003 (public launch July 1, 2003), Strong Enterprise Fund issued an additional class of shares: Institutional Class shares.

Effective June 30, 2003 (public launch July 1, 2003), Strong Large Company Growth Fund issued an additional class of shares: Class K shares.

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 on that principal exchange. 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 Funds’ 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 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 Funds held no restricted and illiquid securities at December 31, 2004.

77

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

(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 net investment income or accumulated 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.

Strong Discovery Fund, Strong Endeavor Fund, Strong Large Cap Growth Fund, Strong U.S. Emerging Growth Fund, Strong Enterprise Fund, Strong Growth 20 Fund, Strong Growth Fund, and Strong Large Company Growth Fund generally pay dividends from net investment income and distribute net realized capital gains, if any, at least annually. Strong Blue Chip Fund generally pays dividends from net investment income quarterly and distributes 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.

78

(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 have entered into a Securities Lending Agreement (the “Agreement”) with 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 December 31, 2004, Strong Discovery Fund, Strong Large Cap Growth Fund, Strong Enterprise Fund, and Strong Growth Fund had securities with a market value of $18,976,049, $14,434,935, $31,332,604, and $14,650,246, respectively, on loan and had received $19,404,609, $14,854,959, $32,019,561, and $15,172,847, 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 December 31, 2004, the securities lending income totaled $35,763, $13,340, $54,275, and $37,677 for Strong Discovery Fund, Strong Large Cap Growth Fund, Strong Enterprise Fund, and Strong Growth 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 — Through November 30, 2004, the Funds directed certain portfolio trades to brokers who, in turn, paid a portion of the Funds’ expenses not attributable to the Advisor or its affiliates. Such amounts are included in Expense Waivers and 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 Waivers and 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) 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 material loss to be remote under any of these indemnification agreements.

79

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

(Q) Redemption Fees — Investor Class shares of Strong Large Company Growth 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. 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.

(R) Other — Dividend income, net of applicable withholding taxes, 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.

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 are 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		Investor Class		Institutional Class		Advisor Class		Class C		Class K
Strong Blue Chip Fund	0.50	%	0.30	%	*		*		*		*
Strong Discovery Fund	0.75	%	0.25	%	*		*		*		*
Strong Endeavor Fund	0.75	%(1)	0.30	%	*		*		*		*
Strong Large Cap Growth Fund	0.60	%(2)	0.30	%	*		*		*		*
Strong U.S. Emerging Growth Fund	0.75	%(1)	0.30	%	*		*		*		*
Strong Enterprise Fund	0.75	%(1)	0.30	%	0.02	%	0.30	%	*		0.25	%
Strong Growth 20 Fund	0.75	%(1)	0.30	%	*		0.30	%	*		*
Strong Growth Fund	0.75	%(1)	0.30	%	0.02	%	0.30	%	0.30	%	0.25	%
Strong Large Company Growth Fund	0.75	%(1)	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.

⁽²⁾ The investment advisory fees are 0.60% for first $35 million assets and 0.55% for assets over $35 million.

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 for the Investor Class shares of the Strong Large Company Growth Fund to keep Net Annual Operating Expenses at no more than 1.50%. This agreement may only be terminated by the Board of Directors of the Funds, but not before May 1, 2005. The Advisor and/or Administrator has contractually agreed to waive and/or absorb expenses until May 1, 2005, to keep Net Annual Operating Expenses of the Investor Class of Strong Endeavor Fund and Strong Enterprise Fund at no more than 2.00%, Class C of Strong Growth Fund at no more than 2.50%, Class K of Strong Enterprise Fund at no more than 1.20% and Class K of Strong Growth Fund and Strong Large Company Growth Fund at no more than 0.99%. Pursuant to the direction of the Board and in implementation of certain regulatory settlements (as described in Note 9), the Advisor has contractually agreed to waive its fees and/or absorb expenses in the amount of 0.033% for the Funds from May 21, 2004 until May 21, 2005. However, the Funds are expected to reorganize into the Wells Fargo Fund family on April 11, 2005 and be subject to a different expense structure.

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, Class C, and Class K shares are paid at an annual rate of 0.015%, 0.20%, 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 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 agent expenses incurred by the Funds and are included in Expense Waivers and 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 Endeavor Fund, Strong Large Company Growth Fund, Strong Enterprise Fund, Strong Growth 20 Fund, and Strong Growth Fund have adopted a Rule 12b-1 distribution and service plan under the 1940 Act on behalf of the Investor Class shares of Strong Endeavor Fund and Strong Large Company Growth Fund, the Advisor Class shares of Strong Enterprise Fund, Strong Growth 20 Fund, and Strong Growth Fund and the Class C shares of Strong Growth Fund. Under the plan, Strong Investments,

80

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 Investor Class shares and the Advisor Class shares and 1.00% for Class C shares as compensation for services provided and expenses incurred, including amounts paid to brokers or dealers, in connection with the sale of each Class’ shares. See Note 4.

Strong Growth Fund’s Class C shares have a maximum 1.00% contingent deferred sales charge if shares are sold within one year of their original purchase date. For the year ended December 31, 2004, the Distributor received aggregate contingent deferred sales charges from the redemption of Class C shares for Strong Growth Fund of $381. Sales charges are not an expense of the Funds and are not reflected in the financial statements of the Funds. Sales charges may be waived in limited circumstances.

Through December 31, 2004, Next Century Growth Investors, LLC (“Next Century Growth”), an affiliate of the Advisor, managed investments of Strong U.S. Emerging Growth Fund under a subadvisory agreement with the Advisor. Next Century Growth was compensated by the Advisor (not the Fund) and assumed 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 year ended December 31, 2004, is as follows:

	Payable to/ (Receivable from) Advisor or Administrator at Dec. 31, 2004		Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ and Independent Officers’ Fees
Strong Blue Chip Fund	$	74,184	$	967,601	$	7,240	$	6,712
Strong Discovery Fund		41,148		535,571		3,128		6,686
Strong Endeavor Fund		12,050		137,724		908		1,263
Strong Large Cap Growth Fund		123,575		1,596,566		10,442		24,318
Strong U.S. Emerging Growth Fund		24,215		358,444		3,111		3,536
Strong Enterprise Fund		143,490		1,736,854		8,228		11,174
Strong Growth 20 Fund		75,517		1,039,560		6,110		8,660
Strong Growth Fund		349,101		4,544,532		44,783		67,142
Strong Large Company Growth Fund		18,780		238,775		3,602		2,742

4. Expenses and Expense Waivers and Offsets

For the year ended December 31, 2004, the class specific expenses are as follows:

	Administrative Fees		Shareholder Servicing Costs		Reports to Shareholders		12b-1 Fees		Other
Strong Enterprise Fund
Investor Class	$	760,779	$	1,692,962	$	280,564	$	—	$	11,050
Institutional Class		784		596		1,424		—		1
Advisor Class		4,813		3,306		463		4,011		62
Class K		44,053		35,266		9,777		—		1,839
Strong Growth 20 Fund
Investor Class		494,111		1,027,394		178,921		—		8,082
Advisor Class		13,817		9,241		1,938		11,514		954
Strong Growth Fund
Investor Class		3,626,197		4,358,988		756,013		—		24,879
Institutional Class		57,419		43,251		258,885		—		26,236
Advisor Class		22,461		15,102		3,227		18,717		51
Class C		1,229		848		4,288		4,091		18
Class K		148,903		119,122		43,793		—		818
Strong Large Company Growth Fund
Investor Class		223,944		231,179		39,580		186,620		4,969
Class K		7,360		5,911		983		—		319

81

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

For the year ended December 31, 2004, the expense waivers and offsets are as follows:

	Expense Waivers and Absorptions*			Transfer Agency Banking Credits		Directed Brokerage Credits			Earnings Credits
Strong Blue Chip Fund	$	(51,889	)	$	—	$	(1,891	)	$	(129	)
Strong Discovery Fund		(56,602	)		—		(10,748	)		(392	)
Strong Endeavor Fund		(42,243	)		—		(305	)		(39	)
Strong Large Cap Growth Fund		(175,356	)		—		(25,931	)		(532	)
Strong U.S. Emerging Growth Fund		(27,521	)		—		(4,963	)		(161	)
Strong Enterprise Fund
Investor Class		(16,076	)		—		—			—
Institutional Class		(368	)		—		—			—
Advisor Class		(172	)		—		—			—
Class K		(26,819	)		—		—			—
Fund Level		(81,431	)		—		(27,692	)		(355	)
Strong Growth 20 Fund
Investor Class		(13,702	)		—		—			—
Advisor Class		(570	)		—		—			—
Fund Level		(46,606	)		—		(26,398	)		(271	)
Strong Growth Fund
Investor Class		(49,280	)		—		—			—
Institutional Class		(1,130	)		—		—			—
Advisor Class		(713	)		—		—			—
Class C		(3,645	)		—		—			—
Class K		(196,509	)		—		—			—
Fund Level		(455,946	)		—		(109,824	)		(858	)
Strong Large Company Growth Fund
Investor Class		(205,720	)		—		—			—
Class K		(9,980	)		—		—			—
Fund Level		(23,285	)		—		(17,166	)		(52	)

* These amounts include the contractually agreed upon waivers of fees and/or absorptions of expenses for the period from May 21, 2004 thru December 31, 2004 pursuant to the direction of the Board and in implementation of certain regulatory settlements as discussed in Note 3 and in Note 9. These amounts also include reimbursement by the Advisor for the legal costs incurred by the funds for the legal and regulatory matters discussed in Note 9.

5. Line of Credit

The Strong Funds have established a line of credit agreement (“LOC”) with certain financial institutions, which expires June 30, 2005, to be used for temporary or emergency purposes. Combined borrowings among all participating Strong Funds are subject to a $200 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. Strong Blue Chip Fund, Strong Discovery Fund, Strong Endeavor Fund, Strong Large Cap Growth Fund, Strong Growth 20 Fund, and Strong Growth Fund had no borrowings under the LOC during the period. Strong U.S. Emerging Growth Fund, Strong Enterprise Fund, and Strong Large Company Growth Fund had minimal borrowings under the LOC during the year. At December 31, 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 year ended December 31, 2004, are as follows:

	Purchases		Sales
Strong Blue Chip Fund	$	299,189,769	$	347,213,562
Strong Discovery Fund		288,426,390		296,313,815
Strong Endeavor Fund		55,533,094		42,871,520
Strong Large Cap Growth Fund		488,140,487		661,015,584
Strong U.S. Emerging Growth Fund		92,206,505		130,830,822
Strong Enterprise Fund		509,701,352		557,478,547
Strong Growth 20 Fund		312,633,203		439,563,841
Strong Growth Fund		1,420,926,867		1,822,075,574
Strong Large Company Growth Fund		197,174,273		183,361,574

There were no purchases or sales of long-term U.S. government securities during the year ended December 31, 2004.

82

7. Income Tax Information

The following information for the Funds is presented on an income tax basis as of December 31, 2004:

	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments		Distributable Ordinary Income		Distributable Long-Term Capital Gains
Strong Blue Chip Fund	$	122,568,060	$	29,737,854	$	(197,036	)	$	29,540,818	$	—	$	—
Strong Discovery Fund		173,202,098		37,963,244		(1,050,447	)		36,912,797		3,928,236		4,608,244
Strong Endeavor Fund		17,243,847		3,021,446		(148,668	)		2,872,778		—		—
Strong Large Cap Growth Fund		430,639,167		106,275,818		(3,018,016	)		103,257,802		—		—
Strong U.S. Emerging Growth Fund		46,049,708		19,935,159		(196,050	)		19,739,109		—		—
Strong Enterprise Fund		265,834,702		51,533,582		(1,671,453	)		49,862,129		—		—
Strong Growth 20 Fund		110,452,088		39,667,413		(217,651	)		39,449,762		—		—
Strong Growth Fund		1,184,885,094		368,874,377		(8,827,205	)		360,047,172		—		—
Strong Large Company Growth Fund		92,868,432		13,193,769		(761,909	)		12,431,860		—		100,811

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 tax components of dividends paid during the years ended December 31, 2004 and 2003 and capital loss carryovers (expiring in varying amounts through 2011) as of December 31, 2004, and tax basis post-October losses as of December 31, 2004, which are not recognized for tax purposes until the first day of the following fiscal year, are:

	2004 Income Tax Information								2003 Income Tax Information
	Ordinary Income Distributions		Long-Term Capital Gains Distributions		Net Capital Loss Carryovers		Post-October Losses		Ordinary Income Distributions		Long-Term Capital Gains Distributions
Strong Blue Chip Fund	$	—	$	—	$	161,656,258	$	1,014,186	$	—	$	—
Strong Discovery Fund		2,277,341		7,863,798		—		—		1,811,805		—
Strong Endeavor Fund		—		—		1,593,990		—		—		—
Strong Large Cap Growth Fund		—		—		474,563,716		—		—		—
Strong U.S. Emerging Growth Fund		—		—		43,574,217		—		—		—
Strong Enterprise Fund		—		—		292,402,241		—		—		—
Strong Growth 20 Fund		—		—		355,039,307		—		—		—
Strong Growth Fund		—		—		676,081,394		—		—		—
Strong Large Company Growth Fund		—		—		—		—		14,224		—

For corporate shareholders in the Funds, the percentage of ordinary dividend income distributed for the year ended December 31, 2004, which is designated as qualifying for the dividends-received deduction is 0.0% (unaudited).

For shareholders in the Funds, the percentage of dividend income distributed for the year ended December 31, 2004, which is designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 is 0.0% (unaudited).

Capital loss carryovers utililized during the year ended December 31, 2004 are as follows: Strong Blue Chip Fund $29,046,750, Strong Discovery Fund $0, Strong Endeavor Fund $249,696, Strong Large Cap Growth Fund $49,400,573, Strong U.S. Emerging Growth Fund $18,303,411, Strong Enterprise Fund $36,956,602, Strong Growth 20 Fund $30,639,188, Strong Growth Fund $235,730,148, and Strong Large Company Growth Fund $7,653,439.

83

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

8. Capital Share Transactions

	Strong Blue Chip Fund						Strong Discovery Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each of the Funds Were as Follows:
Proceeds from Shares Sold	$	15,912,520		$	38,554,582		$	56,324,478		$	72,860,267
Proceeds from Reinvestment of Distributions		—			—			9,873,900			1,765,655
Payment for Shares Redeemed		(59,338,232	)		(111,846,495	)		(56,627,640	)		(88,420,497	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(43,425,712	)	$	(73,291,913	)	$	9,570,738		$	(13,794,575	)
Transactions in Shares of Each of the Funds Were as Follows:
Sold		1,389,346			4,237,712			2,749,369			4,453,708
Issued in Reinvestment of Distributions		—			—			486,928			93,470
Redeemed		(5,218,702	)		(11,971,115	)		(2,809,343	)		(5,340,622	)
Net Increase (Decrease) in Shares		(3,829,356	)		(7,733,403	)		426,954			(793,444	)
	Strong Endeavor Fund						Strong Large Cap Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each of the Funds Were as Follows:
Proceeds from Shares Sold	$	25,656,689		$	2,761,167		$	23,281,058		$	119,300,083
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(12,846,928	)		(3,208,236	)		(192,863,717	)		(215,208,135	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	12,809,761		$	(447,069	)	$	(169,582,659	)	$	(95,908,052	)
Transactions in Shares of Each of the Funds Were as Follows:
Sold		2,651,582			352,819			1,096,912			6,748,415
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(1,308,723	)		(392,692	)		(9,063,690	)		(11,659,100	)
Net Increase (Decrease) in Shares		1,342,859			(39,873	)		(7,966,778	)		(4,910,685	)

84

	Strong U.S. Emerging Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	30,644,802		$	80,614,500
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(69,304,172	)		(70,723,291	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(38,659,370	)	$	9,891,209
Transactions in Shares of the Fund Were as Follows:
Sold		2,023,780			6,579,270
Issued in Reinvestment of Distributions		—			—
Redeemed		(4,690,716	)		(5,686,579	)
Net Increase (Decrease) in Shares		(2,666,936	)		892,691
	Strong Enterprise Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
				(Note 1)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	58,477,939		$	57,913,922
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(82,232,803	)		(108,083,036	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(23,754,864	)		(50,169,114	)
INSTITUTIONAL CLASS
Proceeds from Shares Sold		5,292,766			2,440,911
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(1,119,418	)		(571,699	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		4,173,348			1,869,212
ADVISOR CLASS
Proceeds from Shares Sold		313,237			794,357
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(673,372	)		(860,789	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(360,135	)		(66,432	)
CLASS K
Proceeds from Shares Sold		5,305,094			27,685,600
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(29,866,227	)		(3,466,148	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(24,561,133	)		24,219,452
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(44,502,784	)	$	(24,146,882	)

85

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Enterprise Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
			(Note 1)
Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold	2,647,620		3,153,308
Issued in Reinvestment of Distributions	—		—
Redeemed	(3,660,631	)	(5,809,732	)
Net Increase (Decrease) in Shares	(1,013,011	)	(2,656,424	)
INSTITUTIONAL CLASS
Sold	234,398		124,525
Issued in Reinvestment of Distributions	—		—
Redeemed	(49,394	)	(27,868	)
Net Increase (Decrease) in Shares	185,004		96,657
ADVISOR CLASS
Sold	13,653		41,765
Issued in Reinvestment of Distributions	—		—
Redeemed	(30,106	)	(42,658	)
Net Increase (Decrease) in Shares	(16,453	)	(893	)
CLASS K
Sold	231,322		1,484,422
Issued in Reinvestment of Distributions	—		—
Redeemed	(1,294,725	)	(174,720	)
Net Increase (Decrease) in Shares	(1,063,403	)	1,309,702

86

	Strong Growth 20 Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	16,029,770		$	215,730,444
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(143,016,698	)		(208,651,373	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(126,986,928	)		7,079,071
ADVISOR CLASS
Proceeds from Shares Sold		1,291,825			1,330,952
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(3,213,182	)		(3,819,394	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,921,357	)		(2,488,442	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(128,908,285	)	$	4,590,629
Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold		1,211,916			20,382,621
Issued in Reinvestment of Distributions		—			—
Redeemed		(10,901,063	)		(18,867,469	)
Net Increase (Decrease) in Shares		(9,689,147	)		1,515,152
ADVISOR CLASS
Sold		99,212			116,482
Issued in Reinvestment of Distributions		—			—
Redeemed		(243,324	)		(323,340	)
Net Increase (Decrease) in Shares		(144,112	)		(206,858	)

87

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	95,253,378		$	195,543,770
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(452,294,896	)		(449,810,001	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(357,041,518	)		(254,266,231	)
INSTITUTIONAL CLASS
Proceeds from Shares Sold		50,957,625			97,951,922
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(102,489,398	)		(53,916,690	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(51,531,773	)		44,035,232
ADVISOR CLASS
Proceeds from Shares Sold		1,130,060			4,568,184
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(4,859,149	)		(7,899,492	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,729,089	)		(3,331,308	)
CLASS C
Proceeds from Shares Sold		7,895			385,777
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(240,608	)		(48,846	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(232,713	)		336,931
CLASS K
Proceeds from Shares Sold		29,280,184			51,582,602
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(27,039,383	)		(19,995,565	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		2,240,801			31,587,037
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(410,294,292	)	$	(181,638,339	)

88

	Strong Growth Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold	5,403,825		13,337,882
Issued in Reinvestment of Distributions	—		—
Redeemed	(25,653,429	)	(28,947,288	)
Net Increase (Decrease) in Shares	(20,249,604	)	(15,609,406	)
INSTITUTIONAL CLASS
Sold	2,807,793		6,457,458
Issued in Reinvestment of Distributions	—		—
Redeemed	(5,693,537	)	(3,285,692	)
Net Increase (Decrease) in Shares	(2,885,744	)	3,171,766
ADVISOR CLASS
Sold	64,603		304,356
Issue	—		—
Redeemed	(277,909	)	(503,466	)
Net Increase (Decrease) in Shares	(213,306	)	(199,110	)
CLASS C
Sold	459		25,570
Issue	—		—
Redeemed	(13,972	)	(2,959	)
Net Increase (Decrease) in Shares	(13,513	)	22,611
CLASS K
Sold	1,658,492		3,430,845
Issue	—		—
Redeemed	(1,483,358	)	(1,204,449	)
Net Increase (Decrease) in Shares	175,134		2,226,396

89

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Large Company Growth Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
				(Note 1)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	58,344,944		$	71,224,694
Proceeds from Reinvestment of Distributions		—			12,085
Proceeds from Redemption Fees		63,114			30,740
Payment for Shares Redeemed		(42,348,813	)		(31,528,112	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		16,059,245			39,739,407
CLASS K
Proceeds from Shares Sold		3,776,093			1,000,551
Proceeds from Reinvestment of Distributions		—			—
Proceeds from Redemption Fees		2,450			626
Payment for Shares Redeemed		(463,462	)		(28,718	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		3,315,081			972,459
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	19,374,326		$	40,711,866
Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold		4,080,224			5,804,010
Issued in Reinvestment of Distributions		—			1,118
Redeemed		(3,042,496	)		(2,514,076	)
Net Increase (Decrease) in Shares		1,037,728			3,291,052
CLASS K
Sold		265,582			78,792
Issued in Reinvestment of Distributions		—			—
Redeemed		(32,837	)		(2,190	)
Net Increase (Decrease) in Shares		232,745			76,602

90

9. 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 or its successor 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.

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 employees, officers, directors, and others as defendants in certain federal and state courts with respect to factual matters referenced in the NYAG settlement. On February 20, 2004, the United States Judicial Panel for Multi District Litigation (“MDL”) ordered the transfer of most 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”). The MDL ordered all or most of the other federal court Actions and certain state court Actions involving Strong to be consolidated into no more than three actions and be heard by the District of Maryland court. On September 30, 2004, three consolidated amended complaints were filed in the District of Maryland court. 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. Certain state Actions were not consolidated into the MDL Consolidated Actions and proceedings in these state court Actions have been or 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.

10. Pending Fund Merger

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) for Wells Fargo to acquire certain assets of SFC and certain of its affiliates, including the Advisor. As part of the transaction, Fund shareholders met on December 10, 2004 or December 22, 2004 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. A reorganization of the Strong Funds into the Wells Fargo Funds family is anticipated to take place in April 2005.

91

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of

Strong Growth Funds:

We have audited the accompanying statements of assets and liabilities of Strong Blue Chip Fund, Strong Discovery Fund, Strong Endeavor Fund, Strong Large Cap Growth Fund, Strong U.S. Emerging Growth Fund, Strong Enterprise Fund, Strong Growth 20 Fund, Strong Growth Fund and Strong Large Company Growth Fund (all nine collectively constituting Strong Growth Funds, hereafter referred to as the “Funds”), including the schedules of investments, as of December 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statement of changes in net assets for the period ended December 31, 2003 and the financial highlights for each of the years or periods ended December 31, 2003, and prior, were audited by other auditors whose report thereon dated February 3, 2004 expressed an unqualified opinion on those financial statements.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2004, the results of their operations for the year then ended, the changes in their net assets for the year then ended, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 14, 2005

92

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) December 31, 2004

Results of Special Meeting of Shareholders of Strong Blue Chip Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Blue Chip Fund into the Wells Fargo Advantage Large Company Growth Fund.

For	Against	Abstain
6,811,915.763	211,070.695	132,524.389

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
6,799,803.121	205,433.514	150,274.212

To approve an interim sub-advisory agreement with Peregrine Capital Management, Inc.

For	Against	Abstain
6,780,321.462	220,311.452	154,877.933

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
7,155,510.847	—	—

Results of Special Meeting of Shareholders of Strong Discovery Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Discovery Fund into the Wells Fargo Advantage Discovery Fund.

For	Against	Abstain
4,518,362.083	208,405.514	113,218.806

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
4,491,694.763	223,560.385	124,731.255

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
4,481,099.104	226,992.449	131,894.850

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
4,839,986.403	—	—

Results of Special Meeting of Shareholders of Strong Endeavor Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Endeavor Fund into the Wells Fargo Advantage Capital Growth Fund.

For	Against	Abstain
1,929,267.145	6,444.512	1,395.188

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
1,929,033.500	7,164.851	908.494

93

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) (continued) December 31, 2004

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
1,929,753.839	6,444.512	908.494

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
1,937,106.845	—	—

Results of Special Meeting of Shareholders of Strong Large Cap Growth Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Large Cap Growth Fund into the Wells Fargo Advantage Large Cap Growth Fund.

For	Against	Abstain
15,846,343.032	490,055.107	264,559.511

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
15,802,770.852	492,068.386	306,118.412

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
15,774,762.555	509,132.408	317,062.687

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
16,600,957.650	—	—

Results of Special Meeting of Shareholders of Strong U.S. Emerging Growth Fund

At a Special Meeting of the Shareholders of the Fund held on December 22, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong U.S. Emerging Growth Fund into the Wells Fargo Advantage Small Cap Growth Fund.

For	Against	Abstain
2,458,514.508	75,634.110	54,623.712

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
2,450,436.494	79,084.048	59,251.788

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
2,446,469.053	81,661.305	60,641.972

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
2,588,772.330	—	—

94

Results of Special Meeting of Shareholders of Strong Enterprise Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Enterprise Fund into the Wells Fargo Advantage Enterprise Fund.

For	Against	Abstain
6,687,917.363	225,948.205	135,768.964

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
6,646,973.052	249,712.226	152,949.254

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
6,631,427.780	254,732.841	163,473.911

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
7,049,634.532	—	—

Results of Special Meeting of Shareholders of Strong Growth 20 Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Growth 20 Fund into the Wells Fargo Advantage Growth Fund.

For	Against	Abstain
5,533,701.257	203,769.299	215,176.854

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
5,494,401.613	216,006.698	242,239.099

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
5,499,220.107	216,035.623	237,391.680

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
5,952,647.410	—	—

Results of Special Meeting of Shareholders of Strong Growth Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Growth Fund into the Wells Fargo Advantage Growth Fund.

For	Against	Abstain
47,034,675.672	1,185,781.208	744,280.706

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
46,890,361.599	1,221,651.791	852,724.196

95

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) (continued) December 31, 2004

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
46,815,360.747	1,260,105.361	889,271.478

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
48,964,737.586	—	—

Results of Special Meeting of Shareholders of Strong Large Company Growth Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals: To approve the reorganization of the Strong Large Company Growth Fund into the Wells Fargo Advantage Capital Growth Fund.

For	Against	Abstain
3,054,662.215	83,443.902	59,998.294

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
3,042,618.212	90,391.353	65,094.846

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
3,043,733.137	86,473.909	67,897.365

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
3,198,104.411	—	—

96

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 70 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, 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, Bassett Furniture Industries, Inc. from 1997 to December 2004, 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 from November 1997 to September 2004, 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; 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 President of Vogt Holdings, LLC since July 2004; Senior Vice President of IDX Systems Corporation (a management consulting firm) from June 2001 to June 2004; President of Vogt Management Consulting, Inc. from July 1990 to June 2001; and former Fellow of the American College of Medical Practice Executives.

97

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.

R. Michael Parker (DOB 6-17-45), Chief Compliance Officer of the Strong Funds since August 2004.

Mr. Parker was a Senior Compliance Examiner with the United States Securities and Exchange Commission from April 1970 to April 2004.

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.

John W. Widmer (DOB 1-19-65), Treasurer of the Strong Funds since April 1999; Secretary of the Strong Funds since November 2004.

Mr. Widmer has been Treasurer of the Advisor since April 1999; Assistant Treasurer of Strong Financial Corporation since December 2001; Secretary of Strong Financial Corporation since September 2004; Assistant Secretary of Strong Financial Corporation from December 2001 to January 2003; Treasurer of Strong Service Corporation since April 1999; Treasurer and Secretary of Strong Investor Services, Inc. since September 2004; Treasurer and Assistant Secretary of Strong Investor Services, Inc. from July 2001 to September 2004; 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. from October 1993 to September 2004; 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; Senior Vice President of the Advisor from February 1998 to April 2001; and Director of Capital Processing International, LLC since September 2004.

Effective January 2005, Dana J. Russart replaced Mr. Zoeller as Vice President of the Strong Funds.

Except for Messrs. Davis, 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. 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.

98

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky

William F. Vogt

Officers

Ane K. Ohm, Anti-Money Laundering Compliance Officer

R. Michael Parker, Chief Compliance Officer

Phillip O. Peterson, Independent President

John W. Widmer, Treasurer and Secretary

Thomas M. Zoeller, Vice President

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 Registered Public Accounting Firm

KPMG LLP

303 East Wacker Drive, Chicago, IL 60601-5212

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee, Wisconsin 53202

99

NOTES

100

Contact Us

To learn more about our funds, discuss an existing account, or conduct a transaction, call 1-800-368-3863 or visit www.Strong.com.

To reach us by mail, please forward to Strong Investments, P.O. Box 2936, Milwaukee, Wisconsin 53201.

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.

If you are a Financial Professional, call 1-800-368-1683.

Proxy Voting Information

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 (SEC) web site at www.sec.gov.

Filing of Portfolio Holdings

The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s web site at www.sec.gov, and may be reviewed and copied at the SEC’s public reference rooms at 450 Fifth Street, N.W., Washington, D.C. 20549, or at the SEC’s regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.

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. RT48465 02-05

AGRO/WH2890 12-04

ANNUAL REPORT    |    December 31, 2004

Item 1. Reports to Shareholders

Strong

Core

Funds

Strong Balanced Fund
Strong Large Cap Core Fund
Strong Growth and Income Fund
Strong Opportunity Fund

ANNUAL REPORT    |    December 31, 2004

Strong

Core

funds

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) for Wells Fargo to acquire certain assets of SFC and certain of its affiliates, including the Advisor. On December 10, 2004, and on December 22, 2004, shareholders of the Strong Funds met and approved 1) the reorganization of each Strong Fund into a Wells Fargo Advantage Fund (“Reorganization”), and 2) interim investment advisory agreements between the Strong Funds and Wells Fargo Funds Management, LLC and certain sub-advisors (“Interim Agreements”). The Interim Agreements became effective January 1, 2005. The Reorganization of the Funds is expected to occur on or about April 11, 2005.

Table of Contents

Investment Reviews
Strong Balanced Fund	2
Strong Large Cap Core Fund	6
Strong Growth and Income Fund	10
Strong Opportunity Fund	14
Your Fund’s Expenses	18
Financial Information
Schedules of Investments in Securities
Strong Balanced Fund	20
Strong Large Cap Core Fund	23
Strong Growth and Income Fund	24
Strong Opportunity Fund	26
Statements of Assets and Liabilities	29
Statements of Operations	32
Statements of Changes in Net Assets	35
Financial Highlights	38
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	55
Results to Shareholders Meetings	56
Directors and Officers	58

Market Update From Dick Weiss

January 1, 2004, to December 31, 2004

It’s indisputable: When it comes to the stock market, resolution brings results.

We saw this clearly at the tail end of 2004. The market as a whole had wandered aimlessly for the first 10 months of the year, spooked by uncertainty over the outcome of a contentious U.S. Presidential Election and our continuing involvement in Iraq. With George W. Bush’s reelection in November, the market surged, driven by the knowledge that there would be no change of administration in Washington and the U.S. commitment to democratize Iraq would continue.

One issue that currently weighs on the markets is inflation. There was tremendous inflation at the raw material level in both 2003 and 2004, but it has not shown up in any marked degree in the Consumer Price Index (CPI). The most obvious example occurred in the energy sector, where oil rose well above $50 per barrel. Historically, that sort of spike in oil prices would have dramatically (and negatively) impacted the average American’s financial affairs. This time, however, it did not.

Why? Because rather than pass on those increasing raw material costs to customers, most companies chose to take the hit themselves, largely because demand seemed soft. It seems to me that the tricky question is whether companies will continue to absorb higher prices for raw materials (thus depressing profit margins) or, rather, pass those costs along to the public.

In any event, it’s clear that there’s a lot more inflation in the system than is reflected in the CPI. Hence, it’s become a matter of how that inflation will be managed — and by whom.

It’s also worth noting that there are deflationary pressures afoot in the world’s economy today. China, absorbing millions of new workers into its labor pool, is exporting cheap goods around the globe. The United States is the destination for a disproportionate share of that production, and the Chinese are financing our purchases. For the moment, that practice has helped to prop up the U.S. dollar. In the long run, it has unsettling implications.

As we look at 2005, there are a lot of moving parts out there — inflation, deflation, Iraq, China, the ups-and-downs of the U.S. dollar, and the mind-boggling developments in technology with their transformative effects on both our corporate and personal lives. Rapidly aging populations in Europe and China will cause seismic demographic shifts that we believe will have a long-term, dramatic effect on the world economy and markets.

Thanks for your continued investment.

Richard T. Weiss

Strong Financial Corporation

Strong Balanced Fund

The Strong Balanced Fund underperformed its broad-based benchmark, the Standard & Poor’s 500 Index (S&P 500) during 2004. During the 12 months ending December 31, 2004, the Fund returned 6.86%, while the S&P 500 returned 10.87%. A balanced benchmark, the 60/40 Balanced Fund Index (which blends a 60% weighting in the S&P 500 with a 40% weighting in the Lehman Brothers Intermediate U.S. Government/Credit Bond Index), returned 7.81% for the same period.

A fourth-quarter breakout

The stock market was stuck in a trading range for much of 2004, failing to generate much positive or negative momentum. Although the economy continued to grow steadily and corporate earnings came in essentially as expected, rising oil prices and concerns about the potential for terrorism weighed on the market.

The market, however, rose sharply following the November 2 presidential election. Investors had been concerned that the election would fail to yield a quick and decisive victory, as happened in 2000. However, the clear-cut result seemed to calm these fears.

The Fund’s fixed-income portion benefited from a better-than-expected backdrop for bonds. Although the Federal Reserve raised short-term interest rates five times between June 30 and December 31, the market widely anticipated the increases, which had only a minimal negative impact on bonds with maturities exceeding five years.

Indeed, the most notable feature of the Treasury bond market in 2004 was the wide divergence between the behavior of short-term and long-term interest rates. Over the course of the year, the yield on 2-Year Treasury notes rose to just over 3.0% versus a level of 1.82% at the end of 2003. The 10-Year Treasury note started 2004 at a 4.25% yield, and finished the year practically unchanged at 4.22%. The yield of the long-term Treasury bond actually declined by 0.25%! While a “flattening” of the yield curve isn’t unusual during a period of tightening monetary policy, it was rather surprising to see long-maturity issues perform so well in the face of persistent short term rate hikes.

Skeptical of pharmaceuticals

The economy’s solid performance continued to benefit the Fund’s holdings in the industrial sector. In addition, the Fund was helped its reduced holdings in large-capitalization pharmaceutical stocks, a stance we took because we believed such companies in faced a number of political as well as self-induced challenges. The Fund also benefited from investments in the Internet sector as well as among lodging companies. In lodging, the Fund gained especially from its position in Starwood Hotels and Resorts, which benefited from a continued recovery in travel-related spending.

We do, however, wish that we had put more of an emphasis on energy stocks early in 2004 when these companies could be bought more cheaply; as oil and natural gas prices soared during the year, these stocks soared with them. We also, in hindsight, would have invested less in technology and health care stocks, neither of which performed well as a group during the year.

Focus on earnings growth and valuation

Following our overall management strategy of looking for companies with attractive valuations, strong earnings growth, and displaying positive fundamental financial momentum, we avoided investing in most large-capitalization drug companies. Although these companies were offering attractive valuations relative to their historic levels, the industry’s fundamentals appeared to be deteriorating and did not, in our opinion, provide compelling investment opportunities. The Fund did own a position in pharmaceutical giant Merck, but we sold all of the portfolio’s remaining shares in the company just days before it announced that the blockbuster drug Vioxx would be pulled from the market because of safety concerns.

We found a more attractive opportunity in UnitedHealth Group, a leading provider of health care benefits. Despite analysts’ expectations to the contrary, this company’s fundamentals continued to improve, even as the company continued to trade at an attractive valuation. This was a strong-performing stock for the Fund during the year.

Although valuation continued to be an important consideration when choosing investments for the Fund, we sometimes looked to other criteria when we believed that companies’ fundamentals were strong enough to make up for a higher-than-desired valuation. Several examples of this were found among Internet companies during the period, most notably Yahoo!, the leading Web portal, and eBay, the largest online auction site. These are two of the best examples of Internet companies which have been successful at obtaining advertising dollars that previously would have gone to “old media” outlets such as magazines, newspapers, and television stations.

Our management approach with the intermediate fixed-income portion of the portfolio was to maximize coupon income. We accomplished this goal by increasing the Fund’s exposure to corporate and mortgage-backed bonds, both of which offer higher interest rates than other types of bonds with comparable maturities.

In addition to extra income, the corporate bond market provided opportunities to capture relative price appreciation. A strong economic environment supported credit fundamentals, which allowed a narrowing of the “risk premium” versus Treasury yields. The market for mortgage-backed securities also performed well as the relative stability in intermediate rates allayed fears of a significant shift in the rate of prepayments related to refinance activity. All in all it was a pretty good year for investing in fixed income securities despite the steady climb in the Federal Reserve’s overnight rate targets and the Fund’s allocation to bonds served its purposes: diversification, volatility reduction, and income.

New Manager and Fund Reorganization

Effective January 1, 2005, David L. Roberts, CFA, of Wells Capital Management Incorporated began managing the equity portion of the Fund. W. Frank Koster continues to manage the bond portion of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Balanced Fund on or about April 11, 2005.

Thank you for your investment in the Strong Balanced Fund.

* The Morningstar Style Box^™ reflects 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).

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.

2

Fund Highlights

Source: Frank Russel Company via FactSet

Fund Highlights are continued on next page.

3

Strong Balanced Fund

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.

^† 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, 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

United States Treasury Bills, Notes & Bonds	6.1	%
FNMA Notes	3.7	%
General Electric Company	3.2	%
Exxon Mobil Corporation	2.7	%
FNMA Guaranteed Mortgage Investment Pass-Thru Certificates	2.6	%
Bank of America Corporation	2.3	%
International Business Machines Corporation	1.8	%
Microsoft Corporation	1.8	%
The Procter & Gamble Company	1.7	%
UnitedHealth Group, Inc.	1.6	%
Top Ten	27.5	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

4

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	6.86	%
5-year	-1.81	%
10-year	7.23	%
Since Fund Inception (12-30-81)	10.71	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Diversified Operations	5.4	%
Oil & Gas — International Integrated	4.4	%
Computer Software — Enterprise	2.6	%
Computer — Manufacturers	2.5	%
Banks — Money Center	2.3	%
Telecom — Wireless Equipment	2.3	%
Retail — Major Discount Chains	2.2	%
Commercial Services — Miscellaneous	1.9	%
Finance — Investment Brokers	1.9	%
Utility — Electric Power	1.8	%
Top Ten	27.3	%

Risks: Stock investments 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 investment values fluctuate in response to the financial condition of individual issuers, changes in interest rates, and general market and economic conditions. Consult the Fund’s prospectus for additional information on this and other risks.

5

Strong Large Cap Core Fund

The Strong Large Cap Core Fund posted a return of 8.69% for the one-year period ended December 31, 2004. This placed it behind its broad-based benchmark, the Standard and Poor’s 500, which returned 10.87% for the same period.

Investors were often uncertain

For much of the year, the equity markets took a breather after their strong returns in 2003. While there were many signs of economic improvement, there were also significant reasons for concern, including the unresolved conflict in Iraq, the potential for other global conflicts, uneven employment data, and the potential impact of rising interest rates. These factors weighed on the economy and on investor sentiment, keeping returns muted for most of the year.

Investor sentiment began to improve somewhat near the end of May, as the market focused its attention on good news regarding strong corporate profits and new job creation. Fund holdings that had been hurt by investors’ concerns in April had largely stabilized and recovered by the end of the first half of the year.

When the Federal Reserve acted to raise short-term rates by a quarter percentage point at the end of June, the modest move was widely anticipated. The Fed raised rates four more times before the end of the year, bringing the target rate up to 2.25% from 1.0%. The measured pace of these increases, a quarter point at a time, helped to quiet fears of inflation.

Although equity returns remained tepid in the year’s third quarter, they staged a solid comeback in the fourth quarter, as investors gained greater confidence in the economic outlook. Corporate profits climbed to record levels, job creation appeared to pick up, and oil prices moved down from their earlier highs. The quick resolution to the November elections — unlike the drawn-out scenario in 2000 — and a result that was generally seen as positive for business allowed the equity markets to enjoy a strong upturn through most of the remainder of the year.

Factors in our performance

In the first half of the year, the Fund’s energy holdings contributed positively to performance. 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.

Later in the year, many of the Fund’s gains took place in such cyclical sectors as materials, select technology, and industrial stocks. This was indicative of improving investor sentiment with respect to the sustainability of the economic recovery. We had significant holdings in these areas, including Phelps Dodge and Nucor. Home sales continued to be strong, allowing our investments among homebuilders to make meaningful contributions to our performance. Internet companies eBay and Yahoo! also had a positive impact on our returns.

Equally important to our results, however, was avoiding large investments in major portions of the technology sector (as well as health care) that appeared to us to be overvalued relative to their earnings prospects.

For much of the year, the Fund outpaced its broad-based benchmark. As the equity markets surged ahead in the fourth quarter, we were able to post solid gains, though not at the same rate as the index. Our focus on large capitalization stocks, with a median market capitalization that typically exceeds that of the S&P 500, hurt our results over the year, as smaller-company stocks on the whole outperformed larger-cap stocks.

Looking ahead

For months, many factors took a toll on investor confidence — factors that had little to do with the economy or corporate earnings. Now, investors once again are paying attention to some very positive underlying economic trends. This offers the potential for positive impact on equity markets, though perhaps not at the same rate as in the fourth quarter of 2004.

We anticipate that economic growth should continue at a sustainable pace in coming months. Corporate earnings appear to be strong, and there is good reason they will continue to be so. Inflation remains at manageable levels, and the Federal Reserve appears to be strongly committed to its measured pace of rate increases. There are still many concerns facing investors, including geopolitical uncertainty and rising interest rates, but on balance, we believe positive economic factors could help to drive reasonable gains among large-cap stocks in coming months.

Effective January 1, 2005, David A. Katz, CFA, of Matrix Asset Advisors, Inc., became the sole Portfolio Manager of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Growth and Income Fund, the successor to the Strong Growth and Income Fund, on or about April 11, 2005.

Thank you for your investment in the Strong Large Cap Core Fund.

* The Morningstar Style Box^™ reflects 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).

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.

6

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

7

Strong Large Cap Core Fund

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.

^† 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 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.

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 Large-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Core Funds Category. 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.

Top Holdings

Percent of Net Assets, as of 12-31-04

ConocoPhillips	3.9	%
Yahoo! Inc.	3.6	%
Citigroup, Inc.	3.5	%
Starwood Hotels & Resorts Worldwide, Inc.	3.4	%
eBay, Inc.	3.4	%
Tyco International, Ltd.	3.4	%
NIKE, Inc. Class B	3.3	%
American International Group, Inc.	3.3	%
Exxon Mobil Corporation	3.0	%
Bank of America Corporation	3.0	%
Top Ten	33.8	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

8

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	8.69	%
5-year	-4.44	%
Since Fund Inception (6-30-98)	2.30	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect.

Performance: 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Diversified Operations	10.3	%
Oil & Gas — International Integrated	8.7	%
Banks — Money Center	6.4	%
Finance — Investment Brokers	5.1	%
Building — Resident/Commercial	4.9	%
Telecommunications — Wireless Services	4.7	%
Oil & Gas — United States Exploration & Production	4.4	%
Internet — Internet Service Provider/Content	3.6	%
Leisure — Hotels & Motels	3.4	%
Internet — E*Commerce	3.4	%
Top Ten	54.9	%

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. Consult the Fund’s prospectus for additional information on this and other risks.

9

Strong Growth and Income Fund

The Strong Growth and Income Fund Investor Class gained 8.88% during the 12 months ending December 31, 2004. This result lagged the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500), which rose 10.87% during the same time frame.

A fourth-quarter breakout

The stock market was stuck in a trading range for much of 2004, failing to generate much positive or negative momentum for much of the year. Although the economy continued to grow steadily and corporate earnings came in essentially as expected, rising oil prices and concerns about the potential for terrorism weighed on the market.

The market, however, broke out of this trading range following the November 2 presidential election and rose sharply. Investors had been concerned that the election would fail to yield a quick and decisive victory, as happened in 2000. However, the clear-cut result seemed to calm these fears. Many investors most likely also saw the re-election of President Bush as an indication that investor-friendly policies such as lower dividend and capital gains tax rates were likely to continue.

Skeptical of pharmaceuticals

The economy’s solid performance continued to benefit the Fund’s holdings in the industrial sector. In addition, the Fund was helped by our decision to under-represent the portfolio in large-capitalization pharmaceutical stocks, a stance we took because we believed companies in the sector faced a number of political as well as self-induced challenges. The Fund also benefited from investments in the Internet sector as well as among lodging companies. In lodging, the Fund gained especially from its position in Starwood Hotels and Resorts Worldwide, Inc., which rose as business and leisure travel continued to rebound from its long slump in past years.

We do, however, wish that we had put more of an emphasis on energy stocks early in 2004 when these companies could be bought more cheaply; as oil and natural gas prices soared during the year, these stocks soared with them. We also, in hindsight, would have invested less in technology and health care stocks, neither of which performed well as a group during the year.

Focus on earnings growth and valuation

Our management approach during the period included a focus on screening techniques designed to uncover stocks displaying strong earnings growth and trading at attractive valuations. In other words, we were looking for companies with solid potential but that were not yet fully exploiting it. This process included an analysis of each company’s end market, competitive environment, and ability to meet or exceed stated financial goals.

Following our overall management strategy of looking for companies with attractive valuations and displaying positive fundamental financial momentum, we avoided investing in most large-capitalization drug companies. Although these companies were offering attractive valuations relative to their historic levels, the industry’s fundamentals appeared to be deteriorating and did not, in our opinion, provide compelling investment opportunities. The Fund did own a position in pharmaceutical giant Merck, but we sold all of the portfolio’s remaining shares in the company before it announced that the blockbuster drug Vioxx would be pulled from the market because of safety concerns.

We found a more attractive opportunity in the health care sector in UnitedHealth Group, a leading provider of health care benefits. Despite analysts’ expectations to the contrary, this company’s fundamentals continued to improve, even as the company continued to trade at an attractive valuation. This was a strong-performing stock for the Fund during the year.

Although valuation continued to be an important consideration when choosing investments for the Fund, we sometimes looked to other criteria when we believed that companies’ fundamentals were particularly strong enough to make up for a higher-than-desired valuation. Several examples of this were found among Internet companies during the period, most notably Yahoo!, the leading Web portal, and eBay, the largest online auction site. These are two of the best examples of Internet companies who have been successful at obtaining advertising dollars that previously would have gone to “old media” outlets such as magazines, newspapers, and television stations.

New Manager and Fund Reorganization

Effective January 1, 2005, David A. Katz, CFA, of Matrix Asset Advisors, Inc., became the sole Portfolio Manager of the Fund. In addition, the Fund is expected to reorganize into the Wells Fargo Advantage Growth and Income Fund, the successor to the Strong Growth and Income Fund, on or about April 11, 2005.

Thank you for your investment in the Strong Growth and Income Fund.

* The Morningstar Style Box^™ reflects 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).

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.

10

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

11

Strong Growth and Income Fund

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.

^† 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 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.

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 Large-Cap Core Funds Index is the average of the 30 largest funds in the Lipper Large-Cap Core Funds Category. Source of the S&P index data is Standard & Poor’s Micropal. Source of the Lipper index data is Lipper Inc.

It is not possible to invest directly in an index.

Top Holdings

Percent of Net Assets, as of 12-31-04

General Electric Company	5.0	%
Exxon Mobil Corporation	4.2	%
Bank of America Corporation	3.4	%
The Procter & Gamble Company	2.9	%
Microsoft Corporation	2.9	%
Tyco International, Ltd.	2.8	%
UnitedHealth Group, Inc.	2.6	%
eBay, Inc.	2.3	%
Yahoo! Inc.	2.3	%
The Goldman Sachs Group, Inc.	2.3	%
Top Ten	30.7	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

12

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	8.88	%
5-year	-5.35	%
Since Fund Inception (12-29-95)	9.68	%
Institutional Class1, 2
1-year	9.59	%
5-year	-4.75	%
Since Fund Inception (12-29-95)	10.06	%
Advisor Class1, 3
1-year	8.85	%
5-year	-5.40	%
Since Fund Inception (12-29-95)	9.53	%
Class K1, 4
1-year	9.35	%
5-year	-5.11	%
Since Fund Inception (12-29-95)	9.83	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² The 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.

³ 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.

⁴ 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Diversified Operations	9.0	%
Oil & Gas — International Integrated	7.0	%
Banks — Money Center	4.0	%
Computer — Manufacturers	3.8	%
Telecom — Wireless Equipment	3.6	%
Internet — Internet Service Provider/Content	3.6	%
Retail — Major Discount Chains	3.5	%
Finance — Investment Brokers	3.4	%
Commercial Services — Miscellaneous	3.0	%
Leisure — Hotels & Motels	3.0	%
Top Ten	43.9	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to growth-style investing risk. Consult the Fund’s prospectus for additional information on this and other risks.

13

Strong Opportunity Fund

Continuing the previous year’s bull market, the U.S. stock market posted another positive year in 2004. The Strong Opportunity Fund’s Investor Class shares gained 17.62% for the 12 months ending December 31, 2004. This result trailed that of the Fund’s broad-based benchmark, the Russell Midcap Index, which returned 20.22% during the same period.

A growing economy and higher rates

Strong consumer spending continued to carry the economy during 2004, while corporate spending gradually strengthened. The Federal Reserve continued to raise interest rates gradually during the period — exemplifying its confidence in the economy’s underlying strength. The Fed initiated five separate quarter-percentage-point rate hikes between June 30 and the end of the year.

We positioned the Strong Opportunity Fund with an expectation for higher rates and an aggressive economic recovery in 2004. The market rose only modestly for the first two-thirds of the year as a result of uncertainty surrounding the expected outcome of the U.S. presidential election along with rising energy costs. However, in the year’s fourth quarter, after the decisive election results and the relief in energy prices, the stock market rallied and ended the year on a very positive note.

Choosing stocks for the portfolio

The Strong Opportunity Fund uses a private market methodology in building its portfolio of securities. In other words, our investment process leads us to evaluate companies’ competitive strengths, assets, and financial position. We synthesize this information in an attempt to gauge the value an independent buyer would pay for the entire company, and then we look for stocks to buy that are trading at a discount to that value.

This process served us well in 2004 as it attracted us to luxury goods retailers, whose upscale clientele was, compared to lower-income customers, relatively unaffected by higher energy prices and sluggish employment growth. Upper-income shoppers were also buoyed by a second consecutive year of healthy stock market returns and a strong economy and housing market. Luxury retailers gave their customers a reason to shop in their stores by providing a strong representation of unique and wide assortments of fashions. We invested in luxury retailer Nordstrom, which through its differentiated business model emphasizing customer service, was well positioned to take advantage of the continued momentum in high-end spending. In 2004, Nordstrom enjoyed its second straight year of strong sales growth. In addition, the company’s focus on expense management and significant upgrades to its inventory and sales systems led to strong operating margins, record profits, and 2004 earnings estimates expected to rise by more than 50%. The increased profitability helped Nordstrom’s stock rise 36% during the year.

The portfolio also was overweighted compared to the benchmark in media stocks because we expected a faster-growing economy to generate higher advertising and broadcasting revenues. Based on this belief, we invested in Tribune Company for its exposure to both the advertising and the broadcasting markets. The newspaper group (Tribune included) faced questions about the accuracy of their circulation data and had to suffer the consequences of having fewer subscribers to sell to their advertisers. Finally, widely expected rule changes from the FCC that would help further deregulate the whole media industry failed to come through in 2004. The questions concerned investors, who wondered whether other media outlets also were providing inaccurate reporting statistics, as a smaller readership would translate into reduced advertising revenues. Despite a challenging year for Tribune, we have maintained the portfolio’s investments in the media sector, which appears favorably positioned for 2005.

What lies ahead?

Our outlook for 2005 depends on several factors, including the pressure of inflation, the dollar’s resilience to large trade and fiscal deficits, and the need for more rapid economic growth from countries outside of the United States. Consumer spending is starting to drop off slightly, but we expect that increased corporate spending and lower fuel costs should support the continued economic recovery.

The Fund is expected to reorganize into the Wells Fargo Advantage Opportunity Fund, the successor to the Strong Opportunity Fund, on or about April 11, 2005.

We appreciate your trust in our investment expertise and are committed to providing you with positive long-term performance. Best wishes for a happy, healthy, and profitable 2005.

Richard T.Weiss

Portfolio Co-Manager

Ann M. Miletti

Portfolio Co-Manager

* The Morningstar Style Box^™ reflects 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).

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.

14

Fund Highlights

Source: Frank Russell Company via FactSet

Fund Highlights are continued on next page.

15

Strong Opportunity Fund

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.

^† 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.

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.

Top Holdings

Percent of Net Assets, as of 12-31-04

Weatherford International, Ltd.	2.5	%
GlobalSantaFe Corporation	2.1	%
Praxair, Inc.	1.8	%
Apache Corporation	1.8	%
Molex, Inc.	1.7	%
Waters Corporation	1.7	%
Nordstrom, Inc.	1.6	%
Comcast Corporation	1.6	%
Barrick Gold Corporation	1.6	%
XL Capital, Ltd.	1.5	%
Top Ten	17.9	%

Holdings vary. More complete holdings are available at www.Strong.com.

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.

16

Average Annual Total Returns

As of 12-31-04

Investor Class1
1-year	17.62	%
5-year	4.07	%
10-year	13.31	%
Since Fund Inception (12-31-85)	15.23	%
Advisor Class1, 2
1-year	17.39	%
5-year	3.82	%
10-year	13.01	%
Since Fund Inception (12-31-85)	14.89	%
Class K1, 3
1-year	17.86	%
5-year	4.18	%
10-year	13.38	%
Since Fund Inception (12-31-85)	15.26	%

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.

Fee Waivers:

¹ 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 12-31-04, there are waivers and/or absorptions in effect for all share classes.

Performance:

² The performance of the Advisor Class shares prior to 2-24-00, 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 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.

Top Ten Industries

Percent of Net Assets, as of 12-31-04

Media — Cable TV	4.2	%
Computer — IT Services	3.6	%
Insurance — Property/Casualty/Title	3.6	%
Oil & Gas — Drilling	3.5	%
Oil & Gas — United States Exploration & Production	3.3	%
Retail — Clothing/Shoes	3.0	%
Electronics — Miscellaneous Components	3.0	%
Finance — Index Tracking Funds	2.8	%
Auto/Truck — Original Equipment	2.7	%
Medical — Biomedical/Biotechnology	2.6	%
Top Ten	32.3	%

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. Investment strategies that concentrate in particular market segments or fewer securities tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to medium-company risk. Consult the Fund’s prospectus for additional information on this and other risks.

17

YOUR FUND’S EXPENSES December 31, 2004

About Your Fund’s Expenses

Example

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on a hypothetical investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2004 through December 31, 2004.

Actual Expenses

The columns under the heading entitled “Actual” help you to estimate the actual expenses you paid over the period. The “Actual—Ending Account Value” shown is derived from the Fund’s actual return, and the “Actual — Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the column under the heading entitled “Actual — Expenses Paid During Period”.

Hypothetical Example for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the last column of the table (Hypothetical—Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

(continued on next page)

18

YOUR FUND’S EXPENSES (Continued) December 31, 2004

Actual Returns vs. Hypothetical Returns

Six Months Ended December 31, 2004

	Class	Fund’s Annualized Expense Ratio1,2		Beginning Account Value 7-01-04		Actual				Hypothetical (5% return before expenses)
						Ending Account Value 12-31-04		Expenses Paid During Period3		Ending Account Value 12-31-04		Expenses Paid During Period3
Strong Balanced Fund	Investor	1.27	%	$	1,000.00	$	1,052.90	$	6.55	$	1,018.75	$	6.44
Strong Large Cap Core Fund	Investor	1.90	%	$	1,000.00	$	1,059.40	$	9.84	$	1,015.58	$	9.63
Strong Growth and Income Fund	Investor	1.34	%	$	1,000.00	$	1,062.70	$	6.95	$	1,018.40	$	6.80
	Institutional	0.79	%	$	1,000.00	$	1,066.00	$	4.10	$	1,021.17	$	4.01
	Advisor	1.43	%	$	1,000.00	$	1,062.60	$	7.41	$	1,017.95	$	7.25
	K	0.89	%	$	1,000.00	$	1,065.50	$	4.62	$	1,020.66	$	4.52
Strong Opportunity Fund	Investor	1.34	%	$	1,000.00	$	1,087.70	$	7.03	$	1,018.40	$	6.80
	Advisor	1.58	%	$	1,000.00	$	1,086.50	$	8.29	$	1,017.19	$	8.01
	K	1.15	%	$	1,000.00	$	1,088.90	$	6.04	$	1,019.36	$	5.84

¹ Based on the Fund’s most recent six-month period; may differ from expense ratios based on one-year data in the Financial Highlights.

² These ratios do not include the effect of directed brokerage credits and/or custody earnings credits, if any.

³ Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days, and divided by 366.

19

SCHEDULES OF INVESTMENTS IN SECURITIES December 31, 2004

STRONG BALANCED FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 64.5%
Aerospace - Defense 1.3%
General Dynamics Corporation	9,300	$	972,780
Northrop Grumman Corporation	18,500		1,005,660
			1,978,440
Aerospace - Defense Equipment 0.3%
Goodrich Corporation	15,500		505,920
Banks - Money Center 2.3%
Bank of America Corporation	66,500		3,124,835
J.P. Morgan Chase & Company	13,416		523,358
			3,648,193
Banks - Super Regional 1.1%
U.S. Bancorp	52,100		1,631,772
Building - Resident/Commercial 0.9%
Toll Brothers, Inc. (b)	19,500		1,337,895
Chemicals - Basic 1.2%
The Dow Chemical Company	36,400		1,802,164
Commercial Services - Miscellaneous 1.9%
Automatic Data Processing, Inc.	32,500		1,441,375
Paychex, Inc.	45,800		1,560,864
			3,002,239
Computer - Data Storage 0.8%
EMC Corporation (b)	79,700		1,185,139
Computer - IT Services 1.8%
International Business Machines Corporation	28,900		2,848,962
Computer - Manufacturers 2.5%
Apple Computer, Inc. (b)	35,300		2,273,320
Dell, Inc. (b)	37,400		1,576,036
			3,849,356
Computer - Peripheral Equipment 0.9%
Synaptics, Inc. (b) (g)	46,500		1,421,970
Computer Software - Desktop 1.8%
Microsoft Corporation	103,800		2,772,498
Computer Software - Enterprise 2.6%
Mercury Interactive Corporation (b)	34,900		1,589,695
SAP AG Sponsored ADR (g)	53,600		2,369,656
			3,959,351
Cosmetics - Personal Care 1.7%
The Procter & Gamble Company	47,200		2,599,776
Diversified Operations 5.4%
General Electric Company	137,400		5,015,100
Tyco International, Ltd.	64,500		2,305,230
United Technologies Corporation	10,800		1,116,180
			8,436,510
Electronics - Scientific Measuring 0.7%
Danaher Corporation (g)	19,500		1,119,495
Electronics - Semiconductor Manufacturing 1.1%
Intel Corporation	27,100		633,869
Maxim Integrated Products, Inc.	23,800		1,008,882
			1,642,751
Finance - Equity REIT 0.4%
Vornado Realty Trust	7,900		601,427
Finance - Investment Brokers 1.9%
The Goldman Sachs Group, Inc.	19,800	$	2,059,992
Morgan Stanley	16,700		927,184
			2,987,176
Finance - Investment Management 0.4%
Franklin Resources, Inc.	10,000		696,500
Finance - Publicly Traded Investment Funds-Equity (Non 40 Act) 0.5%
Semiconductor Holders Trust (g)	24,300		810,648
Finance - Savings & Loan 0.4%
Golden West Financial Corporation	9,400		577,348
Financial Services - Miscellaneous 0.7%
American Express Company	18,400		1,037,208
Insurance - Property/Casualty/Title 0.9%
The Allstate Corporation	27,000		1,396,440
Internet - Content 1.8%
Google, Inc. Class A (b) (g)	4,600		888,260
Yahoo! Inc. (b)	50,000		1,884,000
			2,772,260
Internet - E*Commerce 1.5%
eBay, Inc. (b)	19,800		2,302,344
Leisure - Hotels & Motels 1.8%
Marriott International, Inc. Class A	20,100		1,265,898
Starwood Hotels & Resorts Worldwide, Inc.	26,200		1,530,080
			2,795,978
Machinery - General Industrial 1.1%
Ingersoll-Rand Company Class A	20,800		1,670,240
Media - Books 0.5%
McGraw-Hill, Inc.	9,200		842,168
Medical - Biomedical/Biotechnology 1.7%
Amgen, Inc. (b)	21,900		1,404,885
Gilead Sciences, Inc. (b)	33,600		1,175,664
			2,580,549
Medical - Drug/Diversified 1.2%
Johnson & Johnson	28,500		1,807,470
Medical - Ethical Drugs 0.7%
Schering-Plough Corporation	53,100		1,108,728
Medical - Health Maintenance Organizations 1.6%
UnitedHealth Group, Inc.	28,900		2,544,067
Medical - Products 1.4%
St. Jude Medical, Inc. (b)	26,800		1,123,724
Zimmer Holdings, Inc. (b)	13,100		1,049,572
			2,173,296
Medical/Dental - Services 0.6%
Quest Diagnostics, Inc. (g)	9,700		926,835
Oil & Gas - Field Services 1.3%
Halliburton Company	53,100		2,083,644

20

STRONG BALANCED FUND (Continued)

	Shares or Principal Amount		Value (Note 2)
Oil & Gas - International Integrated 4.4%
ChevronTexaco Corporation		27,200	$	1,428,272
ConocoPhillips		14,200		1,232,986
Exxon Mobil Corporation		82,100		4,208,446
				6,869,704
Oil & Gas - Machinery/Equipment 0.7%
Baker Hughes, Inc.		24,800		1,058,216
Oil & Gas - United States Exploration & Production 0.8%
Anadarko Petroleum Corporation		9,700		628,657
Occidental Petroleum Corporation		9,400		548,584
				1,177,241
Retail - Major Discount Chains 2.2%
Target Corporation		27,600		1,433,268
Wal-Mart Stores, Inc.		36,000		1,901,520
				3,334,788
Retail/Wholesale - Building Products 1.1%
The Home Depot, Inc.		40,300		1,722,422
Retail/Wholesale - Office Supplies 0.4%
Staples, Inc.		17,000		573,070
Telecommunications - Equipment 1.3%
Lucent Technologies, Inc. (b)		550,500		2,069,880
Telecommunications - Wireless Equipment 2.3%
Nokia Corporation Sponsored ADR		123,400		1,933,678
QUALCOMM, Inc.		37,400		1,585,760
				3,519,438
Transportation - Air Freight 0.8%
FedEx Corporation		12,000		1,181,880
Utility - Electric Power 1.8%
Entergy Corporation		24,600		1,662,714
Exelon Corporation		27,300		1,203,111
				2,865,825
Total Common Stocks (Cost $83,435,845)				99,829,221
Corporate Bonds 12.0%
Aladdin Gaming Holdings LLC/Aladdin Capital Corporation Senior Discount Notes, 13.50%, Due 3/01/10 (b) (f)	$	3,700,000		18,500
America Movil SA de CV Guaranteed Senior Yankee Notes, 5.50%, Due 3/01/14		250,000		247,601
Bank of America Corporation Subordinated Notes, 7.40%, Due 1/15/11		400,000		463,925
Bellsouth Corporation Notes, 4.75%, Due 11/15/12		285,000		287,217
Capital One Bank Medium-Term Notes, 6.50%, Due 6/13/13		210,000		229,841
Cendant Corporation Notes, 6.25%, Due 3/15/10		100,000		108,344
CenterPoint Energy Resources Corporation Senior Notes, Series B, 7.875%, Due 4/01/13		100,000		119,045
Citigroup, Inc. Notes, 5.50%, Due 8/09/06		575,000		594,835
Citizens Communications Company Notes, 9.25%, Due 5/15/11		150,000		176,250
Comcast Corporation Senior Notes, 5.85%, Due 1/15/10 (g)		250,000		268,284
Core Investment Grade Trust Pass-Thru Certificates, 4.727%, Due 11/30/07 (g)		1,000,000		1,024,000
Countrywide Home Loans, Inc. Notes, Series L, 4.00%, Due 3/22/11	$	200,000	$	194,716
Cox Communications, Inc. Notes, 4.625%, Due 1/15/10 (d)		515,000		514,383
Credit Suisse First Boston USA, Inc. Notes:
4.625%, Due 1/15/08		200,000		205,084
6.50%, Due 1/15/12		250,000		278,642
DaimlerChrysler North America Holding Corporation Guaranteed Notes, 4.05%, Due 6/04/08		100,000		99,872
DaimlerChrysler North America Holding Corporation Notes, 7.75%, Due 1/18/11		200,000		230,905
Devon Financing Corporation ULC Notes, 6.875%, Due 9/30/11		200,000		226,821
Encana Corporation Yankee Notes, 4.60%, Due 8/15/09 (g)		285,000		290,656
EOP Operating LP Notes, 6.75%, Due 2/15/12		350,000		390,174
European Investment Bank Yankee Notes (g):
3.00%, Due 6/16/08		290,000		287,766
4.625%, Due 3/01/07		500,000		513,596
FedEx Corporation Notes, 2.65%, Due 4/01/07		245,000		240,089
FirstEnergy Corporation Notes, 6.45%, Due 11/15/11 (g)		150,000		163,198
Ford Motor Credit Company Notes (g):
6.50%, Due 1/25/07		250,000		260,086
7.00%, Due 10/01/13		300,000		318,561
France Telecom SA Yankee Notes, 8.50%, Due 3/01/11		350,000		418,030
General Electric Capital Corporation Notes:
2.75%, Due 9/25/06		530,000		525,033
6.50%, Due 12/10/07 (g)		250,000		269,572
General Motors Acceptance Corporation Notes, 6.875%, Due 9/15/11		370,000		379,679
Goldman Sachs Group, Inc. Senior Notes, 5.15%, Due 1/15/14		275,000		279,188
Goodrich Corporation Senior Notes, 7.625%, Due 12/15/12 (g)		100,000		118,758
Harrah’s Operating, Inc. Guaranteed Senior Notes, 5.50%, Due 7/01/10		220,000		227,996
Highwoods Realty LP Notes, 7.00%, Due 12/01/06		400,000		418,824
Hutchison Whampoa International, Ltd.
Guaranteed Yankee Notes, 6.25%, Due 1/24/14 (d)		200,000		211,058
JP Morgan Chase & Company Subordinated Notes:
5.125%, Due 9/15/14		545,000		549,616
6.625%, Due 3/15/12		300,000		336,282
KB Home Senior Notes, 5.75%, Due 2/01/14		295,000		293,525
Kraft Foods, Inc. Notes, 5.25%, Due 10/01/13 (g)		305,000		314,347
Kroger Company Notes, 6.75%, Due 4/15/12 (g)		100,000		113,071
M&T Bank Corporation Floating Rate
Subordinated Notes, 3.85%, Due 4/01/13 (d)		250,000		247,572
Merrill Lynch & Company, Inc.
Medium-Term Notes, Tranche #312, 4.00%, Due 11/15/07 (g)		200,000		202,124

21

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG BALANCED FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Morgan Stanley Notes, 5.80%, Due 4/01/07	$	500,000	$	524,461
Motorola, Inc. Notes, 7.625%, Due 11/15/10 (g)		150,000		174,204
National Rural Utilities Cooperative Finance Corporation Notes, 6.50%, Due 3/01/07		300,000		318,519
Norfolk Southern Corporation Senior Notes, 6.00%, Due 4/30/08		250,000		267,851
Normandy Finance, Ltd. Yankee Notes, 7.625%, Due 7/15/08 (d)		200,000		222,830
PNC Funding Corporation Subordinated Notes, 6.125%, Due 2/15/09		450,000		481,915
Pemex Project Funding Master Trust Notes, 7.375%, Due 12/15/14		150,000		167,100
Plains All American Pipeline LP Senior Notes, 5.625%, Due 12/15/13		150,000		154,561
Preferred Term Securities XV Variable Rate Yankee Notes, 4.0713%, Due 9/26/34 (d)		265,000		265,000
Principal Life Global Funding I Medium-Term Notes, Tranche #23, 3.625%, Due 4/30/08 (d)		250,000		249,112
Public Service Company of Colorado Corporate Notes, 7.875%, Due 10/01/12		175,000		212,302
Republic of Italy Yankee Notes, 3.625%, Due 9/14/07		300,000		300,630
SBC Communications, Inc. Notes, 5.10%, Due 9/15/14		200,000		202,242
Safeway, Inc. Notes, 4.80%, Due 7/16/07		200,000		204,858
Salomon Smith Barney Holdings, Inc. Senior Notes, 5.875%, Due 3/15/06		510,000		526,009
Shaw Communications, Inc. Senior Yankee Notes, 7.20%, Due 12/15/11		195,000		216,206
Telus Corporation Yankee Notes, 7.50%, Due 6/01/07		150,000		163,065
Texas Eastern Transmission Corporation Notes, 5.25%, Due 7/15/07		200,000		206,984
Travelers Property and Casualty Corporation Senior Notes, 5.00%, Due 3/15/13 (g)		150,000		146,863
Tyco International Group SA Guaranteed Yankee Notes, 6.00%, Due 11/15/13		120,000		130,962
Union Pacific Corporation Notes, 5.75%, Due 10/15/07		305,000		321,132
United Mexican States Yankee Notes, 7.50%, Due 1/14/12		200,000		227,300
Verizon Global Funding Corporation Notes, 4.375%, Due 6/01/13 (g)		300,000		292,835
Total Corporate Bonds (Cost $19,068,440)				18,634,007
Non-Agency Mortgage & Asset-Backed Securities 5.5%
Asset Securitization Corporation Commercial Mortgage Pass-Thru Certificates, Series 1995-MD4, Class A-1, 7.10%, Due 8/13/29		534,062		551,661
Bear Stearns Commercial Mortgage Securities, Inc. Pass-Thru Certificates, Series 2004-T16, Class A5, 4.60%, Due 2/13/46		875,000		866,250
Citigroup Mortgage Loan Trust Variable Rate Pass-Thru Certificates, Series 2004-HYB4,Class A-IA, 2.75%, Due 12/25/34		615,000		615,000
Community Program Loan Trust Bonds, Series 1987, Class A-4, 4.50%, Due 10/01/18	$	967,746	$	968,597
Countrywide Home Equity Loan Trust Variable Rate Asset-Backed Notes, Series 2004-I, Class A, 2.6925%, Due 2/15/34		923,407		924,273
CWABS, Inc. Variable Rate Revolving Home Equity Loan Asset-Backed Notes:
Series 2002-C, Class A, 2.6425%, Due 5/15/28		319,034		319,410
Series 2004-Q, Class 2A, 2.5172%, Due 12/15/33		520,000		520,548
JP Morgan Chase Commercial Mortgage Securities Corporation Variable Rate Pass-Thru Certificates, Series 2004-C2, Class A2, 5.09%, Due 5/15/41		475,000		491,953
LB-UBS Commercial Mortgage Trust Pass-Thru Certificates, Series 2004-C7,Class A6, 4.786%, Due 10/15/29		1,095,000		1,091,065
Renaissance Home Equity Loan Trust Variable Rate Asset-Backed Certificates, Series 2004-3, Class AF1, 2.6375%, Due 11/25/34		645,534		645,534
Residential Asset Securities Corporation Variable Rate Home Equity Mortgage Asset-Backed Pass-Thru Certificates, Series 2004-KS1, Class AI1, 2.5675%, Due 9/25/20		325,741		325,751
Terwin Mortgage Trust Variable Rate Asset-Backed Certificates, Series 2004-21HE,Class 1-A1, 2.63%, Due 12/25/34		435,000		435,272
USAA Auto Owner Trust Asset-Backed Notes, Series 2004-3, Class A-2, 2.79%, Due 6/15/07		560,000		558,895
Washington Mutual Mortgage Pass-Thru Certificates, Series 2002-AR7, Class A-6, 5.53%, Due 7/25/32		202,824		203,590
Total Non-Agency Mortgage & Asset-Backed Securities (Cost $8,498,097)				8,517,799
United States Government & Agency Issues 14.8%
FHLMC Adjustable Rate Guaranteed Mortgage Participation Certificates, Series T-59, Class 2A1, 4.103%, Due 10/25/43		499,350		509,646
FHLMC Adjustable Rate Guaranteed Mortgage Participation Certificates, 4.1189%, Due 7/25/43		428,212		435,435
FHLMC Notes (c):
5.50%, Due 7/15/06		150,000		155,285
5.75%, Due 3/15/09		1,115,000		1,202,608
FHLMC Participation Certificates:
5.00%, Due 8/01/19		860,254		874,312
8.00%, Due 3/01/16		307,843		327,468
10.25%, Due 3/01/15		18,656		20,527
10.50%, Due 1/01/16		3,400		3,840
FNMA Guaranteed Mortgage Adjustable Rate Pass-Thru Certificates, 6.96%, Due 1/01/07		2,038,909		2,137,093
FNMA Guaranteed Mortgage Pass-Thru Certificates, 5.00%, Due 12/01/18		459,737		467,679
FNMA Guaranteed Real Estate Mortgage Investment Conduit Pass-Thru Trust, 9.50%, Due 11/25/31		588,430		650,950

22

STRONG BALANCED FUND (continued)

	Shares or Principal Amount		Value (Note 2)
FNMA Guaranteed Real Estate Mortgage Investment Conduit Trust Pass-Thru Certificates, 4.75%, Due 12/25/42	$	710,000	$	711,985
FNMA Guaranteed Real Estate Mortgage Investment Conduit Variable Rate Pass-Thru Certificates, Series G92-61,Class FJ, 3.06%, Due 10/25/22		47,911		48,015
FNMA Notes:
2.875%, Due 5/19/08		575,000		561,937
3.25%, Due 8/15/08		925,000		913,579
4.375%, Due 10/15/06 (c)		200,000		204,083
5.25%, Due 6/15/06		1,500,000		1,544,777
5.50%, Due 2/15/06		1,360,000		1,396,660
5.75%, Due 2/15/08		1,000,000		1,065,952
GNMA Guaranteed Pass-Thru Certificates, 7.50%, Due 12/15/07		140,801		144,978
United States Treasury Bonds, 7.25%, Due 5/15/16 (g)		1,265,000		1,583,820
United States Treasury Notes (g):
2.25%, Due 2/15/07		250,000		245,840
3.125%, Due 5/15/07		495,000		494,903
3.50%, Due 11/15/09		3,545,000		3,529,494
4.25%, Due 11/15/14		1,325,000		1,328,882
10.375%, Due 11/15/12		1,985,000		2,367,269
Total United States Government & Agency Issues (Cost $22,889,984)				22,927,017
Short-Term Investments (a) 12.5%
Collateral Received for Securities Lending 9.3%
Navigator Prime Portfolio		14,451,839		14,451,839
Corporate Bonds 1.2%
AOL Time Warner, Inc. Notes, 5.625%, Due 5/01/05	$	300,000		302,787
Florida Power & Light Company First Mortgage Notes, 6.875%, Due 12/01/05		110,000		113,739
Ford Motor Credit Company Notes, 7.60%, Due 8/01/05		160,000		163,757
KN Energy, Inc. Senior Notes, 6.65%, Due 3/01/05		250,000		251,597
MetLife, Inc. Debentures, 3.911%, Due 5/15/05		205,000		205,933
MidAmerican Energy Holdings Company Senior Notes, 7.23%, Due 9/15/05		345,000		354,866
NiSource Finance Corporation Notes, 7.625%, Due 11/15/05		305,000		316,176
Pioneer National Resources Company Senior Notes, 8.875%, Due 4/15/05		200,000		203,089
				1,911,944
Repurchase Agreements (e) 2.0%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $2,100,376); Collateralized by: United States Government & Agency Issues		2,100,000		2,100,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $1,019,072); Collateralized by: United States Government & Agency Issues		1,019,000		1,019,000
				3,119,000
United States Government & Agency Issues 0.0%
United States Treasury Bills, Due 2/24/05 (c)	$	50,000	$	49,858
Total Short-Term Investments (Cost $19,511,100)				19,532,641
Total Investments in Securities (Cost $153,403,466) 109.3%				169,440,685
Other Assets and Liabilities, Net (9.3%)				(14,466,679	)
Net Assets 100.0%			$	154,974,006

FUTURES

	Expiration Date	Underlying Face Amount at Value		Unrealized Appreciation/ (Depreciation)
Purchased:
5 Ten-Year U.S. Treasury Notes	3/05	$	559,688	$	5,213

STRONG LARGE CAP CORE FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 91.4%
Apparel - Shoes & Related Manufacturing 3.3%
NIKE, Inc. Class B	1,600	$	145,104
Banks - Money Center 6.4%
Bank of America Corporation	2,800		131,572
Citigroup, Inc.	3,200		154,176
			285,748
Banks - Super Regional 2.8%
U.S. Bancorp	4,000		125,280
Building - Construction Products/ Miscellaneous 2.0%
Masco Corporation	2,400		87,672
Building - Resident/Commercial 4.9%
D.R. Horton, Inc.	2,850		114,884
Standard Pacific Corporation	1,600		102,624
			217,508
Computer Software - Desktop 2.5%
Microsoft Corporation	4,100		109,511
Cosmetics - Personal Care 2.1%
The Procter & Gamble Company	1,700		93,636
Diversified Operations 10.3%
Emerson Electric Company	1,500		105,150
General Electric Company	3,200		116,800
Tyco International, Ltd.	4,200		150,108
United Technologies Corporation	800		82,680
			454,738
Finance - Investment Brokers 5.1%
The Goldman Sachs Group, Inc.	1,100		114,444
Lehman Brothers Holdings, Inc.	1,300		113,724
			228,168
Insurance - Diversified 3.3%
American International Group, Inc.	2,200		144,474
Internet - Content 3.6%
Yahoo! Inc. (b)	4,200		158,256

23

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG LARGE CAP CORE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Internet - E*Commerce 3.4%
eBay, Inc. (b)		1,300	$	151,164
Leisure - Hotels & Motels 3.4%
Starwood Hotels & Resorts Worldwide, Inc.		2,600		151,840
Metal Ores - Miscellaneous 2.2%
Phelps Dodge Corporation		1,000		98,920
Oil & Gas - Drilling 2.6%
Transocean, Inc. (b)		2,700		114,453
Oil & Gas - International Integrated 8.7%
ChevronTexaco Corporation		1,500		78,765
ConocoPhillips		2,000		173,660
Exxon Mobil Corporation		2,600		133,276
				385,701
Oil & Gas - United States Exploration & Production 4.4%
Devon Energy Corporation		2,800		108,976
Occidental Petroleum Corporation		1,500		87,540
				196,516
Retail - Drug Stores 2.0%
Walgreen Company		2,300		88,251
Retail - Major Discount Chains 2.0%
Target Corporation		1,700		88,281
Retail - Restaurants 2.5%
McDonald’s Corporation		3,500		112,210
Steel - Producers 2.4%
Nucor Corporation		2,000		104,680
Telecommunications - Wireless Equipment 2.3%
QUALCOMM, Inc.		2,400		101,760
Telecommunications - Wireless Services 4.7%
America Movil ADR Series L		2,100		109,935
Mobile Telesystems Sponsored ADR		700		96,957
				206,892
Tobacco 2.1%
Altria Group, Inc.		1,500		91,650
Transportation - Air Freight 2.4%
FedEx Corporation		1,100		108,339
Total Common Stocks (Cost $3,382,348)				4,050,752
Short-Term Investments (a) 8.4%
Repurchase Agreements (e)
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $370,926); Collateralized by: United States Government & Agency Issues	$	370,900		370,900
Total Short-Term Investments (Cost $370,900)				370,900
Total Investments in Securities (Cost $3,753,248) 99.8%				4,421,652
Other Assets and Liabilities, Net 0.2%				8,316
Net Assets 100.0%			$	4,429,968

STRONG GROWTH AND INCOME FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.9%
Aerospace - Defense 2.1%
General Dynamics Corporation	56,100	$	5,868,060
Northrop Grumman Corporation	100,300		5,452,308
			11,320,368
Aerospace - Defense Equipment 0.6%
Goodrich Corporation	93,100		3,038,784
Banks - Money Center 4.0%
Bank of America Corporation	387,000		18,185,130
J.P. Morgan Chase & Company	71,424		2,786,250
			20,971,380
Banks - Super Regional 1.6%
U.S. Bancorp	272,800		8,544,096
Building - Resident/Commercial 1.3%
Toll Brothers, Inc. (b)	101,800		6,984,498
Chemicals - Basic 1.8%
The Dow Chemical Company	190,500		9,431,655
Commercial Services - Miscellaneous 3.0%
Automatic Data Processing, Inc.	170,500		7,561,675
Paychex, Inc.	240,300		8,189,424
			15,751,099
Computer - Data Storage 1.5%
EMC Corporation (b)	541,400		8,050,618
Computer - IT Services 2.0%
International Business Machines Corporation	108,700		10,715,646
Computer - Manufacturers 3.8%
Apple Computer, Inc. (b)	186,600		12,017,040
Dell, Inc. (b)	195,800		8,251,012
			20,268,052
Computer Software - Desktop 2.9%
Microsoft Corporation	564,500		15,077,795
Computer Software - Enterprise 1.6%
Mercury Interactive Corporation (b)	182,900		8,331,095
Cosmetics - Personal Care 2.9%
The Procter & Gamble Company	276,600		15,235,128
Diversified Operations 9.0%
General Electric Company	726,600		26,520,900
Tyco International, Ltd.	418,800		14,967,912
United Technologies Corporation	56,200		5,808,270
			47,297,082
Electronics - Scientific Measuring 1.1%
Danaher Corporation	102,400		5,878,784
Electronics - Semiconductor Manufacturing 2.1%
Intel Corporation	238,300		5,573,837
Maxim Integrated Products, Inc.	126,000		5,341,140
			10,914,977
Finance - Equity REIT 0.6%
Vornado Realty Trust	43,900		3,342,107

24

STRONG GROWTH AND INCOME FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Finance - Investment Brokers 3.4%
The Goldman Sachs Group, Inc.		116,167	$	12,086,015
Morgan Stanley		101,400		5,629,728
				17,715,743
Finance - Investment Management 1.1%
Franklin Resources, Inc.		84,900		5,913,285
Finance - Savings & Loan 0.6%
Golden West Financial Corporation		55,800		3,427,236
Financial Services - Miscellaneous 1.2%
American Express Company		111,000		6,257,070
Insurance - Property/Casualty/Title 1.4%
The Allstate Corporation		141,600		7,323,552
Internet - Internet Content 3.6%
Google, Inc. Class A (b)		36,000		6,951,600
Yahoo! Inc. (b)		323,300		12,181,944
				19,133,544
Internet - E*Commerce 2.3%
eBay, Inc. (b)		103,700		12,058,236
Leisure - Hotels & Motels 3.0%
Marriott International, Inc. Class A		121,100		7,626,878
Starwood Hotels & Resorts Worldwide, Inc.		137,100		8,006,640
				15,633,518
Machinery - General Industrial 1.7%
Ingersoll-Rand Company Class A		109,000		8,752,700
Media - Books 0.9%
McGraw-Hill, Inc.		53,900		4,934,006
Medical - Biomedical/Biotechnology 2.9%
Amgen, Inc. (b)		132,400		8,493,460
Gilead Sciences, Inc. (b)		191,200		6,690,088
				15,183,548
Medical - Drug/Diversified 2.1%
Johnson & Johnson		171,500		10,876,530
Medical - Ethical Drugs 1.2%
Schering-Plough Corporation		309,900		6,470,712
Medical - Health Maintenance Organizations 2.6%
UnitedHealth Group, Inc.		156,500		13,776,695
Medical - Products 2.2%
St. Jude Medical, Inc. (b)		140,800		5,903,744
Zimmer Holdings, Inc. (b)		71,000		5,688,520
				11,592,264
Medical/Dental - Services 1.0%
Quest Diagnostics, Inc.		58,000		5,541,900
Oil & Gas - Field Services 2.1%
Halliburton Company		277,700		10,896,948
Oil & Gas - International Integrated 7.0%
ChevronTexaco Corporation		164,000		8,611,640
ConocoPhillips		75,300		6,538,299
Exxon Mobil Corporation		429,900		22,036,674
				37,186,613
Oil & Gas - Machinery/Equipment 1.0%
Baker Hughes, Inc.		130,000	$	5,547,100
Oil & Gas - United States Exploration & Production 0.7%
Anadarko Petroleum Corporation		58,600		3,797,866
Retail - Major Discount Chains 3.5%
Target Corporation		160,600		8,339,958
Wal-Mart Stores, Inc.		188,400		9,951,288
				18,291,246
Retail/Wholesale - Building Products 2.0%
The Home Depot, Inc.		242,900		10,381,546
Retail/Wholesale - Office Supplies 0.6%
Staples, Inc.		89,100		3,003,561
Telecommunications - Equipment 2.1%
Lucent Technologies, Inc. (b)		2,914,800		10,959,648
Telecommunications - Wireless Equipment 3.6%
Nokia Corporation Sponsored ADR		645,600		10,116,552
QUALCOMM, Inc.		216,340		9,172,816
				19,289,368
Transportation - Air Freight 1.3%
FedEx Corporation		72,600		7,150,374
Utility - Electric Power 2.9%
Entergy Corporation		129,100		8,725,869
Exelon Corporation		147,800		6,513,546
				15,239,415
Total Common Stocks (Cost $415,545,707)				527,487,388
Warrants 0.0%
Telecommunications - Equipment
Lucent Technologies, Expire 12/10/07 (b)		7,551		11,931
Total Warrants (Cost $0)				11,931
Short-Term Investments (a) 2.2%
Repurchase Agreements (e)
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $10,201,828); Collateralized by: United States Government & Agency Issues	$	10,200,000		10,200,000
State Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $1,203,485); Collateralized by: United States Government & Agency Issues		1,203,400		1,203,400
Total Short-Term Investments (Cost $11,403,400)				11,403,400
Total Investments in Securities (Cost $426,949,107) 102.1%				538,902,719
Other Assets and Liabilities, Net (2.1%)				(10,891,908	)
Net Assets 100.0%			$	528,010,811

25

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2004

STRONG OPPORTUNITY FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 87.3%
Auto/Truck - Original Equipment 2.7%
Eaton Corporation (g)	520,000	$	37,627,200
Magna International, Inc. Class A	360,000		29,718,000
			67,345,200
Building - Air Conditioning & Heating Products 1.5%
American Standard Companies, Inc. (b) (g)	920,000		38,014,400
Building - Construction Products/ Miscellaneous 1.3%
Mohawk Industries, Inc. (b) (g)	375,000		34,218,750
Building Products - Wood 1.2%
Weyerhaeuser Company (g)	445,000		29,912,900
Chemicals - Specialty 1.8%
Praxair, Inc. (h)	1,060,000		46,799,000
Commercial Services – Advertising 1.4%
The Interpublic Group of Companies, Inc. (b) (g)	2,730,000		36,582,000
Computer - IT Services 3.6%
Accenture, Ltd. Class A (b)	1,090,000		29,430,000
Computer Sciences Corporation (b) (g)	570,000		32,130,900
Unisys Corporation (b) (g)	2,940,000		29,929,200
			91,490,100
Computer - Manufacturers 1.2%
Sun Microsystems, Inc. (b) (g)	5,730,000		30,827,400
Computer - Software Design 1.3%
Cadence Design Systems, Inc. (b) (g)	2,425,000		33,489,250
Computer Software - Desktop 0.7%
Red Hat, Inc. (b)	1,315,000		17,555,250
Computer Software - Enterprise 0.7%
Novell, Inc. (b) (g)	2,695,000		18,191,250
Computer Software - Financial 1.3%
DST Systems, Inc. (b) (g)	625,000		32,575,000
Computer Software - Security 1.3%
VeriSign, Inc. (b) (g)	985,000		33,017,200
Electronics - Contract Manufacturing 1.7%
Flextronics International, Ltd. (b) (g)	920,000		12,714,400
Sanmina-SCI Corporation (b) (g)	3,610,000		30,576,700
			43,291,100
Electronics - Miscellaneous Components 3.0%
Molex, Inc. Class A	1,600,000		42,640,000
Vishay Intertechnology, Inc. (b)	2,160,000		32,443,200
			75,083,200
Electronics - Parts Distributors 1.5%
W.W. Grainger, Inc.	560,000		37,307,200
Electronics - Scientific Measuring 1.7%
Waters Corporation (b)	905,000		42,344,950
Electronics - Semiconductor Manufacturing 1.2%
SanDisk Corporation (b) (g)	1,270,000		31,711,900
Finance - Index Tracking Funds 2.8%
iShares Trust S&P SmallCap 600 Index Fund	220,000	$	35,778,600
Standard & Poor’s MidCap 400 Depository Receipts	280,000		33,916,400
			69,695,000
Finance - Investment Brokers 0.6%
Legg Mason, Inc. (g)	225,000		16,483,500
Finance - Investment Management 1.4%
Mellon Financial Corporation	1,120,000		34,843,200
Finance - Publicly Traded Investment Funds-Equity (Non 40 Act) 0.7%
Biotech HOLDRs Trust (g)	115,000		17,585,800
Financial Services - Miscellaneous 1.3%
Equifax, Inc.	120,000		3,372,000
Fiserv, Inc. (b) (g)	730,000		29,338,700
			32,710,700
Food - Dairy Products 1.4%
Dean Foods Company (b)	1,045,000		34,432,750
Insurance - Property/Casualty/Title 3.6%
ACE, Ltd.(g)	835,000		35,696,250
MGIC Investment Corporation (g)	240,000		16,538,400
XL Capital, Ltd. Class A	500,000		38,825,000
			91,059,650
Internet - Content 1.1%
CNET Networks, Inc. (b) (g)	2,560,000		28,748,800
Internet - E*Commerce 2.0%
Ameritrade Holding Corporation (b) (g)	2,495,000		35,478,900
IAC/InterActiveCorp (b) (g)	565,000		15,605,300
			51,084,200
Media - Cable TV 4.2%
Cablevision Systems New York Group Class A (b) (g)	1,395,000		34,735,500
Comcast Corporation Class A (Non-Voting) (b)	1,220,000		40,064,800
The DIRECTV Group, Inc. (b)	1,910,000		31,973,400
			106,773,700
Media - Newspapers 1.2%
Tribune Company (g)	735,000		30,972,900
Media - Radio/TV 2.5%
Liberty Media Corporation Class A (b)	3,025,000		33,214,500
The E.W. Scripps Company Class A (g)	625,000		30,175,000
			63,389,500
Medical - Biomedical/Biotechnology 2.6%
Genzyme Corporation (b) (g)	615,000		35,713,050
Protein Design Labs, Inc. (b) (g)	1,450,000		29,957,000
			65,670,050
Medical - Systems/Equipment 1.2%
Fisher Scientific International, Inc. (b) (g)	495,000		30,878,100
Medical/Dental - Supplies 0.7%
Bausch & Lomb, Inc. (g)	255,000		16,437,300
Metal Ores - Gold/Silver 1.6%
Barrick Gold Corporation	1,628,000		39,430,160
Metal Products - Fasteners 1.2%
Illinois Tool Works, Inc.	315,000		29,194,200

26

STRONG OPPORTUNITY FUND (continued)

	Shares or Principal Amount			Value (Note 2)
Oil & Gas - Drilling 3.5%
ENSCO International, Inc. (g)		1,130,000		$	35,866,200
GlobalSantaFe Corporation		1,580,000			52,313,800
					88,180,000
Oil & Gas - International Integrated 1.4%
ConocoPhillips		405,000			35,166,150
Oil & Gas - Machinery/Equipment 2.5%
Weatherford International, Ltd. (b) (g)		1,215,000			62,329,500
Oil & Gas - United States Exploration & Production 3.3%
Apache Corporation		905,000			45,765,850
Devon Energy Corporation		950,000			36,974,000
					82,739,850
Pollution Control - Services 1.4%
Waste Management, Inc.		1,140,000			34,131,600
Retail - Clothing/Shoes 3.0%
Nordstrom, Inc. (g)		860,000			40,187,800
The TJX Companies, Inc.		1,430,000			35,935,900
					76,123,700
Retail - Discount & Variety 1.3%
Dollar Tree Stores, Inc. (b) (g)		1,160,000			33,268,800
Retail - Major Discount Chains 1.3%
Target Corporation		625,000			32,456,250
Retail - Restaurants 1.3%
Darden Restaurants, Inc. (g)		1,145,000			31,762,300
Retail - Super/Mini Markets 1.2%
Safeway, Inc. (b)		1,565,000			30,893,100
Retail/Wholesale - Auto Parts 1.4%
AutoNation, Inc. (b) (g)		1,905,000			36,595,050
Retail/Wholesale - Office Supplies 1.3%
Staples, Inc. (g)		1,000,000			33,710,000
Telecommunications - Services 1.4%
Sprint Corporation		1,435,000			35,659,750
Telecommunications - Wireless Services 1.3%
United States Cellular Corporation (b)		740,000			33,122,400
Transportation - Airline 1.1%
Northwest Airlines Corporation Class A (b) (g)		2,585,000			28,254,050
Utility - Gas Distribution 1.4%
NiSource, Inc. (g)		1,525,000			34,739,500
Total Common Stocks (Cost $1,557,037,060)					2,208,277,560
Call Options Purchased 0.0%
Chemicals - Specialty
Pharmaceutical Index		48,000			835,200
Total Call Options Purchased (Cost $553,440)					835,200
Short-Term Investments (a) 16.9%
Collateral Received for Securities Lending 3.4%
Navigator Prime Portfolio		86,476,263		$	86,476,263
Repurchase Agreements (e) 12.9%
ABN AMRO Inc. (Dated 12/31/04), 2.15%, Due 1/03/05 (Repurchase proceeds $320,157,351); Collateralized by: United States Government & Agency Issues	$	320,100,000			320,100,000
States Street Bank (Dated 12/31/04), 0.85%, Due 1/03/05 (Repurchase proceeds $4,986,253); Collateralized by: United States Government & Agency Issues		4,985,900			4,985,900
					325,085,900
United States Government & Agency Issues 0.6%
United States Treasury Bills, Due 1/13/05 (i)		14,400,000			14,392,987
Total Short-Term Investments (Cost $425,954,027)					425,955,150
Total Investments in Securities (Cost $1,983,544,527) 104.2%					2,635,067,910
Other Assets and Liabilities, Net (4.2%)					(106,795,997	)
Net Assets 100.0%				$	2,528,271,913
WRITTEN OPTIONS ACTIVITY
	Contracts			Premiums
Options outstanding at beginning of year		—		$	—
Options written during the year		1,980			1,139,544
Options closed		(1,000	)		(284,493	)
Options expired		—			—
Options exercised		(427	)		(321,523	)
Options outstanding at end of year		553		$	533,528
WRITTEN OPTIONS DETAIL
	Contracts (100 shares per contract)			Value (Note 2)
Call:
Praxair, Inc. (Strike Price is $35.00. Expiration date is 1/22/05. Premium received is $54,968.)		73		$	(67,890	)
Put:
Pharmaceutical Index (Strike Price is $300.00. Expiration date is 1/22/05. Premium received is $478,560.)		480			(28,800	)
		553		$	(96,690	)

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 debt security, generally denotes that the issuer has defaulted on the payment of principal 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) Illiquid security.

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

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

(i) 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.

27

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2004

	(In Thousands, Except Per Share Amounts)
	Strong Balanced Fund			Strong Large Cap Core Fund
Assets:
Investments in Securities, at Value (Cost of $153,403, and $3,753, respectively)	$	169,441		$	4,422
Receivable for Securities Sold		3			—
Receivable for Fund Shares Sold		16			4
Dividends and Interest Receivable		633			7
Variation Margin Receivable		1			—
Other Assets		16			4
Total Assets		170,110			4,437
Liabilities:
Payable for Fund Shares Redeemed		612			—
Payable Upon Return of Securities on Loan		14,452			—
Accrued Operating Expenses and Other Liabilities		72			7
Total Liabilities		15,136			7
Net Assets	$	154,974		$	4,430
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	157,687		$	4,606
Undistributed Net Investment Income (Loss)		—			—
Accumulated Net Realized Gain (Loss)		(18,755	)		(844	)
Net Unrealized Appreciation/Depreciation		16,042			668
Net Assets	$	154,974		$	4,430
Capital Shares Outstanding (Unlimited Number Authorized)		7,896			407
Net Asset Value Per Share – Investor Class	$	19.63		$	10.88

See Notes to Financial Statements.

28

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Growth and Income Fund
Assets:
Investments in Securities, at Value (Cost of $426,949)	$	538,903
Receivable for Fund Shares Sold		477
Dividends and Interest Receivable		613
Other Assets		52
Total Assets		540,045
Liabilities:
Payable for Fund Shares Redeemed		11,785
Accrued Operating Expenses and Other Liabilities		249
Total Liabilities		12,034
Net Assets	$	528,011
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	562,753
Undistributed Net Investment Income (Loss)		257
Accumulated Net Realized Gain (Loss)		(146,953	)
Net Unrealized Appreciation/Depreciation		111,954
Net Assets	$	528,011
Investor Class ($ and shares in full)
Net Assets	$	465,228,210
Capital Shares Outstanding (Unlimited Number Authorized)		21,805,829
Net Asset Value Per Share	$	21.33
Institutional Class ($ and shares in full)
Net Assets	$	36,878,776
Capital Shares Outstanding (Unlimited Number Authorized)		1,722,315
Net Asset Value Per Share	$	21.41
Advisor Class ($ and shares in full)
Net Assets	$	6,068,028
Capital Shares Outstanding (Unlimited Number Authorized)		286,029
Net Asset Value Per Share	$	21.21
Class K ($ and shares in full)
Net Assets	$	19,835,797
Capital Shares Outstanding (Unlimited Number Authorized)		936,752
Net Asset Value Per Share	$	21.17

See Notes to Financial Statements.

29

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2004

	(In Thousands, Except As Noted)
	Strong Opportunity Fund
Assets:
Investments in Securities, at Value (Cost of $1,983,545) (Including Repurchase Agreements of $325,086)	$	2,635,068
Receivable for Securities Sold		42,800
Receivable for Fund Shares Sold		1,978
Dividends and Interest Receivable		576
Other Assets		262
Total Assets		2,680,684
Liabilities:
Payable for Securities Purchased		43,877
Written Options, at Value (Premiums Received of $534)		97
Payable for Fund Shares Redeemed		21,207
Payable Upon Return of Securities on Loan		86,476
Accrued Operating Expenses and Other Liabilities		755
Total Liabilities		152,412
Net Assets	$	2,528,272
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	1,903,324
Undistributed Net Investment Income (Loss)		—
Accumulated Net Realized Gain (Loss)		(27,014	)
Net Unrealized Appreciation/Depreciation		651,962
Net Assets	$	2,528,272
Investor Class ($ and shares in full)
Net Assets	$	2,389,496,092
Capital Shares Outstanding (Unlimited Number Authorized)		51,492,202
Net Asset Value Per Share	$	46.40
Advisor Class ($ and shares in full)
Net Assets	$	137,438,892
Capital Shares Outstanding (Unlimited Number Authorized)		3,006,858
Net Asset Value Per Share	$	45.71
Class K ($ and shares in full)
Net Assets	$	1,336,929
Capital Shares Outstanding (Unlimited Number Authorized)		28,659
Net Asset Value Per Share	$	46.65

See Notes to Financial Statements.

30

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Balanced Fund			Strong Large Cap Core Fund
Income:
Dividends (net of foreign withholding taxes of $4 and $0)	$	1,880		$	67
Interest		2,318			2
Total Income		4,198			69
Expenses:
Investment Advisory Fees		929			29
Administrative Fees		500			12
Custodian Fees		32			2
Shareholder Servicing Costs		522			26
Reports to Shareholders		94			10
Professional Fees		44			12
Federal and State Registration Fees		27			17
Other		40			3
Total Expenses before Expense Waivers and Offsets		2,188			111
Expense Waivers and Offsets (Note 4)		(76	)		(39	)
Expenses, Net		2,112			72
Net Investment Income (Loss)		2,086			(3	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		13,196			520
Futures Contracts		(25	)		—
Net Realized Gain (Loss)		13,171			520
Net Change in Unrealized Appreciation/Depreciation on:
Investments		(4,485	)		(157	)
Futures Contracts		2			—
Net Change in Unrealized Appreciation/Depreciation		(4,483	)		(157	)
Net Gain (Loss) on Investments		8,688			363
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,774		$	360

See Notes to Financial Statements.

31

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Growth and Income Fund
Income:
Dividends (net of foreign withholding taxes of $11)	$	10,636
Interest		52
Total Income		10,688
Expenses (Note 4):
Investment Advisory Fees		3,391
Administrative Fees		1,663
Custodian Fees		39
Shareholder Servicing Costs		2,304
12b-1 Fees		17
Reports to Shareholders		431
Other		302
Total Expenses before Expense Waivers and Offsets		8,147
Expense Waivers and Offsets		(309	)
Expenses, Net		7,838
Net Investment Income (Loss)		2,850
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		109,887
Net Change in Unrealized Appreciation/Depreciation		(67,388	)
Net Gain (Loss) on Investments		42,499
Net Increase (Decrease) in Net Assets Resulting from Operations	$	45,349

See Notes to Financial Statements.

32

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2004

	(In Thousands)
	Strong Opportunity Fund
Income:
Dividends (net of foreign withholding taxes of $ 131)	$	18,379
Interest		2,251
Total Income		20,630
Expenses (Note 4):
Investment Advisory Fees		19,392
Administrative Fees		7,756
Custodian Fees		150
Shareholder Servicing Costs		6,713
12b-1 Fees		337
Reports to Shareholders		1,107
Other		846
Total Expenses before Expense Waivers and Offsets		36,301
Expense Waivers and Offsets		(1,088	)
Expenses, Net		35,213
Net Investment Income (Loss)		(14,583	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		428,692
Written Options		121
Foreign Currencies		(4	)
Net Realized Gain (Loss)		428,809
Net Change in Unrealized Appreciation/Depreciation on:
Investments		2,439
Written Options		437
Foreign Currencies		1
Net Change in Unrealized Appreciation/Depreciation		2,877
Net Gain (Loss) on Investments		431,686
Net Increase (Decrease) in Net Assets Resulting from Operations	$	417,103

See Notes to Financial Statements.

33

STATEMENTS OF CHANGES IN NET ASSETS

	(In Thousands)
	Strong Balanced Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	2,086		$	2,364
Net Realized Gain (Loss)		13,171			17,341
Net Change in Unrealized Appreciation/Depreciation		(4,483	)		15,228
Net Increase (Decrease) in Net Assets Resulting from Operations		10,774			34,933
Distributions from Net Investment Income		(2,151	)		(2,605	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(62,604	)		(41,388	)
Total Increase (Decrease) in Net Assets		(53,981	)		(9,060	)
Net Assets:
Beginning of Year		208,955			218,015
End of Year	$	154,974		$	208,955
Undistributed Net Investment Income (Loss)	$	—		$	—
	Strong Large Cap Core Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(3	)	$	—
Net Realized Gain (Loss)		520			(336	)
Net Change in Unrealized Appreciation/Depreciation		(157	)		1,205
Net Increase (Decrease) in Net Assets Resulting from Operations		360			869
Distributions From Net Investment Income		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		16			(1,086	)
Total Increase (Decrease) in Net Assets		376			(217	)
Net Assets:
Beginning of Year		4,054			4,271
End of Year	$	4,430		$	4,054
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

34

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Growth and Income Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	2,850		$	2,534
Net Realized Gain (Loss)		109,887			18,558
Net Change in Unrealized Appreciation/Depreciation		(67,388	)		142,318
Net Increase (Decrease) in Net Assets Resulting from Operations		45,349			163,410
Distributions:
From Net Investment Income:
Investor Class		(2,205	)		(1,427	)
Institutional Class		(468	)		(858	)
Advisor Class		(27	)		(23	)
Class K		(189	)		(214	)
Total Distributions		(2,889	)		(2,522	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(269,437	)		(84,622	)
Total Increase (Decrease) in Net Assets		(226,977	)		76,266
Net Assets:
Beginning of Year		754,988			678,722
End of Year	$	528,011		$	754,988
Undistributed Net Investment Income (Loss)	$	257		$	279

See Notes to Financial Statements.

35

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Opportunity Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Operations:
Net Investment Income (Loss)	$	(14,583	)	$	(12,170	)
Net Realized Gain (Loss)		428,809			(1,598	)
Net Change in Unrealized Appreciation/Depreciation		2,877			908,575
Net Increase (Decrease) in Net Assets Resulting from Operations		417,103			894,807
Distributions From Net Investment Income		—			—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(738,928	)		(656,258	)
Total Increase (Decrease) in Net Assets		(321,825	)		238,549
Net Assets:
Beginning of Year		2,850,097			2,611,548
End of Year	$	2,528,272		$	2,850,097
Undistributed Net Investment Income (Loss)	$	—		$	—

See Notes to Financial Statements.

36

FINANCIAL HIGHLIGHTS

STRONG BALANCED FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)			Oct. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	18.62		$	16.06		$	18.84		$	21.83		$	24.77		$	24.92
Income From Investment Operations:
Net Investment Income (Loss)		0.25			0.19			0.40			0.58			0.12			0.82
Net Realized and Unrealized Gains (Losses) on Investments		1.02			2.58			(2.77	)		(2.99	)		(1.53	)		0.61
Total from Investment Operations		1.27			2.77			(2.37	)		(2.41	)		(1.41	)		1.43
Less Distributions:
From Net Investment Income		(0.26	)		(0.21	)		(0.41	)		(0.58	)		(0.20	)		(0.83	)
From Net Realized Gains		—			—			—			—			(1.33	)		(0.75	)
Total Distributions		(0.26	)		(0.21	)		(0.41	)		(0.58	)		(1.53	)		(1.58	)
Net Asset Value, End of Period	$	19.63		$	18.62		$	16.06		$	18.84		$	21.83		$	24.77
Ratios and Supplemental Data
Total Return(c)		+6.86	%		+17.36	%		–12.65	%		–11.03	%		–5.60	%		+5.66	%
Net Assets, End of Period (In Millions)	$	155		$	209		$	218		$	300		$	347		$	372
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.3	%		1.3	%		1.3	%		1.2	%		1.1	%*		1.1	%
Ratio of Expenses to Average Net Assets		1.3	%		1.3	%		1.3	%		1.2	%		1.1	%*		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.3	%		1.1	%		2.3	%		2.9	%		3.3	%*		3.2	%
Portfolio Turnover Rate		147.5	%		204.7	%		225.5	%		234.1	%		45.1	%		150.9	%

STRONG LARGE CAP CORE FUND

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	10.01		$	8.05		$	11.01		$	12.40		$	13.85
Income From Investment Operations:
Net Investment Income (Loss)		(0.01	)		—			(0.08	)		(0.10	)		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments		0.88			1.96			(2.88	)		(1.29	)		(1.19	)
Total from Investment Operations		0.87			1.96			(2.96	)		(1.39	)		(1.28	)
Less Distributions:
From Net Investment Income		—			—			—			—			—
From Net Realized Gains		—			—			—			—			(0.17	)
Total Distributions		—			—			—			—			(0.17	)
Net Asset Value, End of Period	$	10.88		$	10.01		$	8.05		$	11.01		$	12.40
Ratios and Supplemental Data
Total Return(c)		+8.69	%		+24.35	%		–26.88	%		–11.21	%		–9.19	%
Net Assets, End of Period (In Millions)	$	4		$	4		$	4		$	6		$	6
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		2.8	%		3.0	%		2.5	%		2.7	%		2.0	%
Ratio of Expenses to Average Net Assets		1.8	%		1.7	%		1.8	%		2.0	%		2.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.1	)%		(0.0	)(d)%		(0.9	)%		(1.1	)%		(0.8	)%
Portfolio Turnover Rate		185.7	%		105.5	%		269.3	%		196.4	%		154.9	%

 * Calculated on an annualized basis.

(a) Information presented relates to a share of capital stock of the Fund outstanding for the entire period.

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

(c) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(d) Amount calculated is less than 0.05%.

See Notes to Financial Statements.

37

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH AND INCOME FUND — INVESTOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)			Oct. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	19.68		$	15.85		$	20.28		$	25.37		$	28.34		$	25.26
Income From Investment Operations:
Net Investment Income (Loss)		0.09			0.04	(c)		0.02			(0.02	)		(0.00	)(d)		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments		1.66			3.83			(4.45	)		(5.07	)		(2.65	)		3.19
Total from Investment Operations		1.75			3.87			(4.43	)		(5.09	)		(2.65	)		3.10
Less Distributions:
From Net Investment Income		(0.10	)		(0.04	)		(0.00	)(d)		—			—			—
From Net Realized Gains		—			—			—			—			(0.32	)		(0.02	)
Total Distributions		(0.10	)		(0.04	)		(0.00	)(d)		—			(0.32	)		(0.02	)
Net Asset Value, End of Period	$	21.33		$	19.68		$	15.85		$	20.28		$	25.37		$	28.34
Ratios and Supplemental Data
Total Return(e)		+8.88	%		+24.44	%		–21.83	%		–20.06	%		–9.33	%		+12.29	%
Net Assets, End of Period (In Millions)	$	465		$	633		$	582		$	886		$	1,109		$	1,228
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.4	%		1.4	%		1.4	%		1.3	%		1.1	%*		1.1	%
Ratio of Expenses to Average Net Assets		1.4	%		1.4	%		1.4	%		1.3	%		1.1	%*		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.4	%		0.2	%		0.1	%		(0.1	)%		(0.0	)*(d)%		(0.4	)%
Portfolio Turnover Rate(f)		135.5	%		199.4	%		187.8	%		171.9	%		23.3	%		122.0	%
STRONG GROWTH AND INCOME FUND — INSTITUTIONAL CLASS
	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)			Oct. 31, 2000 (g)
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)		0.26			0.16	(c)		0.15			0.08			(0.00	)(d)		0.01
Net Realized and Unrealized Gains (Losses) on Investments		1.62			3.83			(4.49	)		(5.05	)		(2.63	)		(0.75	)
Total from Investment Operations		1.88			3.99			(4.34	)		(4.97	)		(2.63	)		(0.74	)
Less Distributions:
From Net Investment Income		(0.19	)		(0.19	)		(0.23	)		—			—			—
From Net Realized Gains		—			—			—			—			(0.32	)		—
Total Distributions		(0.19	)		(0.19	)		(0.23	)		—			(0.32	)		—
Net Asset Value, End of Period	$	21.41		$	19.72		$	15.92		$	20.49		$	25.46		$	28.41
Ratios and Supplemental Data
Total Return(e)		+9.59	%		+25.26	%		–21.22	%		–19.52	%		–9.24	%		–2.54	%
Net Assets, End of Period (In Millions)	$	37		$	84		$	67		$	47		$	31		$	1
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		0.8	%		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		0.9	%		0.9	%		0.9	%		0.6	%		0.1	%*		0.1	%
Portfolio Turnover Rate(f)		135.5	%		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) In 2000, the Fund changed its fiscal year-end from October to December.

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

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

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

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

(g) For the period from February 29, 2000 (commencement of class) to October 31, 2000.

See Notes to Financial Statements.

38

FINANCIAL HIGHLIGHTS (continued)

STRONG GROWTH AND INCOME FUND — ADVISOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000 (b)			Oct. 31, 2000 (c)
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)		0.08			0.05	(d)		0.04			(0.04	)		(0.00	)(f)		(0.05	)
Net Realized and Unrealized Gains (Losses) on Investments		1.65			3.80			(4.41	)		(5.08	)		(2.65	)		(0.81	)
Total from Investment Operations		1.73			3.85			(4.37	)		(5.12	)		(2.65	)		(0.86	)
Less Distributions:
From Net Investment Income		(0.09	)		(0.05	)		(0.06	)		—			—			—
From Net Realized Gains		—			—			—			—			(0.32	)		—
Total Distributions		(0.09	)		(0.05	)		(0.06	)		—			(0.32	)		—
Net Asset Value, End of Period	$	21.21		$	19.57		$	15.77		$	20.20		$	25.32		$	28.29
Ratios and Supplemental Data
Total Return(e)		+8.85	%		+24.42	%		–21.67	%		–20.22	%		–9.35	%		–2.95	%
Net Assets, End of Period (In Millions)	$	6		$	9		$	10		$	14		$	5		$	0	(g)
Ratio of Expenses to Average Net Assets before Expense Waivers and 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		0.4	%		0.3	%		0.2	%		(0.3	)%		(0.2	)*%		(0.7	)*%
Portfolio Turnover Rate(h)		135.5	%		199.4	%		187.8	%		171.9	%		23.3	%		122.0	%

STRONG GROWTH AND INCOME FUND — CLASS K

	Year Ended
	Dec. 31, 2004			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)		0.19			0.11	(d)		0.11
Net Realized and Unrealized Gains (Losses) on Investments		1.63			3.79			(4.46	)
Total from Investment Operations		1.82			3.90			(4.35	)
Less Distributions:
From Net Investment Income		(0.17	)		(0.13	)		(0.18	)
Total Distributions		(0.17	)		(0.13	)		(0.18	)
Net Asset Value, End of Period	$	21.17		$	19.52		$	15.75
Ratios and Supplemental Data
Total Return(e)		+9.35	%		+24.90	%		–21.47	%
Net Assets, End of Period (In Millions)	$	20		$	30		$	19
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.1	%		1.1	%		1.1	%
Ratio of Expenses to Average Net Assets		0.9	%		1.0	%		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.8	%		0.6	%		0.7	%
Portfolio Turnover Rate(h)		135.5	%		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) In 2000, the Fund changed its fiscal year-end from October to December.

(c) For the period from February 29, 2000 (commencement of class) to October 31, 2000.

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

(e) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

39

FINANCIAL HIGHLIGHTS (continued)

STRONG OPPORTUNITY FUND — INVESTOR CLASS

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	39.45		$	28.70		$	39.29		$	42.35		$	44.69
Income From Investment Operations:
Net Investment Income (Loss)		(0.26	)		(0.14	)(b)		(0.08	)		0.07			0.17
Net Realized and Unrealized Gains (Losses) on Investments		7.21			10.89			(10.51	)		(2.11	)		3.30
Total from Investment Operations		6.95			10.75			(10.59	)		(2.04	)		3.47
Less Distributions:
From Net Investment Income		—			—			—			(0.07	)		(0.17	)
From Net Realized Gains		—			—			—			(0.95	)		(5.64	)
Total Distributions		—			—			—			(1.02	)		(5.81	)
Net Asset Value, End of Period	$	46.40		$	39.45		$	28.70		$	39.29		$	42.35
Ratios and Supplemental Data
Total Return(c)		+17.62	%		+37.46	%		–26.95	%		–4.80	%		+8.57	%
Net Assets, End of Period (In Millions)	$	2,389		$	2,709		$	2,507		$	3,664		$	3,337
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.4	%		1.4	%		1.4	%		1.3	%		1.2	%
Ratio of Expenses to Average Net Assets		1.4	%		1.4	%		1.4	%		1.3	%		1.2	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.6	)%		(0.4	)%		(0.2	)%		0.2	%		0.5	%
Portfolio Turnover Rate(d)		41.7	%		60.2	%		70.9	%		87.8	%		86.5	%
STRONG OPPORTUNITY FUND — ADVISOR CLASS
	Year Ended
	Dec. 31, 2004			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)		(0.34	)		(0.19	)(b)		(0.11	)		(0.06	)(b)		0.03
Net Realized and Unrealized Gains (Losses) on Investments		7.11			10.76			(10.44	)		(2.08	)		4.83
Total from Investment Operations		6.77			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	$	45.71		$	38.94		$	28.37		$	38.92		$	42.10
Ratios and Supplemental Data
Total Return(c)		+17.39	%		+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 Waivers and 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		(0.8	)%		(0.6	)%		(0.4	)%*		(0.3	)%		0.1	%*
Portfolio Turnover Rate(d)		41.7	%		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) Net investment income (loss) per share represents net investment income (loss) divided by average shares outstanding throughout the year.

(c) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

40

FINANCIAL HIGHLIGHTS (continued)

STRONG OPPORTUNITY FUND — CLASS K

	Year Ended
	Dec. 31, 2004			Dec. 31, 2003			Dec. 31, 2002 (b)
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)		(0.14	)		(0.06	)(c)		0.02
Net Realized and Unrealized Gains (Losses) on Investments		7.21			10.91			(0.77	)
Total from Investment Operations		7.07			10.85			(0.75	)
Less Distributions:
From Net Investment Income		—			—			—
Total Distributions		—			—			—
Net Asset Value, End of Period	$	46.65		$	39.58		$	28.73
Ratios and Supplemental Data
Total Return(d)		+17.86	%		+37.77	%		–2.54	%
Net Assets, End of Period (In Millions)	$	1		$	0	(e)	$	1
Ratio of Expenses to Average Net Assets before Expense Waivers and Offsets		1.3	%		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		(0.4	)%		(0.2	)%		0.2	%*
Portfolio Turnover Rate(f)		41.7	%		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 period from August 30, 2002 (commencement of class) to December 31, 2002.

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

(d) Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

(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.

41

NOTES TO FINANCIAL STATEMENTS

December 31, 2004

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 on that principal exchange. 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 official close price (if published) and, if no official close price is published, at its 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. The price evaluation made by a pricing service is not a guaranty that an individual security held by the Fund can be sold for that particular price at any particular time. Securities for which market quotations are not readily available are fair valued as determined in good faith under the general supervision of the Funds’ 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 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 December 31, 2004.

(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 net investment income or accumulated 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.

42

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

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) 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.

43

(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 have entered into a Securities Lending Agreement (the “Agreement”) with 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 December 31, 2004, Strong Balanced Fund, and Strong Opportunity Fund had securities with a market value of $14,147,238, and $84,274,530, respectively, on loan and had received $14,451,839, and $86,476,263, 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 December 31, 2004, the securities lending income totaled $22,062, $13,641, and $97,568 for Strong Balanced Fund, Strong Growth and Income Fund, and Strong Opportunity 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 — Through November 30, 2004, the Funds directed certain portfolio trades to brokers who, in turn, paid a portion of the Funds’ expenses not attributable to the Advisor or its affiliates. Such amounts are included in Expense Waivers and 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 the Funds and are included in Expense Waivers and 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) 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) 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 material loss to be remote under any of these indemnification agreements.

(Q) Other — Dividend income, net of applicable withholding taxes, 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.

44

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

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 are 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		Investor Class		Institutional Class		Advisor Class		Class K
Strong Balance 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. Pursuant to the direction of the Board and in implementation of certain regulatory settlements (as described in Note 10), the Advisor has contractually agreed to waive its fees and/or absorb expenses in the amount of 0.033% for the Funds from May 21, 2004 until May 21, 2005. However, the Funds are expected to reorganize into the Wells Fargo Funds family on April 11, 2005 and be subject to a different expense structure. 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 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. 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 Waivers and 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 year ended December 31, 2004 is as follows:

	Payable to/ (Receivable from) Advisor or Administrator at Dec. 31, 2004		Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ and Independent Officers’ Fees
Strong Balance Fund	$	41,101	$	523,045	$	6,569	$	7,640
Strong Large Cap Core Fund		2,140		26,307		206		1,002
Strong Growth and Income Fund		163,816		2,307,656		18,045		28,180
Strong Opportunity Fund		539,593		6,723,018		34,424		111,268

45

4. Expenses and Expense Waivers and Offsets

For the year ended December 31, 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	$	1,562,947	$	2,226,571	$	350,984	$	—	$	14,128
Institutional Class		12,340		9,423		66,688		—		5,259
Advisor Class		19,997		13,407		4,468		16,664		1,102
Class K		67,805		54,244		8,607		—		1,568
Strong Opportunity Fund
Investor Class		7,349,226		6,440,381		1,017,635		—		41,006
Advisor Class		404,271		270,503		88,940		336,892		2,940
Class K		2,842		2,277		109		—		336

For the year ended December 31, 2004, the expense waivers and offsets are as follows:

	Expense Waivers and Absorptions*			Directed Brokerage Credits			Earnings Credits
Strong Balanced Fund	$	(59,689	)	$	(16,307	)	$	(159	)
Strong Large Cap Core Fund		(34,600	)		(4,533	)		—
Strong Growth and Income Fund
Investor Class		(16,541	)		—			—
Institutional Class		(1,323	)		—			—
Class K		(586	)		—			—
Advisor Class		(30,620	)		—			—
Fund Level		(176,020	)		(83,731	)		(629	)
Strong Opportunity Fund
Investor Class		(99,661	)		—			—
Advisor Class		(9,628	)		—			—
Class K		(861	)		—			—
Fund Level		(758,499	)		(217,831	)		(1,285	)

* These amounts include the contractually agreed upon waivers of fees and/or absorptions of expenses for the period from May 21, 2004 thru December 31, 2004 pursuant to the direction of the Board and in implementation of certain regulatory settlements as discussed in Note 3 and in Note 10. These amounts also include reimbursement by the Advisor for the legal costs incurred by the funds for the legal and regulatory matters discussed in Note 10.

5. Line of Credit

The Strong Funds have established a line of credit agreement (“LOC”) with certain financial institutions, which expires June 30, 2005, to be used for temporary or emergency purposes. Combined borrowings among all participating Strong Funds are subject to a $200 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 Funds’ 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 Opportunity Fund had no borrowings under the LOC during the year. Strong Balanced Fund, Strong Large Cap Core Fund and Strong Growth and Income Fund had minimal borrowings under the LOC during the year. At December 31, 2004 there were no outstanding borrowings by the Funds under the LOC.

6. Investment Transactions

The aggregate purchases and sales of shares of long-term securities during the year ended December 31, 2004 are as follows:

	Purchases				Sales
	U.S. Government and Agency		Other		U.S. Government and Agency		Other
Strong Balanced Fund	$	65,466,765	$	180,430,918	$	69,844,692	$	236,922,750
Strong Large Cap Core Fund		—		7,050,108		—		7,354,215
Strong Growth and Income Fund		—		833,505,531		—		1,102,859,834
Strong Opportunity Fund		—		1,023,576,010		—		1,997,539,461

46

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

7. Income Tax Information

The following information for the Funds is presented on an income tax basis as of December 31, 2004:

	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) on Investments		Distributable Ordinary Income		Distributable Long-Term Capital Gains
Strong Balanced Fund	$	154,304,467	$	15,492,375	$	(356,157	)	$	15,136,218	$	—	$	—
Strong Large Cap Core Fund		3,753,248		668,404		—			668,404		—		—
Strong Growth and Income Fund		433,730,729		105,171,990		—			105,171,990		257,010		—
Strong Opportunity Fund		1,996,010,436		639,494,312		(436,838	)		639,057,474		—		—

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 tax components of dividends paid during the years ended December 31, 2004 and 2003 and capital loss carryovers (expiring in varying amounts through 2011) as of December 31, 2004, and tax basis post-October losses as of December 31, 2004, which are not recognized for tax purposes until the first day of the following fiscal year, are:

	2004 Income Tax Information								2003 Income Tax Information
	Ordinary Income Distributions		Long-Term Capital Gains Distributions		Net Capital Loss Carryovers		Post-October Losses		Ordinary Income Distributions		Long-Term Capital Gains Distributions
Strong Balanced Fund	$	2,151,090	$	—	$	17,848,948	$	—	$	2,604,962	$	—
Strong Large Cap Core Fund		—		—		844,067		—		—		—
Strong Growth and Income Fund		2,889,458		—		140,026,264		—		2,522,045		—
Strong Opportunity Fund		—		—		14,471,353		—		—		—

For corporate shareholders in the Funds, the percentages of ordinary dividend income distributed for the year ended December 31, 2004, which is designated as qualifying for the dividends-received deduction, is as follows (unaudited): Strong Balanced Fund 83.5%, Strong Large Cap Core Fund 0.0%, Strong Growth and Income Fund 100.0%, and Strong Opportunity Fund 0.0%.

For shareholders in the Funds, the percentages of dividend income distributed for the year ended December 31, 2004, which is designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, is as follows (unaudited): Strong Balanced Fund 80.9%, Strong Large Cap Core Fund 0.0%, Strong Growth and Income Fund 100.0%, and Strong Opportunity Fund 0.0%.

Strong Balanced Fund, Strong Large Cap Core, Strong Growth and Income Fund, and Strong Opportunity Fund utilized $11,109,854, $485,173, $91,056,932, and $400,236,414, respectively, of their capital loss carryovers during the year ended December 31, 2004.

47

8. Capital Share Transactions

	Strong Balanced Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	26,599,270		$	32,626,685
Transfer in from Merger (Note 9)		—			5,544,540
Proceeds from Reinvestment of Distributions		2,073,183			2,514,411
Payment for Shares Redeemed		(91,276,705	)		(82,073,813	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(62,604,252	)	$	(41,388,177	)
Transactions in Shares of the Fund Were as Follows:
Sold		1,407,580			1,911,180
Transfer in from Merger (Note 9)		—			348,494
Issued in Reinvestment of Distributions		108,957			144,599
Redeemed		(4,840,528	)		(4,758,107	)
Net Increase (Decrease) in Shares of the Fund		(3,323,991	)		(2,353,834	)
	Strong Large Cap Core Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of the Fund Were as Follows:
Proceeds from Shares Sold	$	1,222,482		$	938,346
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(1,206,237	)		(2,023,881	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	16,245		$	(1,085,535	)
Transactions in Shares of the Fund Were as Follows:
Sold		120,843			107,906
Issued in Reinvestment of Distributions		—			—
Redeemed		(118,728	)		(233,342	)
Net Increase (Decrease) in Shares of the Fund		2,115			(125,436	)

48

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Growth and Income Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	56,766,975		$	203,112,596
Proceeds from Reinvestment of Distributions		2,160,572			1,392,195
Payment for Shares Redeemed		(264,359,525	)		(289,307,195	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(205,431,978	)		(84,802,404	)
INSTITUTIONAL CLASS
Proceeds from Shares Sold		10,067,845			16,100,601
Proceeds from Reinvestment of Distributions		409,578			705,353
Payment for Shares Redeemed		(60,154,178	)		(17,235,352	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(49,676,755	)		(429,398	)
ADVISOR CLASS
Proceeds from Shares Sold		884,899			1,932,654
Proceeds from Reinvestment of Distributions		27,101			23,212
Payment for Shares Redeemed		(3,971,072	)		(5,560,191	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(3,059,072	)		(3,604,325	)
CLASS K
Proceeds from Shares Sold		16,023,072			15,545,119
Proceeds from Reinvestment of Distributions		86,153			114,699
Payment for Shares Redeemed		(27,378,853	)		(11,445,984	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(11,269,628	)		4,213,834
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(269,437,433	)	$	(84,622,293	)

49

	Strong Growth and Income Fund
	Year Ended Dec. 31, 2004		Year Ended Dec. 31, 2003
Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold	2,839,780		11,952,254
Issued in Reinvestment of Distributions	103,138		79,360
Redeemed	(13,312,831	)	(16,571,248	)
Net Increase (Decrease) in Shares	(10,369,913	)	(4,539,634	)
INSTITUTIONAL CLASS
Sold	507,260		939,263
Issued in Reinvestment of Distributions	20,235		40,748
Redeemed	(3,043,024	)	(951,684	)
Net Increase (Decrease) in Shares	(2,515,529	)	28,327
ADVISOR CLASS
Sold	44,541		115,023
Issued in Reinvestment of Distributions	1,314		1,344
Redeemed	(200,817	)	(331,631	)
Net Increase (Decrease) in Shares	(154,962	)	(215,264	)
CLASS K
Sold	812,188		926,705
Issued in Reinvestment of Distributions	4,251		6,709
Redeemed	(1,393,806	)	(643,521	)
Net Increase (Decrease) in Shares	(577,367	)	289,893

50

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

	Strong Opportunity Fund
	Year Ended Dec. 31, 2004			Year Ended Dec. 31, 2003
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
INVESTOR CLASS
Proceeds from Shares Sold	$	256,753,792		$	531,529,373
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(971,891,509	)		(1,184,570,695	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(715,137,717	)		(653,041,322	)
ADVISOR CLASS
Proceeds from Shares Sold		24,631,677			38,084,933
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(49,440,738	)		(40,603,841	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(24,809,061	)		(2,518,908	)
CLASS K
Proceeds from Shares Sold		1,580,103			198,407
Proceeds from Reinvestment of Distributions		—			—
Payment for Shares Redeemed		(561,170	)		(896,534	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,018,933			(698,127	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(738,927,845	)	$	(656,258,357	)
Transactions in Shares of Each Class of the Fund Were as Follows:
INVESTOR CLASS
Sold		6,141,602			16,208,728
Issued in Reinvestment of Distributions		—			—
Redeemed		(23,338,250	)		(34,871,478	)
Net Increase (Decrease) in Shares		(17,196,648	)		(18,662,750	)
ADVISOR CLASS
Sold		594,636			1,179,895
Issued in Reinvestment of Distributions		—			—
Redeemed		(1,196,366	)		(1,234,407	)
Net Increase (Decrease) in Shares		(601,730	)		(54,512	)
CLASS K
Sold		37,908			6,374
Issued in Reinvestment of Distributions		—			—
Redeemed		(12,904	)		(24,791	)
Net Increase (Decrease) in Shares		25,004			(18,417	)

51

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.

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 or its successor 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.

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 employees, officers, directors, and others as defendants in certain federal and state courts with respect to factual matters referenced in the NYAG settlement. On February 20, 2004, the United States Judicial Panel for Multi District Litigation (“MDL”) ordered the transfer of most 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”). The MDL ordered all or most of the other federal court Actions and certain state court Actions involving Strong to be consolidated into no more than three actions and be heard by the District of Maryland court. On September 30, 2004, three consolidated amended complaints were filed in the District of Maryland court. 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. Certain state Actions were not consolidated into the MDL Consolidated Actions and proceedings in these state court Actions have been or 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.

52

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2004

11. Pending Fund Merger

On May 26, 2004, Strong Financial Corporation (“SFC”) announced that it reached a definitive agreement with Wells Fargo & Company (“Wells Fargo”) for Wells Fargo to acquire certain assets of SFC and certain of its affiliates, including the Advisor. As part of the transaction, Fund shareholders met on December 10, 2004 and December 22, 2004 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. A reorganization of the Strong Funds into the Wells Fargo Funds family is anticipated to take place in April 2005.

53

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of Strong Core Funds:

We have audited the accompanying statements of assets and liabilities of Strong Balanced Fund, Strong Large Cap Core Fund, Strong Growth and Income Fund and Strong Opportunity Fund (all four collectively constituting Strong Core Funds, hereafter referred to as the “Funds”), including the schedules of investments, as of December 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the period ended December 31, 2003 and the financial highlights for each of the years or periods ended December 31, 2003, and prior, were audited by other auditors whose report thereon dated February 3, 2004 expressed an unqualified opinion on those financial statements.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2004, the results of their operations for the year then ended, the changes in their net assets for the year then ended, and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 14, 2005

54

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) December 31, 2004

Results of Special Meeting of Shareholders of Strong Balanced Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals:

To approve the reorganization of the Strong Balanced Fund into the Wells Fargo Advantage Balanced Fund.

For	Against	Abstain
5,287,198.603	181,624.173	74,027.969

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
5,252,675.281	194,669.500	95,505.964

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
5,246,223.444	201,898.830	94,728.471

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
5,542,850.745	—	—

Results of Special Meeting of Shareholders of Strong Large Cap Core Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals:

To approve the reorganization of the Strong Large Cap Core Fund into the Wells Fargo Advantage Growth and Income Fund.

For	Against	Abstain
222,056.215	5,455.169	4,611.455

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
215,565.487	11,310.945	5,246.407

To approve an interim sub-advisory agreement with Matrix Asset Advisors, Inc.

For	Against	Abstain
215,422.070	11,529.945	5,170.824

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
232,122.839	—	—

Results of Special Meeting of Shareholders of Strong Growth and Income Fund

At a Special Meeting of the Shareholders of the Fund held on December 10, 2004, shareholders approved the following proposals:

To approve the reorganization of the Strong Growth and Income Fund into the Wells Fargo Advantage Growth and Income Fund.

For	Against	Abstain
16,163,142.481	556,325.046	382,462.241

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
16,069,549.151	584,015.336	448,365.281

55

RESULTS OF SHAREHOLDERS MEETINGS (Unaudited) (continued) December 31, 2004

To approve an interim sub-advisory agreement with Matrix Asset Advisors, Inc.

For	Against	Abstain
16,060,686.235	582,725.347	458,518.186

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
17,101,929.768	—	—

Results of Special Meeting of Shareholders of Strong Opportunity Fund

At a Special Meeting of the Shareholders of the Fund held on December 22, 2004, shareholders approved the following proposals:

To approve the reorganization of the Strong Opportunity Fund into the Wells Fargo Advantage Opportunity Fund.

For	Against	Abstain
29,549,187.473	1,031,060.571	776,287.190

To approve an interim advisory agreement with Wells Fargo Funds Management, LLC.

For	Against	Abstain
29,429,649.472	1,069,394.935	857,490.827

To approve an interim sub-advisory agreement with Wells Capital Management Incorporated.

For	Against	Abstain
29,387,106.297	1,081,478.969	887,949.968

Appointment of Messrs. Phillip O. Peterson, William F. Vogt, and Gordon B. Greer as Trustees of the Liquidating Trust, which is referenced in the Agreement and Plan of Reorganization.

For	Against	Abstain
31,356,535.234	—	—

56

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 70 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, 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, Bassett Furniture Industries, Inc. from 1997 to December 2004, 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 from November 1997 to September 2004, 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; 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 President of Vogt Holdings, LLC since July 2004; Senior Vice President of IDX Systems Corporation (a management consulting firm) from June 2001 to June 2004; President of Vogt Management Consulting, Inc. from July 1990 to June 2001; and former Fellow of the American College of Medical Practice Executives.

57

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.

R. Michael Parker (DOB 6-17-45), Chief Compliance Officer of the Strong Funds since August 2004.

Mr. Parker was a Senior Compliance Examiner with the United States Securities and Exchange Commission from April 1970 to April 2004.

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.

John W. Widmer (DOB 1-19-65), Treasurer of the Strong Funds since April 1999; Secretary of the Strong Funds since November 2004.

Mr. Widmer has been Treasurer of the Advisor since April 1999; Assistant Treasurer of Strong Financial Corporation since December 2001; Secretary of Strong Financial Corporation since September 2004; Assistant Secretary of Strong Financial Corporation from December 2001 to January 2003; Treasurer of Strong Service Corporation since April 1999; Treasurer and Secretary of Strong Investor Services, Inc. since September 2004; Treasurer and Assistant Secretary of Strong Investor Services, Inc. from July 2001 to September 2004; 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. from October 1993 to September 2004; 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; Senior Vice President of the Advisor from February 1998 to April 2001; and Director of Capital Processing International, LLC since September 2004.

Effective January 2005, Dana J. Russart replaced Mr. Zoeller as Vice President of the Strong Funds.

Except for Messrs. Davis, 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. 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.

58

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky

William F. Vogt

Officers

Ane K. Ohm, Anti-Money Laundering Compliance Officer

R. Michael Parker, Chief Compliance Officer

Phillip O. Peterson, Independent President

John W. Widmer, Treasurer and Secretary

Thomas M. Zoeller, Vice President

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 Registered Public Accounting Firm

KPMG LLP

303 East Wacker Drive, Chicago, IL 60601-5212

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee,Wisconsin 53202

59

Contact Us

To learn more about our funds, discuss an existing account, or conduct a transaction, call 1-800-368-3863 or visit www.Strong.com.

To reach us by mail, please forward to Strong Investments, P.O. Box 2936, Milwaukee, Wisconsin 53201.

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.

If you are a Financial Professional, call 1-800-368-1683.

Proxy Voting Information

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 (SEC) web site at www.sec.gov.

Filing of Portfolio Holdings

The funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s web site at www.sec.gov, and may be reviewed and copied at the SEC’s public reference rooms at 450 Fifth Street, N.W., Washington, D.C. 20549, or at the SEC’s regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.

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. RT48466 02-05

ACOR/WH2057 12-04

Item 2. Code of Ethics

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(b) During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above that apply to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and relate to any element of the code of ethics definition.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Directors has determined that independent director Stanley Kritzik qualifies as an Audit Committee financial expert. The designation of a person as an “Audit Committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the persons without the “Audit Committee financial expert” designation. Similarly, the designation of a person as an “Audit Committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors.

Item 4. Principal Accountant Fees and Services

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2004
	Audit Fees		Audit Related Feed		Tax Fees		Other Fees
Strong Opportunity Fund, Inc.	$	65,842	$	0	$	0	$	0
	2003
	Audit Fees		Audit Related Feed		Tax Fees		Other Fees
Strong Opportunity Fund, Inc.	$	115,897	$	0	$	12,917	$	0

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements, specifically the review of regulatory filings related to reorganizations and new share classes. Tax fees include amounts related to tax compliance, tax planning, and tax advice. Other fees include the registrant’s pro-rata share amounts for products and services other than those reported above.

(e) (1) The Audit Committee is required to preapprove audit and non-audit services performed for the Funds by the independent auditor in order to assure that the provision of such services does not impair the auditor’s independence. The Audit Committee also is required to preapprove certain non-audit services performed by the Funds’ independent auditor for the Funds’ investment adviser and certain of the adviser’s affiliates if the services relate directly to the operations and financial reporting of the Funds. Unless a type of service to be performed by the independent auditor has received preapproval, it will require specific preapproval by the Audit Committee. Any proposed services exceeding preapproved cost levels will require separate preapproval by the Audit Committee.

Notwithstanding any provision of this Policy, the Audit Committee is not required to preapprove services for which preapproval is not required by applicable law, including de minimis services (defined as non-audit services that constitute no more than 5% of the total amount of revenues paid to the independent auditor during the year in which the services are provided) and grandfathered services.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee does not delegate its responsibility to preapprove services performed by the independent auditor to management.

(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year (2004) and the preceding fiscal year (2003) by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $476,259 for 2004 and $512,254 for 2003.

(h) All non-audit services rendered in (g) above were preapproved by the registrant’s Audit Committee. Accordingly, these services were considered by the registrant’s Audit Committee in maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable; a full Schedule of Investments is included in Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases

Not applicable.

Item 9. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Funds’ Board of Directors.

Item 10. Controls and Procedures

(a) An evaluation was performed within 90 days from the date hereof under the supervision of the Registrant’s management, including the principal executive officer and treasurer, regarding the effectiveness of the registrant’s disclosure controls and procedures. Based on that evaluation, it was determined that such disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant in the reports it files or submits on Form N-CSR (1) is accumulated and communicated to the Registrant’s management, including its principal executive officer and treasurer, to allow timely decisions regarding required disclosure, and (2) is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 11. Exhibits

The following exhibits are attached to this Form N-CSR:

11 (a) (1)	Code of Ethics required by Item 2 of Form N-CSR
11 (a) (2)	Certification of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
	Certification of Principal Financial Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
11 (b)	Certification of Chief Executive Officer and Chief Financial Officer Required by Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Strong Opportunity Fund, Inc., on behalf of Strong Advisor Select Fund, Strong Advisor U.S. Small/Mid Cap Growth Fund, Strong Endeavor Fund and Strong Opportunity Fund

By:	/s/ Dana J. Russart
	Dana J. Russart, Principal Executive Officer
Date: February 14, 2005
By:	/s/ John W. Widmer
	John W. Widmer, Treasurer (Principal Financial Officer) and Secretary
Date: February 14, 2005