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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: 811-5687

Strong Common Stock Fund, Inc., on behalf of Strong Advisor Common Stock Fund,

Strong Advisor Endeavor Large Cap Fund, Strong Advisor Focus Fund

and Strong Advisor Technology Fund

(Exact name of registrant as specified in charter)

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

Richard Smirl, Strong Capital Management, Inc.

P.O. Box 2936 Milwaukee, WI 53201

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2003

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 Stockholders

ANNUAL REPORT    |    December 31, 2003

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, 2003

Strong

Advisor Equity

Funds

Table of Contents

Investment Reviews
Strong Advisor Common Stock Fund	2
Strong Advisor Mid Cap Growth Fund	4
Strong Advisor Small Cap Value Fund	6
Strong Advisor U.S. Value Fund	8
Strong Advisor Endeavor Large Cap Fund	10
Strong Advisor Focus Fund	12
Strong Advisor International Core Fund	14
Strong Advisor Select Fund	16
Strong Advisor Technology Fund	18
Strong Advisor U.S. Small/Mid Cap Growth Fund	20
Strong Advisor Utilities and Energy Fund	22
Strong Advisor Large Company Core Fund	24
Financial Information
Schedules of Investments in Securities
Strong Advisor Common Stock Fund	26
Strong Advisor Mid Cap Growth Fund	27
Strong Advisor Small Cap Value Fund	29
Strong Advisor U.S. Value Fund	34
Strong Advisor Endeavor Large Cap Fund	36
Strong Advisor Focus Fund	38
Strong Advisor International Core Fund	39
Strong Advisor Select Fund	40
Strong Advisor Technology Fund	41
Strong Advisor U.S. Small/Mid Cap Growth Fund	42
Strong Advisor Utilities and Energy Fund	43
Strong Advisor Large Company Core Fund	44
Statements of Assets and Liabilities	46
Statements of Operations	54
Statements of Changes in Net Assets	60
Financial Highlights	65
Notes to Financial Statements	86
Report of Independent Auditors	110
Directors and Officers	111

A Few Words From Dick Weiss

Market Update — January 1, 2003, to December 31, 2003

One of the great strengths of Strong Capital Management, Inc. (“Strong”), is the autonomy of its different investment teams. Unlike so many institutions where a single investment philosophy predominates and stock selection is done by committee, Strong is comprised of highly independent investment teams with individual philosophies and practices.

This independence notwithstanding, the investment teams share a common objective — adding value for shareholders.

Despite the turmoil surrounding the mutual fund industry and our firm during the last quarter of 2003, Strong’s investment teams performed admirably. According to Lipper, 74 percent of the Strong Funds beat their respective peer indices since their inception.*

Indeed, 2003 turned out to be a better year than anticipated by the investment world. In October of 2002, the market bottomed, and then began a steady advance upward into 2003. Troubled by the prospect of military conflict with Iraq, the market turned down in January and bottomed again in March. Once the outcome in Iraq

Economic Growth Rebounded in 2003

* Results are based on total returns. 110 of 149 funds, including separate share classes, outperformed their Lipper Peer Indices since the funds’ inception through 12-31-03. Investment values fluctuate. Results will vary for other time periods. Does not include effect of any loads (as applicable).

(Continued on next page)

became clear, the market anticipated the major business recovery that materialized in the third and fourth quarters, and resumed its forward march. The S&P 500 Index, Dow Jones Industrial Average, and Nasdaq moved up smartly for the remainder of the year.

It was, in effect, a rising tide that lifted many boats. Stocks that had been especially battered by the three-year bear market — either because the market assumed their business models were broken or because they had been pushed to the edge of bankruptcy — enjoyed dramatic recoveries. Once it became clear that the economy had bottomed, many of the most downtrodden stocks rebounded like coiled springs and rose appreciably in the second half of 2003. This is a phenomenon that has typically occurred after tough bear markets and has generally lasted around 6-8 months. I believe we are approaching the end of this phase.

In some instances, I believe going against conventional wisdom in 2004 will spell the difference between average and exceptional performance. For example:

• Popular opinion has it that manufacturing — a sector which has suffered for roughly 30 years — will continue to falter in 2004. I disagree. It appears that 2004 may shape up to be the first synchronized global economic recovery in years. That, combined with a weak dollar, should make U.S. manufacturing goods increasingly competitive around the world and bolster the sector’s overall results.

• The energy sector, which significantly underperformed in 2003, looks promising as well. While it participated in the fourth quarter rally, it lagged for the year and was nearing an all-time low, as a percentage of the S&P 500 Index. Energy prices were stronger than most observers expected in 2003. Given the likely increase in demand as the global economy expands, energy prices should remain at the upper end of their normal trading range. This scenario would allow individual energy stocks to play catch-up.

Here at home, the U.S. economy shows unmistakable signs of strengthening. Job growth is gaining momentum. Consumer confidence quite clearly is on the rise. All in all, it’s an encouraging combination.

If you accept the premise that there will be a wider divergence of performance this year, diversification becomes essential. It’s going to be harder to make money in 2004 than it was in 2003. But in a market environment where a rising tide will not lift all issues indiscriminately, diversified mutual funds can be a sound and sensible investment option.

Consumer Confidence Increased in 2003

Thank you for investing with Strong.

Richard T. Weiss

Vice Chairman

Strong Financial Corporation

Strong Advisor Common Stock Fund

Following three consecutive years of declines, the U.S. equity markets staged a strong recovery in 2003. The Strong Advisor Common Stock Fund Class A gained 30.52% for the year (38.50% when excluding the initial sales charge), while the Fund’s broad-based benchmark, the Russell Midcap Index, returned 40.06% for the same period.

Improving economic conditions

This year’s rally was driven by a material improvement in the nation’s economic outlook. Specifically, low interest rates from the Federal Reserve and tax cuts from Washington set the stage for economic recovery. As investors began to anticipate the resurgence of the economy, they regained confidence in investing in various stocks, which helped to drive some of the initial improvements in the market.

By the middle of the year, the continued strengthening of the economy led investors to focus on lower-quality stocks — specifically those with little or no earnings. This hurt the Fund’s relative performance, as we have historically invested in attractively priced companies with higher-quality characteristics and strong, long-term potential. We believe the trend favoring lower-quality, speculative stocks has now reached its conclusion.

Considering private market value

Our analysis of individual companies takes a close look at their competitive strengths, assets, and financial position. We then use that information to gauge a company’s private market value — the price a buyer would be willing to pay for the entire company. Companies that meet our standards and whose stocks are selling at prices lower than their private market value are candidates for inclusion in the Fund.

This process served us relatively well in 2003, as it attracted us to many stocks with strong qualities whose prices had been beaten down to very attractive levels. One example of a stock we identified through our disciplined process is Continental Airlines. Following the terrorist attacks of 9/11, the U.S. airline industry was hit by one of its worst down-turns ever. Many companies were pushed into bankruptcy. We thoroughly evaluated the remaining airlines and added Continental to the portfolio based on its relative strength. It proved to be one of our strongest stocks during the year.

Our analysis of beaten-down segments also helped us add trucking company Ryder Systems and metals company Alcoa to the portfolio during the year. In the technology sector, pessimism about the industry outlook early in the year allowed us to add companies positioned to benefit from improving corporate spending. Among the companies we were able to buy at a discount to private market value was Unisys Corporation. That holding, as well as existing positions in software and semiconductor stocks, performed strongly during the year.

As the economy improved in the second half of the year, most of the market’s performance came from lower-quality companies. This was particularly true in the technology area, where the long bear market had driven many companies to near-bankruptcy level. Given our stock selection criteria, the Fund had an underrepresentation in these stocks compared to the benchmark, which hurt our relative performance for the year. In addition, non-cyclical consumer stocks, such as food and beverage companies, did not fully participate in the market’s rally. Our holdings in this segment also hurt relative performance.

Our overweight position, relative to our benchmark, in energy stocks also hurt the Fund’s performance despite an extremely strong year for commodity prices. While oil prices hovered around $30 per barrel, and natural gas stayed above $5 per cubic foot for most of the year, the performance of energy stocks did not match these high levels. We continue to believe the stocks are attractively valued and that strong underlying fundamentals will in time attract more investors to the sector. Our holdings in the sector remain tilted toward natural gas and energy-service stocks, which we believe are in the best position to benefit from higher commodity prices.

Further improvement in 2004

We believe the market will continue to post positive returns in the coming year, though not at the levels seen in 2003. The economic picture continues to improve, with the employment picture likely stabilizing at year-end. Given both low inventory levels and improving corporate spending, we believe the progress is sustainable. Much of this positive news has already been reflected in stock prices, but in our assessment, stock valuations remain reasonable for this stage of the economic recovery. We therefore anticipate that stocks should continue to appreciate as long as earnings continue to rise.

Thank you for your investment in the Strong Advisor Common Stock Fund.

Richard T. Weiss

Portfolio Co-Manager

Ann M. Miletti

Portfolio Co-Manager

2

Fund Highlights

Your Fund’s Approach

The Fund invests in common stocks of small- and medium-capitalization companies that the Fund’s managers believe are underpriced yet have attractive growth prospects. The managers base their analysis on a company’s “private market value” — the price an investor would be willing to pay for the entire company given its management, financial health, and growth potential.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	30.52	%
5-year	7.23	%
10-year	11.32	%
Since Fund Inception (12-29-89)	14.80	%

Class A, excluding sales load
1-year	38.50	%
5-year	—
10-year	—
Since Fund Inception (12-29-89)	—

Class B1
1-year	32.40	%
5-year	7.56	%
10-year	11.57	%
Since Fund Inception (12-29-89)	14.98	%

Class C1
1-year	36.31	%
5-year	7.86	%
10-year	11.39	%
Since Fund Inception (12-29-89)	14.70	%

Class Z2
1-year	38.70	%
5-year	8.83	%
10-year	12.35	%
Since Fund Inception (12-29-89)	15.67	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 12-29-89 to 12-31-03

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.

^† 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. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

² Performance information is for Class Z shares (formerly Retail Class shares). The Strong Advisor Common Stock Fund 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. Please consult a prospectus for information about all share classes.

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

* 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 Inc.

3

Strong Advisor Mid Cap Growth Fund

After withstanding a fierce bear market, equity investors were generally rewarded with strong positive returns in 2003. For the year ended December 31, 2003, the Strong Advisor Mid Cap Growth Fund Class A recorded a solid return of 26.84% (34.56% when excluding the initial sales charge). This figure did, however, lag the broad-based Russell Midcap Index’s return of 40.06% over the same period.

Many factors drove performance

During the year, several factors combined to create a very favorable investing climate. Among these factors were economic stimulus from new tax cuts, reduction of geopolitical uncertainties, and continued low interest rates and inflation. The positive impact was felt in both growth and value stocks and across nearly all sectors of the economy.

The stocks that were the top contributors to the Fund’s performance over the year came from the consumer sector of the market. As the economy strengthened throughout the year, this area experienced above-average growth. Holdings that were weaker for the Fund came primarily from the technology, healthcare, and energy sectors.

Our investment process

Research drives our process of selecting stocks for the Strong Advisor Mid Cap Growth Fund. For a stock to be chosen, it must display — or have solid prospects for displaying — above-average growth trends in revenue, earnings, or both. Identifying stocks that are experiencing this growth is important. But what matters the most in our investment process is seeking to discern growth trends that are sustainable, as opposed to those that are likely to be short-lived.

In order for a company to make the most of its growth opportunities, it must also have a solid management team in place. For that reason, we analyze management’s track record of execution and often take time to get to know a company’s managers before buying its stock. Through our thorough, hands-on research, we also seek to determine whether their business plan is sensible and offers opportunities for future expansion. Finally, before we add a stock to the portfolio, we consider whether it fits in with our overall economic view, as well as one or more of the important investment themes that guide our market outlook. These trends include the aging of the overall population and the changes technological innovation can bring to virtually every part of the economy.

Ultra Petroleum Corporation is a company that met the above criteria and proved to be an excellent holding for the Fund during the year. Ultra is an energy company, engaged in the exploration and production of crude oil and natural gas. We were attracted to Ultra because we recognized it was growing its natural gas production at an industry-leading rate, and more importantly, because its 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 of execution. Finally, an investment in Ultra made sense given the team’s positive overall outlook for crude oil and natural gas prices.

Our decision to sell a stock is generally based on criteria that are essentially the opposite of our buying criteria. We may sell a stock when we see a deterioration in fundamentals that threatens the sustainability of a company’s existing or prospective growth. Conditions that could cause this may include, but are not limited to, changes we see in the economy, a new competitive threat, or a change in management personnel or direction.

Maintaining a positive outlook

Our outlook for the next few months remains positive, as we expect the economy to continue to benefit from continued low interest rates and inflation. This environment should allow for solid growth in corporate profits, which is beneficial to stock prices.

We will continue to seek out the fastest-growing companies we can identify that fit within the framework of our time-tested investment process.

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

Brandon Nelson

Portfolio Manager

4

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of medium-capitalization companies that the Fund’s manager believes have favorable prospects for growth of earnings and capital appreciation. Although the Fund may invest in stocks of any economic sector, at times it may emphasize one or more particular sectors.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	26.84	%
3-year	-18.24	%
5-year	-0.92	%
Since Fund Inception (12-31-96)	3.07	%
Class A, excluding sales load
1-year	34.56	%
3-year	—
5-year	—
Since Fund Inception (12-31-96)	—
Class B1
1-year	28.41	%
3-year	-19.21	%
5-year	-0.76	%
Since Fund Inception (12-31-96)	3.38	%
Class C1
1-year	32.41	%
3-year	-17.21	%
5-year	-0.36	%
Since Fund Inception (12-31-96)	3.38	%
Class Z2
1-year	34.25	%
3-year	-16.70	%
5-year	0.32	%
Since Fund Inception (12-31-96)	4.10	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 12-31-96 to 12-31-03

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.

^† 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. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

² Performance information is for Class Z shares (formerly Retail Class shares). The Strong Advisor Mid Cap Growth Fund 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. Please consult a prospectus for information about all share classes.

* 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 Inc.

5

Strong Advisor Small Cap Value Fund

The Strong Advisor Small Cap Value Fund had a very good year in 2003, both in absolute terms and relative to its broad-based benchmark. The Fund’s Class A shares returned 39.98% or 48.49% when excluding the initial sales charge, placing it just ahead of the broad-based Russell 2000 Index, which returned 47.25%.

A strong year for equities

The past year witnessed a broad and substantial rally for all areas of the equity market. The growth and value styles of investing both performed well. While large-cap stocks, especially those in the technology sector, performed well, small-cap stocks had a very good year. Although the market in 2003 was generally perceived to have been growth-dominated, small-cap stocks in the value style performed exceptionally well.

The Fund’s holdings in stocks from such sectors as materials, industrials, and energy made significant positive contributions to its returns. Also, many of our mining and metals stocks added to the Fund’s returns. These stocks benefited from a favorable supply/demand relationship — that is, demand is good while supply is relatively tight — for silver and gold.

Furthermore, this past year saw a significant weakening of the U.S. dollar, which also aided many of the names in the metals and mining industries. When the dollar loses value relative to foreign currencies, investors tend to favor precious metals, helping to drive the value of these stocks upward. Energy stocks in the portfolio also benefited from a good supply/demand environment. The situation is particularly favorable for companies in the natural gas area.

We kept the Fund’s exposure to technology stocks near to, or slightly lower than, their representation in our benchmark index. Technology stocks performed very strongly over the year, so this positioning could have hurt performance. However, our individual stock selections in this sector were strong and added significant value to the portfolio.

Looking for catalysts

The Fund employs a relative value approach to investing. This means that we look for stocks in all sectors of the marketplace that are attractively priced and have positive fundamental catalysts that could drive their stock price upward in the future. These catalyst qualities can include new products, strong management teams, or favorable dynamics within the company’s industry.

We use a multidimensional, bottom-up stock-selection process. We employ both quantitative analysis (objective number-crunching) and fundamental research (careful, but more subjective study of the company’s specific qualities). For the most part, we use quantitative analysis to narrow down the pool of stocks we consider for the portfolio and then spend most of our time on the hands-on, fundamental research that guides our final selections. We contend that a stock that is attractive from a quantitative basis may not be a good investment if it lacks a catalyst to drive future growth.

The Fund’s allocations to different industries and sectors are driven primarily by our individual stock selections. We generally don’t seek to capitalize on potential market trends by deliberately overweighting or underweighting the portfolio in different market sectors.

United States Steel provides an excellent example of how our stock selection process works. This company’s reasonable valuation and other factors allowed it to pass through our initial quantitative screening process. Then we engaged in closer research and evaluation. What we found was a preeminent steel company with a seasoned, forward-thinking management team and successful operations in eastern Europe. Additionally, the company merged with National Steel in May 2003. The resulting synergies have been a key driving force for success and earnings growth. The stock has been a holding in our portfolio for some time, typifying our long-term approach to most of our holdings.

Possible challenges in 2004

In the past year, stocks moved upward across the market, but in 2004 we believe individual stock selection will become increasingly critical to success. It is our opinion that small-cap stocks can continue to do well this year, as their prices remain attractive and many investors still have relatively low exposure to this asset class.

Additionally, we believe the dollar may continue to drop (but somewhat less drastically) versus other major currencies, and that prices for such commodities as precious metals, natural gas, and oil will continue their upward trend. We intend to position the Fund to benefit from these expected trends.

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

I. Charles Rinaldi

Portfolio Manager

6

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of small-capitalization companies that the Fund’s manager believes are undervalued relative to the market based on earnings, cash flow, or asset value. The manager specifically looks for companies whose stock prices may benefit from a positive dynamic of change, such as a new management team, a new product or service, a corporate restructuring, an improved business plan, or a change in the political, economic, or social environment.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	39.98	%
3-year	15.60	%
5-year	19.97	%
Since Fund Inception (12-31-97)	17.49	%
Class A, excluding sales load
1-year	48.49	%
3-year	—
5-year	—
Since Fund Inception (12-31-97)	—
Class B1
1-year	42.28	%
3-year	16.09	%
5-year	20.50	%
Since Fund Inception (12-31-97)	17.91	%
Class C1
1-year	46.34	%
3-year	17.11	%
5-year	20.72	%
Since Fund Inception (12-31-97)	18.01	%
Class Z2
1-year	48.70	%
3-year	18.09	%
5-year	21.66	%
Since Fund Inception (12-31-97)	18.92	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 12-31-97 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Russell 2000^® Index and the Lipper Small-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

² Performance information is for Class Z shares (formerly Retail Class shares). The Strong Advisor Small Cap Value Fund 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.

Please consult a prospectus for information about all share classes.

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

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Lipper Small-Cap Value Funds Index is the average of the 30 largest funds in the Lipper Small-Cap Value Funds Category. Source of the Russell index data is Standard & Poor’s Micropal. Source of the Lipper index data is Lipper Inc.

7

Strong Advisor U.S. Value Fund

The Strong Advisor U.S. Value Fund outperformed its broad-based index, the S&P 500 Index. The Fund’s Class A shares returned 23.00% or 30.48% when excluding the initial sales charge, while the S&P 500 Index returned 28.67%.

In a departure from the previous three years, all categories of the equity markets delivered positive results — and did so decisively. As is typical in the early stages of an economic recovery, throughout the year small-cap stocks outperformed mid-cap stocks, which in turn outperformed large-cap stocks. Our willingness to hold some mid-cap stocks clearly helped our performance relative to the S&P 500 Index.

Individual stock selection drove outperformance

We spend virtually all of our time and effort on bottom-up, fundamental stock research. We were therefore gratified to find that our outperformance relative to our indices was driven in large part by strength in our individual stock selections, led by stocks in the materials (Georgia-Pacific and Phelps Dodge), healthcare (HCA and McKesson), and consumer discretionary (McDonald’s and Metro-Goldwyn-Mayer) sectors. In keeping with our value discipline, we have substantially reduced our exposure to our strongest materials and consumer discretionary stocks, as they have generally doubled in price from their lows. However, we continue to find value in healthcare stocks.

We are overweighted in food stocks relative to the benchmark level, as we find the steady growth, high dividends, and stable cash flow of these businesses very compelling at this time. In addition, as growth-oriented investors rotated out of this sector in search of faster-growth stocks, there was an unusual opportunity to purchase these businesses when they were out of favor and undervalued.

Some notes about energy and tech stocks

As of December 31, 2003, we were overweight in energy stocks relative to our benchmark. We took this position because energy stocks materially underperformed the broader market in 2003. Although we believed the energy stocks we selected may benefit from company-specific factors, it’s generally oil prices that drive the sector’s returns. Because oil prices are denominated in dollars, we believed that the weakened dollar should bolster prices, driving our decision to increase our position in the sector in the fourth quarter. The market appeared to warm up to this idea toward the end of the year, and energy stocks significantly outperformed the market in December.

We reduced our holdings in technology stocks in 2003. We believe that euphoria has begun to return to this area of the market, making the valuations of many companies excessive, in our assessment. In addition, it appears to us that many investors are not considering that most technology companies’ earnings per share will suffer material, negative impact once stock options are properly accounted for. We also reduced our position in financials, particularly in brokers and other areas sensitive to shifts in the markets.

Outlook for the year ahead

The year saw considerable weakness in the U.S. dollar, a condition that is typically more beneficial to larger companies. (Bigger companies are more likely to be exporters, which generally benefit from stronger currencies abroad.) This was not the case in 2003, however, as small caps outperformed larger stocks, continuing a five-year trend. It may be that large-cap investors can look forward to their stocks’ playing catch-up in 2004, particularly if dollar weakness continues.

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 these companies at attractive prices — which often come when they are temporarily out of favor with the market. Finally, we hope and expect our valuation discipline and focus on risk management will be of greater importance in 2004 than they were in 2003.

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

Robert J. Costomiris

Portfolio Manager

* 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 Inc.

8

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of U.S. companies that the Fund’s manager believes are undervalued relative to the market based on discounted cash flows, earnings, and asset value. The manager’s philosophy is that improving returns on invested capital drives improving valuations. The manager selects securities by screening for undervalued securities and utilizing fundamental analysis such as management interviews and financial modeling analysis to select those securities with improving returns on capital.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	23.00	%
3-year	-3.32	%
5-year	0.29	%
Since Fund Inception (12-29-95)	9.51	%
Class A, excluding sales load
1-year	30.48	%
3-year	—
5-year	—
Since Fund Inception (12-29-95)	—
Class B1
1-year	24.37	%
3-year	-3.51	%
5-year	0.41	%
Since Fund Inception (12-29-95)	9.62	%
Class C1
1-year	28.42	%
3-year	-2.08	%
5-year	0.81	%
Since Fund Inception (12-29-95)	9.62	%
Class K1
1-year	31.03	%
3-year	-0.95	%
5-year	1.90	%
Since Fund Inception (12-29-95)	10.76	%
Class Z2
1-year	30.23	%
3-year	-1.49	%
5-year	1.56	%
Since Fund Inception (12-29-95)	10.53	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 12-29-95 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Value Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

² Performance information is for Class Z shares. The Strong Advisor U.S. Value Fund 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. Please consult a prospectus for information about all share classes.

9

Strong Advisor Endeavor Large Cap Fund

For the year ended December 31, 2003, the Strong Advisor Endeavor Large Cap Fund Class A delivered a very solid return, advancing 25.84% (33.51% when excluding the initial sales charge). The Fund’s broad-based benchmark, the S&P 500 Index, returned 28.67%.

We had positioned the Fund to benefit from overall improvement in economic conditions and investor confidence. We were surprised, however, that high-volatility stocks experienced the strongest performance over the past year. This may have hindered our performance relative to the benchmark.

An investigative approach

Our team of portfolio managers and analysts worked diligently in 2003 to research investment opportunities for new and existing holdings for the Fund. Our research process is based on the idea of surrounding a company. This can be likened to the work of investigative journalists, tapping into an extensive network of sources to develop an original investment opinion. We begin surrounding a company by thoroughly analyzing its financial statements, looking for companies that can produce strong earnings growth relative to the investment required to grow their businesses. One of the companies this research led us toward in 2003 was Cisco Systems, the manufacturer of a broad array of networking and communications products.

We then seek to gain perspectives from many key individuals who directly affect the particular company or industry that is the subject of our research. We hold extensive conversations with senior management, but also interview middle managers, sales personnel, and product or channel managers who can provide valuable insights into sales trends, customer interests, and the competitive landscape. These relationships help us to gain an understanding of the effectiveness of new product and customer initiatives. Information from competitors, suppliers, and customers helps to round out our understanding.

In Cisco’s case, our research among component suppliers indicated that business trends were improving across most of the company’s customer base. Indeed, Cisco was able to announce an important new contract with the U.S. Defense Department to build a high-speed data network. Cisco’s solid operating leverage, improving business trends, and reduced product backlog and lead times were all positive for the company’s stock.

Healthy performers for the Fund

Semiconductor manufacturer Intel Corporation was also a solid holding during the period. The semiconductor industry fared well this year, and Intel’s stock rose on the strength in demand as it witnessed a solid push in the markets for servers, desktop computers, and mobile devices. Also, the company continued to benefit from high expectations that its Centrino chipset will allow it to build considerable market share in the growing laptop market.

Finally, as demand for leisure travel improved this year, our carefully researched holdings in the travel sector contributed positively to returns. For example, Royal Caribbean, one of the world’s largest cruise lines, benefited from improved bookings and its strong position among its competitors. As the economy strengthened, we detected improving leisure travel as trends returned to normal after three years of below-average results.

We believe that our research of companies of all sizes is a key advantage even when investing in larger-cap companies. Many large companies compete, form partnerships, or do business with smaller and midsize companies. With research that spans the market capitalization spectrum, we get unusual insights that enhance our ability to build a differentiated portfolio of growth stocks.

A positive outlook overall

We expect economic and corporate earnings growth to continue at a moderate pace in the coming year. Inflation appears to be at a sustainably low level, with strong productivity gains and job growth appearing to pick up. These factors should provide a solid foundation for the equity markets next year.

There is, however, potential for rising interest rates due to a weaker dollar and improving economy, which could hamper stock returns somewhat. In this environment, we intend to continue to maintain a balance of core growth holdings and developing growth stocks in the portfolio. Our aim is to take advantage of the opportunities that may present themselves in 2004, while prudently managing risk.

Thank you for your investment in the Strong Advisor Endeavor Large Cap Fund.

Thomas J. Pence

Portfolio Co-Manager

D. Paul Berg

Portfolio Co-Manager

10

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of large-cap companies that its managers believe offer the potential for capital growth. The Fund’s managers seek to identify companies that have the prospect of improving sales and earnings growth rates, enjoy a competitive advantage, and have effective management with a history of making investments that are in the best interests of shareholders.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	25.84	%
Since Fund Inception (9-28-01)	-1.21	%
Class A, excluding sales load
1-year	33.51	%
Since Fund Inception (9-28-01)	—
Class B1
1-year	27.76	%
Since Fund Inception (9-28-01)	-0.84	%
Class C1
1-year	31.76	%
Since Fund Inception (9-28-01)	0.93	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 9-28-01 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value of the Fund vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

* 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 Inc.

11

Strong Advisor Focus Fund

Emerging from a three-year bear market, the Strong Advisor Focus Fund Class A posted a solid return of 17.91% for the year (25.05% when excluding the initial sales charge). The Fund’s broad-based benchmark, the S&P 500 Index, returned 28.67% for the same period.

The stock market in 2003 was driven by three major trends. First, the newly enacted tax cuts offered the potential for stimulus to the economy and provided a boost to investors’ anticipated after-tax returns. Second, the economy displayed solid improvement through the year, accelerating in the second half. Third, the credit and capital markets opened up dramatically, giving companies the opportunity to repair troubled balance sheets.

Overall, this environment favored the lowest-quality stocks the most, as the market appeared to understand that it had less reason to worry about these companies’ long-term viability. Our focus and research tends to steer us away from such companies, which accounts for much of our underperformance this past year.

Seeking out fast-growing companies

Our process for selecting individual stocks has proprietary research at its core. The underlying theme to our process is the continual search for companies with superior business models that can achieve earnings growth by increasing their revenues and gaining market share.

Apollo Group is a good example that demonstrates our investment process. The company offers higher education both on campuses and via the Internet through its University of Phoenix operations. The company fits into an important investment theme that we follow, the dramatic economic growth associated with the very large echo boomer generation (that is, the children of the original baby boomers). This generation is now moving into its post-secondary-education years, providing a generous tailwind for the University of Phoenix’s growth.

The company gained market share, strongly outpacing most of the post-secondary education market. Furthermore, it met our criteria for revenue growth, positive earnings surprises, return on invested capital, and consistency of performance. We have supplemented our quantitative research with regular visits to the company to evaluate whether our growth expectations remain reasonable or need to be revised upward or downward.

Choosing when to sell a stock

With Apollo Group we observed times where the price of the stock was near our valuation targets — that is, the price we believed fully reflected its intrinsic value. As we do with other stocks in the portfolio, we took the opportunity to reduce our position in the stock. Because we invest in fast-growing companies, this sell discipline — that is, devising and employing the criteria we use to determine when a stock is no longer appropriate for the Fund — is a vital part of our management process.

Performance ultimately is driven not only by how well we buy a stock, but also by how well we sell it. Our decisions to sell stocks are driven by signs that the stock’s price has risen too high relative to its earnings and growth prospects, and by indications that the growth rates we sought when we bought the stock may not come to fruition. (Similarly, we may choose to increase our position in a company if its stock price dips while its prospects remain good.) Our process has served us well with respect to Apollo Group, and we believe it is a good formula for evaluating, selecting, and eventually selling a wide range of growth stocks over the long term.

Thoughts about 2004

For the near future, we anticipate continued economic strength, with the Federal Reserve taking a benign stance on interest rates through the first half of 2004. We believe that corporate profitability will continue to experience an above-average rate of growth, driven by rebounding domestic and international economies. We believe this should present a reasonable environment for growth-stock investing.

The stock market is dynamic. Among the factors we expect to be paying close attention to in the coming months will be the direction of long-bond rates, the recent weakness in the U.S. dollar relative to major foreign currencies, the environment for corporate credit, and the evolving demand for healthcare services.

We thank you for your investment in the Strong Advisor Focus Fund, and we appreciate the confidence you’ve continued to place in us.

Thomas C. Ognar

Portfolio Manager

12

Fund Highlights

Your Fund’s Approach

The Fund focuses on stocks of 30 to 40 companies that its manager believes have favorable prospects for accelerating growth of earnings but are selling at reasonable valuations based on earnings, cash flow, or asset value. The portfolio can include stocks of small-, medium-, or large-capitalization companies.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	17.91	%
3-year	-18.07	%
Since Fund Inception (11-30-00)	-16.92	%
Class A, excluding sales load
1-year	25.05	%
3-year	—
Since Fund Inception (11-30-00)	—
Class B1
1-year	19.10	%
3-year	-18.88	%
Since Fund Inception (11-30-00)	-17.28	%
Class C1
1-year	23.10	%
3-year	-16.90	%
Since Fund Inception (11-30-00)	-15.86	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 11-30-00 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Multi-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

* The 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 Inc.

13

Strong Advisor International Core Fund

The Strong Advisor International Core Fund Class A rose 23.82% for the year ended December 31, 2003 (31.38% when excluding the initial sales charge). While a solid return for the year, the Fund’s performance lagged the total return of its international benchmark, the MSCI EAFE Index, which gained 38.59% for the year.

Small-cap stocks and lower-quality stocks dominated the global market rally over the past year. Our investment discipline emphasizes higher-quality, large-cap companies, which limited the Fund’s participation in the market’s recovery.

Solid gains around the world

As the global economic recovery gained momentum through the year, all major international equity markets and global sectors enjoyed double-digit gains in U.S. dollar terms. Performance was best in emerging markets, where falling interest rates, attractive share prices, and accelerating growth prospects sparked investor sentiment. The Fund’s investments in Brazil and Mexico were particular beneficiaries of this trend. Asian markets also posted strong returns, especially in the second half of the year.

European markets had less dramatic performance in local currency terms, reflecting the struggling nature of that region’s economy. Germany was a notable exception in Europe. We increased our investment in Germany during the year, emphasizing companies poised for a significant earnings recovery in spite of the strong euro.

A major factor in the Fund’s results was the strength of key foreign currencies compared with the U.S. dollar. For example, the yen rose in value by 10% relative to the dollar, and the euro appreciated by 20%. Differences between the Fund’s currency exposures and those of the MSCI EAFE Index contributed to the Fund’s below-benchmark return.

Lower-quality stocks outperformed

As we have noted, in 2003 the stocks that experienced the greatest returns around the world and across economic sectors were small-capitalization stocks and low-quality stocks sharing such traits as highly leveraged balance sheets, a history of poor acquisition strategies, and volatile earnings results.

The difference in relative performance of small vs. large capitalization stocks was striking around the world. For example, the MSCI Europe Small Cap Index rose 35% in the year, while the MSCI Europe Index climbed just 17%. A similar relationship existed in Asia, where the MSCI Far East Small Cap Index increased 45%, nearly twice the return of the MSCI Far East Index, up 23%. (All returns are based in local currencies.) While some smaller-cap holdings, such as Puma of Germany, did very well for the year, the Fund is generally concentrated on large-cap stocks as part of our long-standing investment process.

The performance gap between low- and high-quality stocks also had an impact on the Fund’s relative performance. Eye-popping increases were experienced by some of the world’s most troubled financial, technology, and industrial stocks. Nevertheless, we remained true to our discipline, eschewing high-risk stocks with questionable fundamentals and favoring instead those that fit key criteria such as solid balance sheets, consistent earnings growth, proven business development strategies, and attractive relative valuations. We intend to maintain our focus on quality, as we believe such an approach is essential to identifying stocks that can survive and prosper over the longer term.

The year did have significant bright spots for the Fund. We identified rising materials prices as a key new trend early in the year, and therefore chose to emphasize that sector within the portfolio. Commodity prices rose on the back of the weaker dollar, reduced production capacity, and renewed demand — especially from China. Three Fund holdings from the sector, Anglo American, Gold Fields, and BHP are among the world’s largest metals and mining firms and were clear beneficiaries of the solid pricing environment for their products. Companhia Vale do Rio Doce, one of the Fund’s best performing stocks in 2003, has the added benefit of very low production costs following the devaluation of Brazil’s currency in January 1999.

Keeping our focus on high quality

Major issues facing global stock markets in 2004 include questions about the durability of the current global economic recovery, the negative effects of a weak U.S. dollar, the potential for rising interest rates across regions, and the ability of China’s expansion to serve as an engine of growth for the world economy and not just the Asian region.

In this environment, we believe investors will once again turn to the large-cap, high-quality stocks this Fund favors.

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

Stacy Ho

Portfolio Co-Manager

Katherine Schapiro

Portfolio Co-Manager

14

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of any size from any country, including emerging markets, that appear to have strong growth potential and good relative value based on valuation measures such as earnings, cash flow, or asset value. The strategy is comprised of three parts that continually interact: trend identification, stock selection, and risk management.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	23.82	%
Since Fund Inception (9-28-01)	4.09	%
Class A, excluding sales load
1-year	31.38	%
Since Fund Inception (9-28-01)	—
Class B1
1-year	26.58	%
Since Fund Inception (9-28-01)	5.17	%
Class C1
1-year	30.52	%
Since Fund Inception (9-28-01)	6.79	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 9-28-01 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the Morgan Stanley Capital International Europe, Australasia, and Far East Index (“MSCI EAFE”) and the Lipper International Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value of the Fund vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

* The MSCI EAFE^® Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Lipper International Funds Index is the average of the 30 largest funds in the Lipper International Funds Category. These funds invest assets in securities with primary trading markets outside of the United States. Source of the MSCI EAFE index data is Standard & Poor’s Micropal. Source of the Lipper index data is Lipper Inc.

15

Strong Advisor Select Fund

The Strong Advisor Select Fund Class A posted a strong return in 2003. For the year ended December 31, 2003, the Fund returned 29.21% (37.05% when excluding the initial sales charge), outperforming its broad-based benchmark, the S&P 500 Index, which returned 28.67% for the same period.

In an environment that saw virtually every sector of the equity market post solid returns, the Fund’s outperformance relative to the S&P 500 Index was driven by strong individual stock selection.

Investigative approach to investing

Our investment process for the Strong Advisor Select Fund is based on the idea of surrounding a company with research. This can be likened to the work of investigative journalists, tapping into an extensive network of sources to develop an original investment opinion. We begin surrounding a company by thoroughly analyzing its financial statements, looking for companies that can produce strong earnings growth relative to the investment required to grow their businesses. We require each holding in the Fund to display strong barriers to new competitors, which should help support strong or improving returns on capital.

One company this approach led us to was Royal Caribbean Cruises, one of the world’s largest cruise lines. The very nature of the large cruise-line business helps to limit the potential for new entrants to the market. Among the factors that drew us to this company were increased bookings, which resulted from the strengthening economy and receding fears of terrorism. Royal Caribbean Cruises also had a strong position among its competitors. We expect to continue to closely monitor pricing, competition, and demand trends in the travel industry.

Among the most useful elements of our research process is seeking out perspectives from many key individuals who directly affect the particular company or industry that is the subject of our research. We hold extensive conversations with senior management, but we also interview middle managers, sales personnel, and product or channel managers who can provide valuable insights into sales trends, customer interests, and the competitive landscape. These relationships help us to gain an understanding of the effectiveness of new product and customer initiatives. Information from competitors, suppliers, and customers helps to round out our understanding of a company.

Eclectic stock picking

This research helps us to uncover opportunities in a wide range of sectors. For example, another strong performer we identified for the Fund was Harman International Industries, which designs and markets high-fidelity audio products and electronic systems. We were able to determine that Harman was benefiting from rolling out its Harman Infotainment system to higher-end auto manufacturers. That system also helps auto manufacturers decrease costs by simplifying the assembly process. We believed Harman’s customer base should allow it to generate solid long-term revenue and earnings growth.

Our research-driven approach also led us to semiconductor manufacturer Intel Corporation. The semiconductor industry fared well this year, and Intel rose on the strength in demand as it witnessed a solid push in the markets for servers, desktop computers, and mobile devices. The company’s new Centrino chipset should also allow it to build considerable market share in the growing laptop market.

We believe that our research of companies of all sizes is a key advantage even when investing in larger-cap companies. Many large companies compete, form partnerships, or do business with smaller and midsize companies. With research that spans the market-capitalization spectrum, we get unusual, invaluable insights.

Expectations for 2004

While the current environment suggests a positive tone for the equity markets next year, we anticipate that stock valuations will keep returns closer to historic levels (rather than the very high levels seen in 2003). There is some potential for downside risk due to an economic hiccup or unexpected event, and investors are likely to be more selective in the stocks they favor. We believe the stock market’s volatility is also likely to pick up.

Therefore, we intend to stay focused on keeping the right mix of core investments for the Fund and to continue to manage risk by adhering to our strict price targets for individual stocks. We believe the Fund is well-positioned to take advantage of the more discriminating market we are likely to see in the year ahead.

We sincerely appreciate your investment in the Strong Advisor Select Fund.

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

16

Fund Highlights

Your Fund’s Approach

The Fund invests in the stocks of 30 to 40 small-, medium-, and large-capitalization companies that its managers believe have above-average earnings growth prospects. The Fund’s managers select stocks that have attractive growth prospects, accelerating sales and earnings, and positive fundamentals.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	29.21	%
3-year	-7.58	%
Since Fund Inception (12-29-00)	-7.57	%
Class A, excluding sales load
1-year	37.05	%
3-year	—
Since Fund Inception (12-29-00)	—
Class B1
1-year	30.88	%
3-year	-7.97	%
Since Fund Inception (12-29-00)	-7.56	%
Class C1
1-year	34.88	%
3-year	-6.42	%
Since Fund Inception (12-29-00)	-6.41	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 12-29-00 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with a similar investment in the S&P 500 Index (“S&P 500”) and the Lipper Multi-Cap Growth Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, and you may have a gain or a 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns. The Fund is nondiversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility and market pressure than a fully diversified fund.

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

* The 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 Inc.

17

Strong Advisor Technology Fund

In a year that saw virtually all sectors of the equity markets post strong returns, technology stocks represented the strongest equity sector in 2003. The Strong Advisor Technology Fund outperformed its broad-based benchmark by substantial margins. For the year ended December 31, 2003, the Fund’s Class A shares returned 65.11% (75.24% when excluding the initial sales charge), while its broad-based index, the S&P 500 Index, returned 28.67%.

A powerful year for tech stocks

In general, technology stocks tend to perform well in periods of expanding economic growth. This past year was no exception, and as the U.S. economy rebounded near the middle of 2003, tech stocks started to move upward as well. The strength of the technology sector rebound is, of course, tempered by the depth of the drop in their prices (fully 75% on average) that took place during the bear market.

Because of this Fund’s size, we were able to invest in a substantial number of small-capitalization stocks, which were the best-performing equity class in 2003. We overweighted the semiconductor group, relative to our benchmark, for the entire year. This further contributed to our strong performance, as this was the top-performing subsector within technology during the year. Individual stock selection also contributed positively to our relative and absolute performance.

Interesting examples from the portfolio

We employ a bottom-up stock-selection process, focusing carefully on a company’s fundamental qualities. This process includes a rigorous evaluation of a company’s management, its market position, ability to be self-financing, and above all, prospects for future growth. We especially like companies offering “best-of-breed” products.

One change in technology investing that has occurred over the past several years has been the relative slowdown in the growth rate of the major end markets: personal computers, wireless telephony, and Internet/networking. The slowdown in these markets has forced a switch in strategy toward newer, but smaller, markets and companies that still have high projected growth rates.

One example would be Fund holding Metrologic Instruments, our best performer for the year with a return of more than 200%. This small but leading technology company specializes in equipment and systems for bar-code scanning and RFID devices (the so-called smart tags being phased in by Wal-Mart and other retailers). We bought the stock based on an accelerated pattern of sales growth caused by new product innovation, as well as an increased potential range of uses for these technologies in hospital and logistics management. While this example is particularly strong, in 2003 we were able to identify several stocks that provided outsized returns for the portfolio.

We strive to maintain diversification among the major technology end markets and we’ve rarely allowed our exposure to a single sub-industry to exceed 30% of assets. In 2003, our semiconductor position briefly reached this level, but that was due in part to strong price appreciation among the stocks in this top-performing area of the market. We’ve usually looked to trim back our positions in individual stocks when they exceed 5% of assets. The aim of all of these diversification efforts is to reduce the relative volatility of the Fund’s performance.

Despite our general bias toward diversification, we will only invest in a particular subsector of the tech market if we can find compelling companies to invest in. During 2003, we sharply reduced our software holdings, for example, as the industry’s long-term growth prospects declined substantially.

During the year, we made successful investments in the biotech and medical technology areas. The prices on these companies were unusually attractive in the spring of 2003, presenting a solid opportunity to buy. Many companies in these industries appreciated strongly over the year — and as each reached a price target that we believed represented full value for the stock, we reduced or entirely sold out of our positions.

Anticipating positive conditions

All indications are that 2004 should provide a climate for good global economic growth. Technology stocks have historically tended to do well in similar environments, giving further cause for optimism. We expect to see recovery in the deteriorating corporate information technology market, as well as continued growth in the personal computer, wireless telephony, and Internet/networking markets. While we expect to see a good year in 2004, we believe it would be unrealistic to expect another one as strong as 2003.

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

James B. Burkart

Portfolio Manager

18

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of companies of any size that derive at least 50% of their revenues, expenses, or profits from producing, developing, selling, using, or distributing technology products or services. To select stocks for the Fund, the manager generally looks for several characteristics, including strong revenue growth, overall financial strength, competitive advantages, and effective management.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	65.11	%
3-year	-8.89	%
Since Fund Inception (11-30-00)	-10.86	%

Class A, excluding sales load
1-year	75.24	%
3-year	—
Since Fund Inception (11-30-00)	—

Class B1
1-year	70.54	%
3-year	-9.07	%
Since Fund Inception (11-30-00)	-10.78	%

Class C1
1-year	74.48	%
3-year	-7.57	%
Since Fund Inception (11-30-00)	-9.65	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 11-30-00 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Science and Technology Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

* The 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 Inc.

19

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

For the year ended December 31, 2003, the Strong Advisor U.S. Small/Mid Cap Growth Fund Class A returned 47.63% (56.72% when excluding the initial sales charge), placing it ahead of its broad-based benchmark, the Russell Midcap Index, which returned 40.06% for the same period.

The economic climate improved as the year progressed, as did the Fund’s performance. We believed that the Federal Reserve would maintain its accommodative stance on interest rates, and we also anticipated that the fiscal stimulus measures — particularly tax cuts — pursued by President Bush in advance of the election year would provide further support for economic recovery.

Based on our economic outlook, we had decided to emphasize in the portfolio those companies and sectors that were positioned to benefit from a recovering economy. This move played a large part in the Fund’s strong relative and absolute performance.

There was also a change in market leadership; where value stocks had prevailed in less certain times, growth stocks came to the fore as the economic recovery took firm hold.

Prepared for recovery

The most notable event in the first half of 2003 was the war in Iraq. Uncertainty leading up to the war caused consumer and business confidence to plummet, making it very difficult to manage growth stock portfolios. In November 2002, however, we had repositioned the Fund in anticipation of improving business conditions and increasing consumer confidence, positioning that hurt performance in the year’s first quarter.

As the major portion of the war came to a quick resolution, however, confidence returned to the economy and the markets. Improvement began in the second quarter, and in the third and fourth quarters the signs of economic recovery become much clearer. The resumption of economic growth coupled with low interest rates and inflation provided a very positive backdrop for small- and mid-cap growth stocks. We expect these positive conditions to continue in 2004.

Favored sectors for the Fund

We added to our holdings in those groups that have traditionally done well coming out of slow economic periods. These include trucking companies, freight forwarders, retailers, restaurants, and technology companies. For different reasons, we also began to add to our position in the energy sector. After three years of almost no drilling among these companies, we began to see an upturn in such activity. This suggested that a new natural-gas production cycle was beginning, which would be a positive development given the very constrained supply situation that existed.

To accommodate these additions to the portfolio, we reduced our holdings among some of the more defensive stocks in our portfolio. While these companies retain appealing characteristics, they historically have underperformed faster-growing sectors during an economic recovery.

Our outlook is positive

The shift in market leadership from value to growth stocks helped drive our performance in 2003. Typically, such cycles of outperformance for an investment style have lasted from three to five years. While we will carefully monitor the market and economic climate for changing conditions, we find this historical pattern to be encouraging as we look to the months and years ahead.

We anticipate that the positive environment for small- and mid-cap growth stocks should persist for some time to come. Based on our research, we believe that corporate profits may exceed expectations in 2004. Continued low interest rates and inflation, along with the still significant amounts of investable cash that remains on the sidelines, could help fuel the next move upward in the broader market in general, and smaller-cap growth stocks specifically.

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

Thomas L. Press

Portfolio Manager

20

Fund Highlights

Your Fund’s Approach

The Fund invests in stocks of small- and medium-capitalization U.S. companies that the Fund’s manager believes have favorable prospects for growth of earnings and capital appreciation. To identify these companies, the manager looks for several characteristics, including strong revenue growth, high return on invested capital, overall financial strength, competitive advantages, reasonable current stock price, experienced management, and competence in research, development, and marketing.

Average Annual Total Returns

As of 12-31-03

Class A1
1-year	47.63	%
Since Fund Inception (3-28-02)	3.07	%
Class A, excluding sales load
1-year	56.72	%
Since Fund Inception (3-28-02)	—
Class B1
1-year	51.58	%
Since Fund Inception (3-28-02)	4.36	%
Class C1
1-year	55.72	%
Since Fund Inception (3-28-02)	6.59	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 3-28-02 to 12-31-03

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.

^† 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. Performance is historical and does not represent future results. Investment returns and principal value of the Fund vary, 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 current performance information. The graph and the 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

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

* 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 Inc.

21

Strong Advisor Utilities And Energy Fund

The Strong Advisor Utilities and Energy Fund Class A returned 12.74% for the year (19.61% when excluding the initial sales charge). This lagged the Fund’s broad-based benchmark, the S&P 500 Index, which returned 28.67% for the same period.

For most of the year, the largest gains in the utility group tended to come from companies whose share price had been previously battered down because of liquidity crisis fears, and subsequently presented turnaround situations. Not surprisingly, the outlook for many of these companies was uncertain. As a result, we chose not to participate in some of the more risky companies, and this was the main reason for the underperformance relative to the S&P 500 Index.

We stayed the course with our investment process, and in the year’s fourth quarter, our holdings in stocks of financially strong, dividend-paying utility companies finally received recognition from investors. The Fund’s return in that quarter alone was 12.1%, reflecting good gains in the utility and telephone sectors of the market, as well as significant strength from the energy sector.

How we approach sector allocation

This Fund invests only in stocks of utility companies (including telephone service providers) and energy companies. In deciding how to allocate the Fund’s assets among the different sectors eligible for consideration for the portfolio, we do consider the future prospects for each sector, relative to the others. In other words, we may choose to overweight (relative to our benchmark level) stocks from a specific industry because we believe the sector as a whole is poised for improvement. On the other hand, we may elect to de-emphasize stocks from an area that we believe is due for significant difficulty ahead, whether because of a change in the regulatory environment or a macroeconomic trend.

For the most part, however, our sector allocations are the result of our individual stock selections. This is what drove the portfolio’s current overweighting relative to the index in energy stocks, as we believe the prevailing conditions for these companies position them for strong performance going forward. At year-end, energy stocks represented 32.3% of assets. Ashland Inc. was the strongest of our holdings in the energy sector for the year and was the second-largest contributor to the Fund’s overall performance.

Our individual stock picks have also led us to an underweighted position in telephone stocks, relative to our benchmark level, as the competitive landscape for these companies may present significant challenges. Telephones accounted for just under 7% of assets at the end of the period. Overall, these companies had a small negative impact on performance.

A closer look at electric and gas stocks

Our approach in the electric and gas sectors is to focus on identifying financially strong companies that appear ready to benefit from favorable conditions in the regulatory environment that utilities and energy companies must operate in, that appear to have high-quality assets, and that we believe have strong, competent managers to help the company take advantage of opportunities as they may arise. We believe each of these factors, or a combination of them, can help a company pursue above-average returns.

Another factor we consider carefully is a company’s ability to provide a rising stream of dividends to its shareholders. This factor is important not only for electric and gas stocks, but also for companies in the energy and telephone sectors.

At the end of the year, electric utilities represented 33.1% of the portfolio, while gas utilities were just less than 20% of assets. Constellation Energy experienced the best performance among our holdings in the electric sector, and was the single largest contributor to the entire portfolio’s performance.

The outlook for 2004

In the coming year, we expect to see more investors interested in dividend-paying companies. Because they are strongly represented in the portfolio, the Fund would be well positioned to benefit from such a trend, just as it did in the fourth quarter.

There may be some potential for inflation and rising interest rates in the year ahead, given the very low levels that currently prevail for both. We believe the Fund’s energy component can help to provide useful balance to the portfolio should either condition develop.

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

William A. Ferer Portfolio Co-Manager	Mark D. Luftig Portfolio Co-Manager
William H. Reaves Portfolio Co-Manager	Ronald J. Sorenson Portfolio Co-Manager

22

Fund Highlights

Your Fund’s Approach

The Fund invests in the stocks of U.S. public utility companies and energy companies that pay current dividends and whose earnings are expected to improve. These include companies of any size that provide products and services related to electric power, communications, gas, and water, as well as companies involved in the discovery, development, production, generation, transmission, refinement, measurement, trading, marketing, or distribution of energy.

Average Annual Total Returns¹

As of 12-31-03

Class A2
1-year	12.74	%
Since Fund Inception (7-31-02)	1.65	%
Class A, excluding sales load
1-year	19.61	%
Since Fund Inception (7-31-02)	—
Class B2
1-year	13.97	%
Since Fund Inception (7-31-02)	2.66	%
Class C2
1-year	17.97	%
Since Fund Inception (7-31-02)	5.39	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 7-31-02 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Utility Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

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

A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

¹ Total return measures change in the value of an investment in the Fund assuming reinvestment of dividends and capital gains. Total return reflects aggregate change and is not annualized.

² Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent deferred sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

* The 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. Source of the S&P 500 index data is Standard & Poor’s Micropal. Source of the Lipper index data is Lipper Inc.

23

Strong Advisor Large Company Core Fund

After three tough years for equity investors, 2003 ended up to be a great year. The Strong Advisor Large Company Core Fund Class A posted a return of 14.68% (22.93% when excluding the initial sales charge). Although that was a strong positive return, it was behind the Fund’s broad-based benchmark, the S&P 500 Index, which rose by 28.67%.

Lower quality prevailed

In 2003, the market rode the dual currents of emotions and liquidity. For their part, emotions began the year at a fairly low level. Over time, the war in Iraq, an improving economy, and the capture of Saddam Hussein led to an ever-growing level of confidence. Liquidity, on the other hand, stayed at very high levels during the entire year. Record-low interest rates, massive fiscal stimulus to the economy in the form of tax cuts, and the decline of the dollar relative to major foreign currencies have all given overextended consumers and corporations alike a chance to repair badly damaged balance sheets.

As is often the case in an environment of easy money, those companies in the greatest financial distress were the biggest beneficiaries of these trends, while those with the strongest balance sheets had the least to gain. According to Merrill Lynch research, S&P 500 companies rated A or better by Standard & Poor’s were up 27.4% for the year, while those companies rated C or D returned a dramatic 80.9%. This is easily one of the best one-year performances for junk-rated companies in history.

While lower-rated companies outperformed in 2003, over the longer term, we believe that the strongest returns will accrue to those companies that have the strongest finances, business models, and management teams. We therefore use an investment approach designed to identify such companies for the Fund.

Portfolio emphasizes higher quality

Our investment process starts with fundamentals — we analyze a company’s management, business model, and its stock price relative to its earnings. Then, we look at technicals — the trend in a stock’s price and in the company’s earnings. Last, but not least, we look at expectations — the current market sentiment toward the stock, indicating how much of the stock’s fundamentals and technicals are already factored into the share price.

The ideal candidate for addition to our portfolio would have strong fundamentals, strong technicals, and low expectations. We do not always make perfect decisions, but our disciplined process is designed to help us outperform our benchmark over time, while keeping risk levels modest. We believe that over long periods of time, the large-cap equity markets are very efficient. An efficient market is similar to games like tennis or golf, in that the goal is to make few mistakes and exploit those rare opportunities when the odds are in your favor.

Because our stock-selection process is designed to select higher-quality companies, we were significantly underweighted in low-quality companies relative to their representation in the index over the past year. This posture largely accounted for the Fund’s underperformance. Somewhat alarmingly (in our view), the market in 2003 appeared very similar to that in 1999 — another year that saw the returns of lower-quality, higher-risk stocks trounce those of higher-quality companies. This kind of short-run aberration poses a clear challenge to managers who remain committed to a higher-quality approach, as we do, but who attempt to outperform on an annual basis.

After a tough relative performance year like 2003, we have analyzed our process — and have found very little to change. We expect to continue to keep the Fund fully invested in stocks that are appealing on the basis of fundamentals, technicals, and expectations. To help manage risk, we expect to keep our allocations to market sectors and industries in line with those of our benchmark.

Keeping an eye on the consensus

Time and again, the market has shown a great ability to prove the consensus wrong, and nobody actually knows what the future holds. We therefore believe it’s prudent to remain flexible and be prepared to move against the consensus when it appears warranted.

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

Christopher H. Wiles

Portfolio Co-Manager

Lawrence E. Eakin, Jr.

Portfolio Co-Manager

* 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 500 index data is Standard & Poor’s Micropal. Source of the Lipper index data is Lipper Inc.

24

Fund Highlights

Your Fund’s Approach

The Fund invests in securities of approximately 50 large-capitalization companies, which offer the potential for capital growth or which are believed to be undervalued relative to the market based on earnings, cash flow, or asset value, consisting primarily of income-producing equity securities. To select investments, the managers emphasize capital appreciation and current yield and may invest in convertible securities of any quality to generate higher income.

Average Annual Total Returns

As of 12-31-03

Class A1,2,3
1-year	14.68	%
3-year	-3.98	%
5-year	1.72	%
Since Fund Inception (11-3-97)	3.75	%
Class A, excluding sales load
1-year	22.93	%
3-year	—
5-year	—
Since Fund Inception (11-3-97)	—
Class B1,2
1-year	16.74	%
3-year	-4.38	%
5-year	1.60	%
Since Fund Inception (11-3-97)	3.76	%
Class C1,2
1-year	20.73	%
3-year	-2.94	%
5-year	1.97	%
Since Fund Inception (11-3-97)	3.76	%
Class K2
1-year	23.66	%
3-year	-1.76	%
5-year	3.12	%
Since Fund Inception (11-3-97)	4.91	%

Equity funds are volatile investments and should only be considered for long-term goals.

Growth of an Assumed $10,000 Investment^†

From 11-3-97 to 12-31-03

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.

^† This graph, provided in accordance with SEC regulations, compares a $10,000 investment in the Fund, made at its inception, with the performance of the S&P 500 Index (“S&P 500”) and the Lipper Large-Cap Core Funds Index. Results include the reinvestment of all dividends and capital gains distributions. Performance is historical and does not represent future results. Investment returns and principal value vary, 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 current performance information. 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.

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.

From time to time, the Fund’s advisor and/or administrator has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

¹ Load-adjusted performance reflects the effect of the maximum sales charge of 5.75% for Class A, the applicable contingent sales charge of 5.00% in year 1 and eliminated after year 6 for Class B, and the applicable contingent deferred sales charge of 1.00% and eliminated after 12 months for Class C.

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 Strong Advisor Large Company Core 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 Strong Advisor Large Company Core 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 Strong Advisor Large Company Core 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. Please consult a prospectus for information about all share classes.

³ Average annual total return for Class A shares includes a 1.00% redemption fee (as a percentage of redemption proceeds) imposed on redemptions made within 12 months of purchase.

25

SCHEDULES OF INVESTMENTS IN SECURITIES December 31, 2003

STRONG ADVISOR COMMON STOCK FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 93.5%
Auto Manufacturers 0.8%
Honda Motor Company, Ltd. (JPY) (h)	295,000	$	13,229,352
Auto/Truck - Original Equipment 1.2%
Lear Corporation	310,000		19,012,300
Banks - Southeast 0.7%
National Commerce Financial Corporation	400,000		10,912,000
Banks - Super Regional 1.8%
Fifth Third Bancorp	290,000		17,139,000
Marshall & Ilsley Corporation	300,000		11,475,000
			28,614,000
Banks - West/Southwest 1.5%
City National Corporation	390,000		24,226,800
Building - Heavy Construction 1.2%
Jacobs Engineering Group, Inc. (b)	380,000		18,243,800
Chemicals - Specialty 1.5%
Lonza Group AG (CHF) (h)	425,000		24,366,987
Commercial Services - Leasing 1.5%
Ryder Systems, Inc.	715,000		24,417,250
Computer - Integrated Systems 1.3%
Symbol Technologies, Inc.	1,245,000		21,028,050
Computer - IT Services 2.8%
BearingPoint, Inc. (b)	2,200,000		22,198,000
Unisys Corporation (b)	1,500,000		22,275,000
			44,473,000
Computer - Software Design 1.7%
Mentor Graphics Corporation (b)	1,870,000		27,189,800
Computer Software - Desktop 1.5%
Red Hat, Inc. (b)	1,300,000		24,401,000
Containers 1.7%
Pactiv Corporation (b)	1,140,000		27,246,000
Cosmetics - Personal Care 1.6%
International Flavors & Fragrances	725,000		25,317,000
Diversified Operations 3.1%
Carlisle Companies, Inc.	420,000		25,561,200
SPX Corporation (b)	410,000		24,112,100
			49,673,300
Electronics - Miscellaneous Components 1.4%
Rockwell Automation, Inc.	640,000		22,784,000
Electronics - Semiconductor Manufacturing 1.7%
Fairchild Semiconductor Corporation Class A (b)	1,050,000		26,218,500
Finance - Equity REIT 0.8%
Apartment Investment & Management Company Class A	369,600		12,751,200
Finance - Publicly Traded Investment Funds - Equity (Non 40 Act) 1.6%
Biotech Holders Trust	185,000		25,032,350
Financial Services - Miscellaneous 1.2%
The Bisys Group, Inc. (b)	1,300,000	$	19,344,000
Household - Appliances 1.5%
Maytag Corporation	850,000		23,672,500
Insurance - Brokers 1.4%
Arthur J. Gallagher & Company	670,000		21,768,300
Insurance - Property/Casualty/Title 3.0%
MBIA, Inc.	355,000		21,026,650
RenaissanceRe Holdings, Ltd.	50,000		2,452,500
Travelers Property and Casualty Corporation Class A	1,445,000		24,247,100
			47,726,250
Internet - E*Commerce 1.0%
InterActiveCorp (b)	485,000		16,456,050
Internet - Software 1.3%
DoubleClick, Inc. (b)	1,955,000		19,980,100
Leisure - Toys/Games/Hobby 1.4%
Mattel, Inc.	1,160,000		22,353,200
Machinery - General Industrial 1.2%
Roper Industries, Inc.	375,000		18,472,500
Media - Cable TV 4.6%
Cablevision Systems New York Group Class A (b)	1,255,000		29,354,450
Cox Communications, Inc. Class A (b)	720,000		24,804,000
Hughes Electronics Corporation (b)	1,173,083		19,414,524
			73,572,974
Media - Newspapers 1.1%
Dow Jones & Company, Inc.	340,000		16,949,000
Media - Radio/TV 1.6%
Liberty Media Corporation Class A (b)	2,105,000		25,028,450
Medical - Biomedical/Biotechnology 3.3%
Celgene Corporation (b)	670,000		30,163,400
Medimmune, Inc. (b)	890,000		22,606,000
			52,769,400
Medical - Ethical Drugs 1.2%
Biovail Corporation International (b)	895,000		19,233,550
Medical - Genetics 1.4%
Affymetrix, Inc. (b)	868,000		21,361,480
Medical - Hospitals 1.1%
Universal Health Services, Inc. Class B	325,000		17,459,000
Medical/Dental - Services 1.6%
Omnicare, Inc.	645,000		26,051,550
Medical/Dental - Supplies 2.7%
Bausch & Lomb, Inc.	365,000		18,943,500
Hillenbrand Industries, Inc.	385,000		23,893,100
			42,836,600
Metal Ores - Miscellaneous 1.8%
Alcoa, Inc.	760,000		28,880,000
Oil & Gas - Drilling 3.1%
Nabors Industries, Ltd. (b)	530,000		21,995,000
Noble Corporation (b)	760,000		27,192,800
			49,187,800

26

STRONG ADVISOR COMMON STOCK FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Oil & Gas - Machinery/Equipment 1.7%
Smith International, Inc. (b)		665,000	$	27,610,800
Oil & Gas - Refining/Marketing 1.5%
Valero Energy Corporation		500,000		23,170,000
Oil & Gas - United States Exploration & Production 4.8%
Apache Corporation		375,000		30,412,500
Burlington Resources, Inc.		440,000		24,367,200
EOG Resources, Inc.		475,000		21,930,750
				76,710,450
Pollution Control - Services 1.4 %
Republic Services, Inc.		870,000		22,298,100
Retail - Clothing/Shoes 1.3%
American Eagle Outfitters, Inc. (b)		1,235,000		20,254,000
Retail - Department Stores 2.3 %
J.C. Penney Company, Inc. (Holding Company)		490,000		12,877,200
Saks, Inc. (b)		1,600,000		24,064,000
				36,941,200
Retail - Home Furnishings 1.3 %
Williams-Sonoma, Inc. (b)		580,000		20,166,600
Retail - Leisure Products 2.4%
Barnes & Noble, Inc. (b)		760,000		24,966,000
Toys ‘R’ Us, Inc. (b)		1,000,000		12,640,000
				37,606,000
Retail - Restaurants 1.4%
Outback Steakhouse, Inc.		500,000		22,105,000
Retail - Super/Mini Markets 1.5 %
The Kroger Company (b)		1,280,000		23,692,800
Retail/Wholesale - Computer/Cellular 1.3%
Tech Data Corporation (b)		530,000		21,035,700
Retail/Wholesale - Office Supplies 1.5%
Office Depot, Inc. (b)		1,420,000		23,728,200
Telecommunications - Wireless Equipment 0.6%
UTStarcom, Inc. (b)		265,000		9,823,550
Telecommunications - Wireless Services 1.4%
Sprint Corporation - PCS Group (b)		4,070,000		22,873,400
Textile - Clothing Manufacturers 1.4%
V.F. Corporation		500,000		21,620,000
Transportation - Airline 1.2%
Continental Airlines, Inc. Class B (b)		1,175,000		19,117,250
Utility - Electric Power 1.6%
Reliant Resources, Inc. (b)		3,500,000		25,760,000
Total Common Stocks (Cost $ 1,042,605,380 )				1,486,752,443
Preferred Stocks 0.2%
Media - Cable TV 0.2%
News Corporation, Ltd. Sponsored ADR		131,205		3,968,951
Total Preferred Stocks (Cost $ 3,819,157 )				3,968,951
Short-Term Investments (a) 8.6%
Collateral Received for Securities Lending (f) 3.0%
Navigator Prime Portfolio		48,053,386	$	48,053,386
Repurchase Agreements 5.6%
ABN AMRO Inc. (Dated 12/31/03), 0.95%, Due 1/02/04 (Repurchase proceeds $87,104,597); Collateralized by: United States Government & Agency Issues (c)	$	87,100,000		87,100,000
State Street Bank (Dated 12/31/03),0.75%, Due 1/02/04 (Repurchase proceeds $1,532,464); Collateralized by: United States Government & Agency Issues (c)		1,532,400		1,532,400
				88,632,400
Total Short-Term Investments (Cost $136,685,786)				136,685,786
Total Investments in Securities (Cost $1,183,110,323) 102.3%				1,627,407,180
Other Assets and Liabilities, Net (2.3%)				(36,429,558	)
Net Assets 100.0%			$	1,590,977,622

WRITTEN OPTIONS ACTIVITY

	Contracts		Premiums
Options outstanding at beginning of period (year)	383		$	2,856,526
Options written during the period (year)	398			2,636,106
Options closed	(766	)		(5,383,177	)
Options expired	(15	)		(109,455	)
Options exercised	—			—
Options outstanding at end of period (year)	—		$	—

STRONG ADVISOR MID CAP GROWTH FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 97.0%
Auto/Truck - Original Equipment 2.0%
Cummins, Inc.	12,000	$	587,280
Gentex Corporation	19,000		839,040
			1,426,320
Banks - Midwest 0.7%
TCF Financial Corporation	10,000		513,500
Banks - West/Southwest 0.5%
Zions Bancorporation	6,000		367,980
Beverages - Soft Drinks 1.5%
Cott Corporation (b)	37,000		1,036,370
Building - Heavy Construction 0.5%
Chicago Bridge & Iron Company NV	12,000		346,800
Building - Resident/Commercial 6.2%
Centex Corporation	16,700		1,797,755
Lennar Corporation Class A	12,000		1,152,000
NVR, Inc. (b)	1,500		699,000
Ryland Group, Inc.	9,000		797,760
			4,446,515
Chemicals - Specialty 0.6%
Airgas, Inc.	20,000		429,600

27

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR MID CAP GROWTH FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Commercial Services - Schools 2.2%
Career Education Corporation (b)	21,000	$	841,470
Corinthian Colleges, Inc. (b)	13,000		722,280
			1,563,750
Computer - Data Storage 0.5%
Network Appliance, Inc. (b)	17,000		349,010
Computer - IT Services 1.1%
Amdocs, Ltd. (b)	17,000		382,160
Anteon International Corporation (b)	11,000		396,550
			778,710
Computer - Local Networks 5.2%
Avocent Corporation (b)	24,000		876,480
Foundry Networks, Inc. (b)	14,000		383,040
Polycom, Inc. (b)	72,300		1,411,296
QLogic Corporation (b)	20,000		1,032,000
			3,702,816
Computer - Peripheral Equipment 1.4%
Zebra Technologies Corporation (b)	15,500		1,028,735
Computer Software - Education/Entertainment 0.3%
Electronic Arts, Inc. (b)	5,000		238,900
Computer Software - Enterprise 2.1%
Mercury Interactive Corporation (b)	16,100		783,104
VERITAS Software Corporation (b)	18,800		698,608
			1,481,712
Computer Software - Security 0.7%
Netscreen Technologies, Inc. (b)	21,000		519,750
Electronics - Miscellaneous Components 1.2%
Vishay Intertechnology, Inc. (b)	36,000		824,400
Electronics - Scientific Measuring 1.4%
PerkinElmer, Inc.	58,600		1,000,302
Electronics - Semiconductor Manufacturing 11.1%
ASML Holding NV (b)	53,000		1,062,650
ATI Technologies, Inc. (b)	29,000		438,480
Broadcom Corporation Class A (b)	18,000		613,620
FormFactor, Inc. (b)	7,500		148,500
KLA-Tencor Corporation (b)	17,300		1,014,991
MEMC Electronic Materials, Inc. (b)	60,000		577,200
Marvell Technology Group, Ltd. (b)	16,000		606,880
Microchip Technology, Inc.	25,000		834,000
Novellus Systems, Inc. (b)	13,800		580,290
SanDisk Corporation (b)	27,800		1,699,692
Silicon Laboratories, Inc. (b)	8,000		345,760
			7,922,063
Energy - Other 0.8%
Arch Coal, Inc.	18,400		573,528
Finance - Consumer/Commercial Loans 2.3%
Americredit Corporation (b)	102,000		1,624,860
Finance - Investment Brokers 2.0%
Legg Mason, Inc.	18,000		1,389,240
Finance - Investment Management 1.1%
T. Rowe Price Group, Inc.	17,000		805,970
Finance - Mortgage & Related Services 2.9%
Doral Financial Corporation	51,000	$	1,646,280
New Century Financial Corporation	11,000		436,370
			2,082,650
Finance - Savings & Loan 1.4%
Westcorp	28,000		1,023,400
Financial Services - Miscellaneous 0.1%
First Marblehead Corporation (b)	1,600		35,008
Household - Consumer Electronics 2.8%
Harman International Industries, Inc.	27,200		2,012,256
Internet - Content 1.1%
Ask Jeeves, Inc. (b)	21,000		380,520
Yahoo! Inc. (b)	8,700		392,979
			773,499
Internet - E*Commerce 2.1%
Amazon.com, Inc. (b)	8,400		442,176
University of Phoenix Online (b)	15,700		1,082,201
			1,524,377
Internet - Internet Service Provider 1.0%
j2 Global Communications, Inc.	29,000		718,330
Leisure - Gaming/Equipment 2.8%
International Game Technology	55,000		1,963,500
Machinery - General Industrial 0.5%
IDEX Corporation	9,000		374,310
Medical - Biomedical/Biotechnology 3.0%
Celgene Corporation (b)	14,000		630,280
Chiron Corporation (b)	13,000		740,870
Gilead Sciences, Inc. (b)	7,200		418,608
Invitrogen Corporation (b)	5,000		350,000
			2,139,758
Medical - Ethical Drugs 0.9%
Kos Pharmaceuticals, Inc. (b)	14,000		602,560
Medical - Generic Drugs 5.4%
Barr Laboratories, Inc. (b)	8,000		615,600
Mylan Laboratories, Inc.	14,000		353,640
Pharmaceutical Resources, Inc. (b)	19,000		1,237,850
Taro Pharmaceutical Industries, Ltd. (b)	21,500		1,386,750
Teva Pharmaceutical Industries, Ltd. ADR	5,000		283,550
			3,877,390
Medical - Products 1.9%
Boston Scientific Corporation (b)	13,400		492,584
Cyberonics, Inc. (b)	26,000		832,260
			1,324,844
Medical - Systems/Equipment 0.8%
VISX, Inc. (b)	23,400		541,710
Medical/Dental - Services 3.0%
Caremark Rx, Inc. (b)	16,000		405,280
Inveresk Research Group, Inc. (b)	41,500		1,026,295
Omnicare, Inc.	18,000		727,020
			2,158,595
Oil & Gas - Drilling 1.2%
Precision Drilling Corporation (b)	20,300		886,704
Oil & Gas - Machinery/Equipment 1.4%
Smith International, Inc. (b)	24,100		1,000,632

28

STRONG ADVISOR MID CAP GROWTH FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Oil & Gas - United States Exploration & Production 3.3%
Evergreen Resources, Inc. (b)		16,000	$	520,160
Ultra Petroleum Corporation (b)		42,000		1,034,040
XTO Energy, Inc.		27,766		785,778
				2,339,978
Retail - Clothing/Shoes 2.8%
Chicos FAS, Inc. (b)		23,000		849,850
Coach, Inc. (b)		31,000		1,170,250
				2,020,100
Retail - Restaurants 5.4%
P.F.Chang’s China Bistro, Inc. (b)		16,100		819,168
Panera Bread Company Class A (b)		16,000		632,480
Ruby Tuesday, Inc.		26,000		740,740
Starbucks Corporation (b)		50,000		1,653,000
				3,845,388
Retail/Wholesale - Office Supplies 1.1%
Staples, Inc. (b)		29,000		791,700
Telecommunications - Equipment 1.0%
Adtran, Inc.		23,000		713,000
Telecommunications - Fiber Optics 0.5%
Corning, Inc. (b)		34,000		354,620
Telecommunications - Wireless Equipment 2.6%
Research in Motion, Ltd. (b)		6,000		400,980
UTStarcom, Inc. (b)		39,000		1,445,730
				1,846,710
Telecommunications - Wireless Services 1.3%
Nextel Communications, Inc. Class A (b)		32,000		897,920
Trucks & Parts - Heavy Duty 1.3%
Navistar International Corporation (b)		20,000		957,800
Total Common Stocks (Cost $52,687,249)				69,177,570
Short-Term Investments (a) 7.8%
Collateral Received For Securities Lending (f) 3.5%
Navigator Prime Portfolio		2,462,934		2,462,934
Repurchase Agreements 4.3%
ABN AMRO Inc. (Dated 12/31/03), 0.95%, Due 1/02/04 (Repurchase proceeds $800,042); Collateralized by: United States Government & Agency Issues (c)	$	800,000		800,000
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds of $2,281,795); Collateralized by: United States Government & Agency Issues (c)		2,281,700		2,281,700
				3,081,700
Total Short-Term Investments (Cost $5,544,634)				5,544,634
Total Investments in Securities (Cost $58,231,883) 104.8%				74,722,204
Other Assets and Liabilities, Net (4.8%)				(3,405,658	)
Net Assets 100.0%			$	71,316,546

WRITTEN OPTIONS ACTIVITY

	Contracts		Premiums
Options outstanding at beginning of period	—		$	—
Options written during the period	526			222,102
Options closed	(526	)		(222,102	)
Options expired	—			—
Options exercised	—			—
Options outstanding at end of period	—		$	—

STRONG ADVISOR SMALL CAP VALUE FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 95.7%
Aerospace - Defense Equipment 0.2%
Evans & Sutherland Computer Corporation (b) (d)	700,200	$	3,150,900
Apparel - Clothing Manufacturer 0.1%
Guess, Inc. (b)	209,900		2,533,493
Apparel - Shoes & Related Manufacturing 0.5%
Wolverine World Wide, Inc.	494,300		10,073,834
Auto/Truck - Original Equipment 1.2%
Dura Automotive Systems, Inc. (b) (d)	1,120,900		14,313,893
Tower Automotive, Inc. (b)	1,729,100		11,809,753
			26,123,646
Auto/Truck – Replacement Parts 0.1%
LKQ Corporation (b)	93,100		1,671,145
Banks - Southeast 1.1%
The Colonial BancGroup, Inc.	474,600		8,220,072
Hibernia Corporation Class A	666,260		15,663,773
			23,883,845
Beverages - Alcoholic 0.6%
Adolph Coors Company Class B (e)	242,520		13,605,372
Building - Air Conditioning & Heating Products 0.3%
York International Corporation (e)	180,100		6,627,680
Building - Cement/Concrete/Aggregate 0.4%
U.S.Concrete, Inc. (b)	1,282,900		8,274,705
Building - Construction Products/Miscellaneous 0.6%
Royal Group Technologies, Ltd. (b)	1,372,900		13,015,092
Building - Heavy Construction 2.5%
Chicago Bridge & Iron Company NV (d)	1,868,900		54,011,210
Building - Maintenance & Services 0.4%
ABM Industries, Inc.	518,110		9,020,295
Building - Paint & Allied Products 0.5%
H.B.Fuller Company (e)	321,100		9,549,514

29

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Chemicals - Basic 1.1%
FMC Corporation (b) (e)	664,200	$	22,669,146
Chemicals - Fertilizers 0.8%
Agrium, Inc.	1,050,900		17,297,814
Chemicals - Plastics 2.5%
Intertape Polymer Group, Inc. (b) (d)	2,426,100		30,884,253
Intertape Polymer Group, Inc. (Acquired 9/05/03; Cost $680,073) (CAD) (b) (g) (h)	93,000		1,183,128
PolyOne Corporation (b)	3,331,800		21,290,202
			53,357,583
Chemicals - Specialty 1.4%
OM Group, Inc. (b) (e)	1,115,200		29,207,088
Commercial Services - Advertising 1.1%
R.H. Donnelley Corporation (b) (e)	607,500		24,202,800
Commercial Services - Consulting 1.1%
Navigant Consulting, Inc. (b)	1,253,670		23,644,216
Commercial Services - Healthcare 1.0%
Healthcare Services Group, Inc.	440,200		8,491,458
US Oncology, Inc. (b)	1,209,400		13,013,144
			21,504,602
Commercial Services - Security/Safety 2.8%
Armor Holdings, Inc. (b) (e)	747,500		19,666,725
DHB Industries, Inc. (b)	1,387,100		9,709,700
OSI Systems, Inc. (b) (e)	648,610		12,459,798
Wackenhut Corrections Corporation (b) (d)	781,910		17,827,548
			59,663,771
Commercial Services - Staffing 1.5%
Kforce.com, Inc. (b) (d)	1,862,485		17,395,610
MPS Group, Inc. (b)	1,654,215		15,466,910
			32,862,520
Computer - Data Storage 0.2%
Iomega Corporation	713,110		4,264,398
Computer - Local Networks 0.4%
Black Box Corporation (e)	195,500		9,006,685
Computer - Manufacturers 0.0%
Cray, Inc. (b)	100,000		993,000
Computer Software - Enterprise 1.6%
JDA Software Group, Inc. (b) (e)	843,600		13,927,836
Lightbridge, Inc. (b) (d)	1,523,100		13,860,210
TIBCO Software, Inc. (b)	1,019,500		6,902,015
			34,690,061
Computer Software - Medical 1.4%
Eclipsys Corporation (b) (e)	204,725		2,382,999
IDX Systems Corporation (b)	1,044,200		28,005,444
			30,388,443
Containers 0.1%
Constar International, Inc. (b) (d)	501,900		2,705,241
Diversified Operations 0.3%
ALLETE, Inc.	194,085		5,939,001
Electrical - Equipment 1.0%
Encore Wire Corporation (b) (d)	1,163,900		20,612,669
Electronics - Contract Manufacturing 0.6%
Celestica, Inc. (b) (e)	905,800	$	13,650,406
Electronics - Miscellaneous Components 0.8%
Coherent, Inc. (b)	700,800		16,679,040
Electronics - Parts Distributors 0.3%
Richardson Electronics, Ltd.	536,700		6,596,043
Electronics - Scientific Measuring 0.3%
Newport Corporation (b)	446,200		7,375,686
Electronics - Semiconductor Manufacturing 2.0%
ChipPAC, Inc. Class A (b)	910,400		6,909,936
Cirrus Logic, Inc. (b) (e)	2,182,000		16,735,940
Credence Systems Corporation (b) (e)	610,500		8,034,180
TriQuint Semiconductor, Inc. (b)	639,800		4,523,386
Zoran Corporation (b)	349,200		6,072,588
			42,276,030
Energy - Other 0.4%
Headwaters, Inc. (b) (e)	440,800		8,648,496
Finance - Consumer/Commercial Loans 0.5%
World Acceptance Corporation (b) (d)	584,200		11,631,422
Finance - Equity REIT 0.5%
American Financial Realty Trust	624,700		10,651,135
Finance - Index Tracking Funds 0.2%
iShares Trust Russell 2000 Index Fund	17,000		1,883,600
iShares Trust Russell 2000 Value Index Fund	11,900		1,913,520
			3,797,120
Finance - Investment Brokers 0.4%
Labranche & Company, Inc.	749,600		8,747,832
Food - Miscellaneous Preparation 1.1%
Del Monte Foods Company (b)	2,156,185		22,424,324
Insurance - Accident & Health 0.6%
UnumProvident Corporation	813,600		12,830,472
Insurance - Life 0.4%
Phoenix Companies, Inc.	614,100		7,393,764
Insurance - Property/Casualty/Title 2.5%
Argonaut Group, Inc. (b)	188,700		2,932,398
Donegal Group, Inc. Class A	206,900		4,555,938
Endurance Specialty Holdings, Ltd.	338,910		11,370,431
Mercury General Corporation	754,800		35,135,940
			53,994,707
Internet - E*Commerce 0.4%
Stamps.com, Inc. (b)	1,502,600		9,316,120
Internet - Internet Service Provider 1.9%
EarthLink, Inc. (b) (e)	2,718,700		27,187,000
Net2Phone, Inc. (b) (d)	1,822,300		12,799,640
			39,986,640
Internet - Software 0.3%
FreeMarkets, Inc. (b)	967,700		6,473,913
Leisure - Services 0.4%
Pegasus Solutions, Inc. (b) (e)	900,500		9,428,235

30

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Machinery - General Industrial 1.9%
Robbins & Myers, Inc.	371,800	$	7,060,482
UNOVA, Inc. (b)	1,452,900		33,344,055
			40,404,537
Media - Periodicals 0.3%
Readers Digest Association, Inc. Class A	370,400		5,430,064
Medical - Biomedical/Biotechnology 0.3%
CV Therapeutics, Inc. (b)	406,100		5,953,426
Medical - Generic Drugs 0.9%
Andrx Group (b)	809,500		19,460,380
Medical - Nursing Homes 3.0%
Beverly Enterprises, Inc. (b)	4,021,900		34,548,121
Manor Care, Inc. (e)	837,500		28,952,375
			63,500,496
Medical - Outpatient/Home Care 0.5%
Gentiva Health Services, Inc. (b)	756,500		9,562,160
Medical - Products 1.4%
Allied Healthcare Products, Inc. (b) (d)	848,200		3,265,570
Discovery Partners International, Inc. (b) (d)	1,503,400		9,245,910
OraSure Technologies, Inc. (b) (e)	2,071,450		16,488,742
			29,000,222
Medical - Systems/Equipment 1.1%
Applera Corporation-Applied Biosystems Group (e)	1,093,900		22,654,669
Medical/Dental - Services 0.7%
Omnicare, Inc. (e)	363,400		14,677,726
Metal Ores - Gold/Silver 8.8%
Apex Silver Mines, Ltd. (b) (d) (e)	2,115,100		44,205,590
Glamis Gold, Ltd. (b) (e)	3,163,200		54,153,984
Goldcorp, Inc. (e)	1,930,000		30,783,500
Harmony Gold Mining Company, Ltd. Sponsored ADR (e)	2,201,700		35,733,591
Meridian Gold, Inc. (b) (e)	1,538,500		22,477,485
			187,354,150
Metal Ores - Miscellaneous 0.1%
Cleveland-Cliffs, Inc. (b)	40,000		2,038,000
Metal Processing & Fabrication 0.1%
Webco Industries, Inc. (b)	285,460		1,170,386
Oil & Gas - Drilling 2.9%
Grey Wolf, Inc. (b)	1,785,100		6,676,274
Helmerich & Payne, Inc.	604,180		16,874,747
Parker Drilling Company (b)	863,100		2,200,905
Pride International, Inc. (b)	976,800		18,207,552
Transocean, Inc. (b)	750,300		18,014,703
			61,974,181
Oil & Gas - Field Services 6.6%
BJ Services Company (b) (e)	356,100		12,783,990
Global Industries, Ltd. (b)	3,894,600		20,057,190
Key Energy Services, Inc. (b)	2,241,300		23,107,803
Layne Christensen Company (b) (d)	1,514,300		17,793,025
Matrix Service Company (b) (d)	841,900		15,280,485
Newpark Resources, Inc. (b)	2,706,360		12,963,464
Oceaneering International, Inc. (b)	839,160		23,496,480
Petroleum Helicopters, Inc. (b)	103,712		2,540,944
Petroleum Helicopters, Inc. (non-voting) (b) (d)	174,260		4,705,020
Willbros Group, Inc. (b)	617,400		7,421,148
			140,149,549
Oil & Gas - Machinery/Equipment 0.9%
Input/Output, Inc. (b)	1,128,690	$	5,090,392
Smith International, Inc. (b) (e)	342,800		14,233,056
			19,323,448
Oil & Gas - Refining/Marketing 0.3%
Frontier Oil Corporation	394,300		6,789,846
Oil & Gas - United States Exploration & Production 9.3%
Forest Oil Corporation (b) (e)	1,962,400		56,065,768
McMoRan Exploration Company (b) (d) (e)	837,500		15,703,125
Newfield Exploration Company (b)	280,100		12,475,654
Noble Energy, Inc. (e)	527,300		23,427,939
PetroQuest Energy, Inc. (b)	360,700		1,125,384
Pioneer Natural Resources Company (b)	342,000		10,920,060
Range Resources Corporation (b) (d)	4,132,300		39,050,235
Remington Oil & Gas Corporation (b)	470,900		9,272,021
Stone Energy Corporation (b) (e)	378,700		16,075,815
Tom Brown, Inc. (b)	419,200		13,519,200
			197,635,201
Paper & Paper Products 1.6%
Chesapeake Corporation (e)	557,780		14,770,014
Wausau-Mosinee Paper Corporation	1,369,700		18,518,344
			33,288,358
Pollution Control - Services 0.8%
Calgon Carbon Corporation (d)	2,584,600		16,050,366
Retail - Clothing/Shoes 1.6%
American Eagle Outfitters, Inc. (b)	692,100		11,350,440
Foot Locker, Inc. (e)	587,300		13,772,185
Too, Inc. (b) (e)	558,300		9,424,104
			34,546,729
Retail - Department Stores 0.1%
Dillards, Inc.	131,500		2,164,490
Retail - Major Discount Chains 0.2%
Shopko Stores, Inc. (b) (e)	299,580		4,568,595
Retail - Miscellaneous 1.1%
Barbeques Galore, Ltd. Sponsored ADR (d)	434,231		1,954,040
Sharper Image Corporation (b) (d) (e)	648,400		21,170,260
			23,124,300
Retail - Restaurants 0.3%
Darden Restaurants, Inc.	262,600		5,525,104
Steel - Producers 5.0%
IPSCO, Inc.	1,663,400		30,889,338
Roanoke Electric Steel Corporation	461,900		6,157,127
Steel Dynamics, Inc. (b) (e)	1,342,110		31,526,164
United States Steel Corporation (e)	1,052,200		36,848,044
			105,420,673
Steel - Specialty Alloys 2.2%
Carpenter Technology Corporation	643,250		19,020,903
GrafTech International, Ltd. (b)	2,062,300		27,841,050
			46,861,953
Telecommunications - Services 0.4%
Cincinnati Bell, Inc. (b)	1,652,800		8,346,640
Transportation - Airline 0.9%
Linea Aerea Nacional Chile SA Sponsored ADR	1,072,200		18,763,500
Transportation - Services 0.8%
EGL, Inc. (b) (e)	964,260		16,932,405

31

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Transportation - Ship 0.4%
Omi Corporation (b)		931,100	$	8,314,723
Transportation - Truck 0.8%
Covenant Transport, Inc. Class A (b) (d)		783,000		14,884,830
Overnite Corporation (b)		95,300		2,168,075
				17,052,905
Total Common Stocks ($1,414,758,493)				2,034,490,336
Short-Term Investments (a) 5.2%
Repurchase Agreements
ABN AMRO Inc. (Dated 12/31/03),0.95%, Due 1/02/04 (Repurchase proceeds $106,905,642); Collateralized by: United States Government & Agency (c)	$	106,900,000		106,900,000
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $3,423,743); Collateralized by: United States Government & Agency (c)		3,423,600		3,423,600
Total Short-Term Investments (Cost $110,323,600)				110,323,600
Total Investments in Securities (Cost $1,525, 082,093) 100.9%				2,144,813,936
Other Assets and Liabilities, Net (0.9%)				(19,045,322	)
Net Assets 100.0%			$	2,125,768,614

WRITTEN OPTIONS ACTIVITY

	Contracts		Premiums
Options outstanding at beginning of year	28,521		$	5,669,788
Options written during the year	124,999			28,319,434
Options closed	(121,062	)		(24,733,936	)
Options expired	(5,965	)		(755,493	)
Options exercised	(3,671	)		(656,548	)
Options outstanding at end of year	22,822		$	7,843,245

WRITTEN CALL OPTIONS DETAIL

	Contracts (100 shares per contract)	Value (Note 2)
Adolph Coors Company Class B
(Strike Price is $50.00. Expiration date is 1/16/04. Premium received is $31,867.)	50	$	(30,750	)
(Strike Price is $55.00. Expiration date is 1/16/04. Premium received is $48,898.)	200		(30,500	)
(Strike Price is $55.00. Expiration date is 2/20/04. Premium received is $11,849.)	50		(11,000	)
(Strike Price is $55.00. Expiration date is 4/16/04. Premium received is $42,548.)	150		(41,250	)
Apex Silver Mines, Ltd.
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $8,850.)	50		(42,250	)
Applera Corporation-Applied Biosystems Group
(Strike Price is $20.00. Expiration date is 1/16/04. Premium received is $86,894.)	550		(56,375	)
(Strike Price is $20.00. Expiration date is 2/20/04. Premium received is $15,699.)	100		(15,250	)
(Strike Price is $20.00. Expiration date is 3/19/04. Premium received is $98,219.)	500		(88,750	)
(Strike Price is $22.50. Expiration date is 3/19/04. Premium received is $46,598.)	300		(19,500	)
Armor Holdings, Inc.
(Strike Price is $17.50. Expiration date is 5/21/04. Premium received is $296,436.)	350	$	(318,500	)
(Strike Price is $25.00. Expiration date is 5/21/04. Premium received is $91,696.)	350		(103,250	)
BJ Services Company
(Strike Price is $30.00. Expiration date is 1/16/04. Premium received is $12,599.)	50		(29,250	)
(Strike Price is $32.50. Expiration date is 1/16/04. Premium received is $109,725.)	425		(148,750	)
(Strike Price is $35.00. Expiration date is 1/16/04. Premium received is $20,199.)	100		(15,250	)
(Strike Price is $32.50. Expiration date is 4/16/04. Premium received is $13,599.)	50		(23,000	)
(Strike Price is $35.00. Expiration date is 4/16/04. Premium received is $13,349.)	50		(15,625	)
(Strike Price is $37.50. Expiration date is 4/16/04. Premium received is $8,100.)	50		(9,125	)
(Strike Price is $35.00. Expiration date is 4/15/05. Premium received is $8,100.)	50		(15,625	)
Black Box Corporation
(Strike Price is $45.00. Expiration date is 2/20/04. Premium received is $21,485.)	100		(28,250	)
(Strike Price is $35.00. Expiration date is 3/19/04. Premium received is $481,477.)	500		(562,500	)
(Strike Price is $40.00. Expiration date is 3/19/04. Premium received is $324,335.)	550		(376,750	)
(Strike Price is $45.00. Expiration date is 3/19/04. Premium received is $36,398.)	200		(64,000	)
(Strike Price is $40.00. Expiration date is 6/18/04. Premium received is $107,395.)	200		(157,000	)
(Strike Price is $45.00. Expiration date is 6/18/04. Premium received is $56,397.)	200		(92,000	)
Celestica, Inc.
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $14,199.)	100		(25,750	)
(Strike Price is $15.00. Expiration date is 1/16/04. Premium received is $81,696.)	500		(27,500	)
Chesapeake Corporation
(Strike Price is $20.00. Expiration date is 2/20/04. Premium received is $89,546.)	150		(98,250	)
(Strike Price is $22.50. Expiration date is 2/20/04. Premium received is $36,517.)	200		(80,000	)
(Strike Price is $20.00. Expiration date is 5/21/04. Premium received is $59,397.)	200		(131,000	)
Cirrus Logic, Inc.
(Strike Price is $7.50. Expiration date is 1/16/04. Premium received is $6,900.)	100		(5,000	)
Credence Systems Corporation
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $18,299.)	200		(19,000	)
(Strike Price is $12.50. Expiration date is 2/20/04. Premium received is $13,294.)	100		(15,250	)
(Strike Price is $15.00. Expiration date is 2/20/04. Premium received is $25,413.)	100		(5,250	)
(Strike Price is $12.50. Expiration date is 5/21/04. Premium received is $19,747.)	100		(22,500	)

32

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Contracts (100 shares per contract)	Value (Note 2)
EGL, Inc.
(Strike Price is $15.00. Expiration date is 2/20/04. Premium received is $26,199.)	100	$	(29,000	)
(Strike Price is $17.50. Expiration date is 2/20/04. Premium received is $22,899.)	200		(20,500	)
EarthLink, Inc.
(Strike Price is $7.50. Expiration date is 1/16/04. Premium received is $7,400.)	100		(25,250	)
Eclipsys Corporation
(Strike Price is $10.00. Expiration date is 1/16/04. Premium received is $38,398.)	200		(34,500	)
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $13,349.)	150		(4,500	)
(Strike Price is $10.00. Expiration date is 3/19/04. Premium received is $17,199.)	100		(22,750	)
(Strike Price is $12.50. Expiration date is 3/19/04. Premium received is $24,899.)	200		(19,500	)
(Strike Price is $15.00. Expiration date is 6/18/04. Premium received is $16,799.)	200		(14,500	)
FMC Corporation
(Strike Price is $25.00. Expiration date is 1/16/04. Premium received is $26,699.)	100		(91,500	)
(Strike Price is $25.00. Expiration date is 4/16/04. Premium received is $83,120.)	200		(185,000	)
Foot Locker, Inc.
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $13,253.)	47		(51,230	)
(Strike Price is $20.00. Expiration date is 5/21/04. Premium received is $63,397.)	200		(82,000	)
Forest Oil Corporation
(Strike Price is $25.00. Expiration date is 2/20/04. Premium received is $22,799.)	150		(57,000	)
(Strike Price is $25.00. Expiration date is 5/21/04. Premium received is $10,600.)	50		(22,000	)
Glamis Gold, Ltd.
(Strike Price is $15.00. Expiration date is 2/20/04. Premium received is $10,700.)	100		(25,000	)
Goldcorp, Inc.
(Strike Price is $17.50. Expiration date is 4/16/04. Premium received is $10,200.)	100		(11,750	)
H.B. Fuller Company
(Strike Price is $25.00. Expiration date is 2/20/04. Premium received is $15,699.)	100		(48,000	)
Harmony Gold Mining Company, Ltd.
Sponsored ADR
(Strike Price is $15.00. Expiration date is 1/16/04. Premium received is $48,598.)	300		(44,250	)
(Strike Price is $15.00. Expiration date is 2/20/04. Premium received is $12,841.)	150		(28,125	)
(Strike Price is $15.00. Expiration date is 5/21/04. Premium received is $59,672.)	275		(68,063	)
Headwaters, Inc.
(Strike Price is $15.00. Expiration date is 2/20/04. Premium received is $15,699.)	100		(47,000	)
(Strike Price is $20.00. Expiration date is 2/20/04. Premium received is $12,199.)	100		(9,750	)
JDA Software Group, Inc.
(Strike Price is $17.50. Expiration date is 4/16/04. Premium received is $337,884.)	700	$	(117,250	)
Manor Care, Inc.
(Strike Price is $32.50. Expiration date is 2/20/04. Premium received is $36,448.)	225		(54,562	)
McMoRan Exploration Company
(Strike Price is $17.50. Expiration date is 2/20/04. Premium received is $1,285.)	5		(1,263	)
(Strike Price is $17.50. Expiration date is 5/21/04. Premium received is $1,535.)	5		(1,725	)
Meridian Gold, Inc.
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $51,948.)	350		(72,625	)
(Strike Price is $12.50. Expiration date is 4/16/04. Premium received is $32,398.)	200		(52,000	)
(Strike Price is $15.00. Expiration date is 4/16/04. Premium received is $22,399.)	200		(23,500	)
Noble Energy, Inc.
(Strike Price is $45.00. Expiration date is 5/21/04. Premium received is $13,364.)	45		(9,900	)
(Strike Price is $50.00. Expiration date is 5/21/04. Premium received is $4,365.)	45		(3,150	)
OM Group, Inc.
(Strike Price is $17.50. Expiration date is 4/16/04. Premium received is $218,090.)	300		(270,000	)
(Strike Price is $20.00. Expiration date is 4/16/04. Premium received is $97,395.)	200		(137,000	)
(Strike Price is $22.50. Expiration date is 4/16/04. Premium received is $55,047.)	150		(72,750	)
OSI Systems, Inc.
(Strike Price is $17.50. Expiration date is 1/16/04. Premium received is $54,397.)	200		(35,500	)
(Strike Price is $17.50. Expiration date is 4/16/04. Premium received is $45,636.)	200		(55,000	)
Omnicare, Inc.
(Strike Price is $37.50. Expiration date is 1/16/04. Premium received is $21,199.)	100		(31,000	)
(Strike Price is $35.00. Expiration date is 3/19/04. Premium received is $268,187.)	600		(357,000	)
(Strike Price is $37.50. Expiration date is 3/19/04. Premium received is $5,850.)	50		(19,500	)
OraSure Technologies, Inc.
(Strike Price is $7.50. Expiration date is 1/16/04. Premium received is $71,097.)	300		(19,500	)
(Strike Price is $10.00. Expiration date is 1/16/04. Premium received is $29,648.)	300		(2,250	)
Pegasus Solutions, Inc.
(Strike Price is $12.50. Expiration date is 1/16/04. Premium received is $7,995.)	100		(750	)
(Strike Price is $10.00. Expiration date is 7/16/04. Premium received is $15,247.)	100		(18,250	)

33

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR SMALL CAP VALUE FUND (continued)

	Contracts (100 shares per contract)	Value (Note 2)
R.H. Donnelley Corporation
(Strike Price is $35.00. Expiration date is 1/16/04. Premium received is $376,182.)	600	$	(291,000	)
(Strike Price is $40.00. Expiration date is 1/16/04. Premium received is $184,891.)	700		(50,750	)
Sharper Image Corporation
(Strike Price is $30.00. Expiration date is 1/16/04. Premium received is $28,399.)	200		(55,500	)
(Strike Price is $30.00. Expiration date is 2/20/04. Premium received is $166,692.)	600		(219,000	)
(Strike Price is $25.00. Expiration date is 5/21/04. Premium received is $596,972.)	1,000		(850,000	)
(Strike Price is $30.00. Expiration date is 5/21/04. Premium received is $76,746.)	250		(125,000	)
(Strike Price is $35.00. Expiration date is 5/21/04. Premium received is $28,699.)	100		(25,500	)
Shopko Stores, Inc.
(Strike Price is $12.50. Expiration date is 3/19/04. Premium received is $183,141.)	450		(136,125	)
(Strike Price is $15.00. Expiration date is 3/19/04. Premium received is $41,398.)	200		(26,500	)
Smith International, Inc.
(Strike Price is $35.00. Expiration date is 1/16/04. Premium received is $57,207.)	200		(132,000	)
(Strike Price is $37.50. Expiration date is 1/16/04. Premium received is $28,299.)	150		(62,250	)
(Strike Price is $40.00. Expiration date is 1/16/04. Premium received is $9,350.)	50		(10,000	)
(Strike Price is $35.00. Expiration date is 4/16/04. Premium received is $56,697.)	100		(71,500	)
(Strike Price is $37.50. Expiration date is 4/16/04. Premium received is $28,699.)	100		(51,500	)
(Strike Price is $40.00. Expiration date is 4/16/04. Premium received is $37,048.)	150		(51,000	)
Steel Dynamics, Inc.
(Strike Price is $15.00. Expiration date is 5/21/04. Premium received is $68,547.)	150		(132,000	)
(Strike Price is $17.50. Expiration date is 5/21/04. Premium received is $51,398.)	200		(127,000	)
Stone Energy Corporation
(Strike Price is $40.00. Expiration date is 1/16/04. Premium received is $7,850.)	50		(13,125	)
Too, Inc.
(Strike Price is $15.00. Expiration date is 2/20/04. Premium received is $80,746.)	250		(58,750	)
(Strike Price is $17.50. Expiration date is 2/20/04. Premium received is $15,499.)	150		(13,500	)
United States Steel Corporation
(Strike Price is $22.50. Expiration date is 1/16/04. Premium received is $226,939.)	350		(437,500	)
(Strike Price is $25.00. Expiration date is 1/16/04. Premium received is $356,033.)	650		(653,250	)
(Strike Price is $35.00. Expiration date is 2/20/04. Premium received is $19,675.)	100		(22,750	)
(Strike Price is $25.00. Expiration date is 4/16/04. Premium received is $377,832.)	550		(580,250	)
(Strike Price is $30.00. Expiration date is 4/16/04. Premium received is $153,893)	450		(290,250	)
York International Corporation
(Strike Price is $30.00. Expiration date is 2/20/04. Premium received is $193,391.)	200	$	(139,000	)
(Strike Price is $35.00. Expiration date is 2/20/04. Premium received is $44,446.)	200		(53,000	)
(Strike Price is $35.00. Expiration date is 5/21/04. Premium received is $14,124.)	50		(17,500	)
(Strike Price is $40.00. Expiration date is 5/21/04. Premium received is $10,700.)	100		(12,250	)
	22,822	$	(9,727,393	)

STRONG ADVISOR U.S. VALUE FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.1%
Aerospace - Defense 2.7%
General Dynamics Corporation	9,000	$	813,510
Lockheed Martin Corporation	24,400		1,254,160
Raytheon Company	165,000		4,956,600
			7,024,270
Auto Manufacturers 0.8%
General Motors Corporation	38,100		2,034,540
Banks - Midwest 0.3%
Provident Financial Group, Inc.	27,000		862,650
Banks - Money Center 6.1%
Bank of America Corporation	63,000		5,067,090
The Bank of New York Company, Inc.	35,000		1,159,200
Citigroup, Inc.	148,500		7,208,190
J.P. Morgan Chase & Company	70,000		2,571,100
			16,005,580
Banks - Northeast 0.8%
Banknorth Group, Inc.	55,000		1,789,150
Peoples Bank	11,400		371,640
			2,160,790
Banks - Southeast 0.6%
Compass Bancshares, Inc.	37,000		1,454,470
Banks - Super Regional 7.6%
Bank One Corporation	57,000		2,598,630
Charter One Financial, Inc.	44,415		1,534,538
KeyCorp	41,600		1,219,712
Mellon Financial Corporation	28,000		899,080
National City Corporation	36,500		1,238,810
Regions Financial Corporation	46,000		1,711,200
SouthTrust Corporation	39,600		1,296,108
U.S. Bancorp	92,800		2,763,584
Wachovia Corporation	67,100		3,126,189
Wells Fargo Company	59,000		3,474,510
			19,862,361
Beverages - Alcoholic 0.3%
Anheuser-Busch Companies, Inc.	13,000		684,840
Building - Maintenance & Services 2.2%
The ServiceMaster Company	490,000		5,708,500
Building Products - Wood 1.0%
Georgia-Pacific Corporation	18,400		564,328
Weyerhaeuser Company	31,200		1,996,800
			2,561,128

34

STRONG ADVISOR U.S. VALUE FUND (continued)

	Shares or Principal Amount	Value (Note 2)
Chemicals - Basic 1.0%
The Dow Chemical Company	40,000	$	1,662,800
PPG Industries, Inc.	15,300		979,506
			2,642,306
Commercial Services - Miscellaneous 0.5%
ARAMARK Corporation Class B	48,000		1,316,160
Computer - IT Services 1.8%
International Business Machines Corporation	40,000		3,707,200
Unisys Corporation (b)	70,100		1,040,985
			4,748,185
Computer - Manufacturers 1.3%
Hewlett-Packard Company	150,000		3,445,500
Cosmetics - Personal Care 0.2%
Kimberly-Clark Corporation	11,000		649,990
Diversified Operations 3.9%
E.I. Du Pont de Nemours & Company	50,631		2,323,457
Emerson Electric Company	27,900		1,806,525
ITT Industries, Inc.	18,000		1,335,780
Loews Corporation	19,500		964,275
Time Warner, Inc. (b)	115,000		2,068,850
United Technologies Corporation	17,200		1,630,044
			10,128,931
Finance - Equity REIT 0.6%
Equity Office Properties Trust	30,000		859,500
Equity Residential Properties Trust	27,000		796,770
			1,656,270
Finance - Investment Management 0.6%
T. Rowe Price Group, Inc.	13,000		616,330
Waddell & Reed Financial, Inc. Class A	39,000		914,940
			1,531,270
Finance - Savings & Loan 0.8%
Washington Mutual, Inc.	50,000		2,006,000
Financial Services - Miscellaneous 0.7%
American Express Company	38,000		1,832,740
Food - Meat Products 0.1%
Tyson Foods, Inc. Class A	18,000		238,320
Food - Miscellaneous Preparation 5.6%
Del Monte Foods Company (b)	570,000		5,928,000
General Mills, Inc.	15,300		693,090
Kraft Foods, Inc. Class A	168,900		5,441,958
Sara Lee Corporation	115,000		2,496,650
			14,559,698
Insurance - Accident & Health 0.9%
AFLAC, Inc.	65,000		2,351,700
Insurance - Brokers 0.2%
Marsh & McLennan Companies, Inc.	12,600		603,414
Insurance - Diversified 2.7%
American International Group, Inc.	58,500		3,877,380
John Hancock Financial Services, Inc.	24,500		918,750
Principal Financial Group, Inc.	25,300		836,671
Prudential Financial, Inc.	34,100		1,424,357
			7,057,158
Insurance - Life 0.4%
Lincoln National Corporation	25,000		1,009,250
Insurance - Property/Casualty/Title 3.2%
The Allstate Corporation	32,000	$	1,376,640
Chubb Corporation	16,500		1,123,650
Hartford Financial Services Group, Inc.	21,800		1,286,854
SAFECO Corporation	71,000		2,764,030
The St. Paul Companies, Inc.	20,300		804,895
Travelers Property and Casualty Corporation Class B	60,309		1,023,444
			8,379,513
Leisure - Hotels & Motels 0.4%
Marriott International, Inc. Class A	23,000		1,062,600
Leisure - Movies & Related 0.7%
Metro-Goldwyn-Mayer, Inc. (b)	100,000		1,709,000
Leisure - Photo Equipment/Related 0.2%
Eastman Kodak Company	24,200		621,214
Leisure - Services 0.6%
The Walt Disney Company	62,000		1,446,460
Machinery - Construction/Mining 0.5%
Caterpillar, Inc.	16,000		1,328,320
Machinery - Farm 0.6%
Deere & Company	26,000		1,691,300
Media - Cable TV 1.1%
Comcast Corporation Class A (b)	58,974		1,938,475
Cox Communications, Inc. Class A (b)	25,400		875,030
			2,813,505
Media - Newspapers 0.9%
Gannett Company, Inc.	26,200		2,335,992
Media - Periodicals 0.3%
Readers Digest Association, Inc. Class A	47,900		702,214
Media - Radio/TV 3.7%
Clear Channel Communications, Inc.	80,000		3,746,400
Liberty Media Corporation Class A (b)	315,000		3,745,350
Viacom, Inc. Class B	49,700		2,205,686
			9,697,436
Medical - Ethical Drugs 2.3%
Bristol-Myers Squibb Company	60,400		1,727,440
Merck & Company, Inc.	65,000		3,003,000
Schering-Plough Corporation	75,000		1,304,250
			6,034,690
Medical - Hospitals 2.3%
HCA, Inc.	140,000		6,014,400
Medical - Wholesale Drugs/Sundries 0.9%
McKesson Corporation	72,000		2,315,520
Medical/Dental - Services 0.1%
Medco Health Solutions, Inc. (b)	7,839		266,447
Medical/Dental - Supplies 1.8%
Sola International, Inc. (b)	243,500		4,577,800
Metal Ores - Miscellaneous 1.6%
Alcoa, Inc.	52,100		1,979,800
Phelps Dodge Corporation (b)	30,000		2,282,700
			4,262,500

35

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR U.S. VALUE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Oil & Gas - International Exploration & Production 2.9%
Kerr McGee Corporation		129,000	$	5,997,210
Unocal Corporation		40,200		1,480,566
				7,477,776
Oil & Gas - International Integrated 7.3%
ChevronTexaco Corporation		48,000		4,146,720
ConocoPhillips		49,000		3,212,930
Exxon Mobil Corporation		282,000		11,562,000
				18,921,650
Oil & Gas - United States Exploration & Production 2.5%
Devon Energy Corporation		115,000		6,584,900
Paper & Paper Products 0.6%
International Paper Company		39,300		1,694,223
Pollution Control - Services 1.7%
Waste Management, Inc.		147,000		4,351,200
Retail - Department Stores 1.0%
Federated Department Stores, Inc.		25,000		1,178,250
May Department Stores Company		44,793		1,302,133
				2,480,383
Retail - Drug Stores 0.4%
CVS Corporation		28,200		1,018,584
Retail - Restaurants 1.6%
McDonald’s Corporation		163,000		4,047,290
Retail - Super/Mini Markets 1.1%
The Kroger Company (b)		150,000		2,776,500
Soap & Cleaning Preparations 0.9%
The Procter & Gamble Company		23,000		2,297,240
Telecommunications - Services 4.9%
ALLTEL Corporation		19,000		885,020
AT&T Corporation		39,400		799,820
BellSouth Corporation		80,000		2,264,000
SBC Communications, Inc.		148,400		3,868,788
Sprint Corporation		51,000		837,420
Verizon Communications, Inc.		117,000		4,104,360
				12,759,408
Telecommunications - Wireless Equipment 0.4%
Motorola, Inc.		70,000		984,900
Tobacco 1.8%
Altria Group, Inc.		55,000		2,993,100
Loews Corp - Carolina Group		67,700		1,708,748
				4,701,848
Transportation - Air Freight 0.3%
FedEx Corporation		12,000		810,000
Transportation - Rail 0.8%
Burlington Northern Santa Fe Corporation		24,800		802,280
Norfolk Southern Corporation		50,000		1,182,500
				1,984,780
Utility - Electric Power 5.1%
Consolidated Edison, Inc.		27,000		1,161,270
Duke Energy Corporation		70,000		1,431,500
Exelon Corporation		26,200		1,738,632
FPL Group, Inc.		26,600		1,740,172
FirstEnergy Corporation		169,500		5,966,400
The Southern Company		42,000		1,270,500
				13,308,474
Utility - Gas Distribution 0.9%
CenterPoint Energy, Inc.		99,400	$	963,186
Vectren Corporation		56,700		1,397,655
				2,360,841
Total Common Stocks (Cost $209,232,377)				257,954,929
Short-Term Investments (a) 2.2%
Collateral Received For Securities Lending (f) 1.4%
Navigator Prime Portfolio		3,584,475		3,584,475
Repurchase Agreements 0.8%
ABN AMRO Inc. (Dated 12/31/03), 0.95%, Due 1/02/04 (Repurchase proceeds $400,021); Collateralized by: United States Government & Agency Issues (c)	$	400,000		400,000
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $1,584,266); Collateralized by: United States Government & Agency Issues (c)		1,584,200		1,584,200
				1,984,200
Total Short-Term Investments (Cost $5,568,675)				5,568,675
Total Investments in Securities (Cost $214,801,052) 101.3%				263,523,604
Other Assets and Liabilities, Net (1.3%)				(3,252,423	)
Net Assets 100.0%			$	260,271,181

STRONG ADVISOR ENDEAVOR LARGE CAP FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 100.2%
Apparel - Shoes & Related Manufacturing 1.3%
NIKE, Inc. Class B	7,220	$	494,281
Banks - Money Center 3.5%
Citigroup, Inc.	26,955		1,308,396
Beverages - Alcoholic 0.5%
Anheuser-Busch Companies, Inc.	3,610		190,175
Commercial Services - Schools 2.0%
Career Education Corporation (b)	19,053		763,454
Computer - Data Storage 1.9%
EMC Corporation (b)	54,630		705,820
Computer - Local Networks 5.1%
Cisco Systems, Inc. (b)	63,035		1,531,120
Polycom, Inc. (b)	20,145		393,231
			1,924,351
Computer - Manufacturers 1.9%
Dell, Inc. (b)	20,700		702,972
Computer Software - Desktop 1.1%
Microsoft Corporation	14,640		403,186
Computer Software - Education/Entertainment 3.1%
Electronic Arts, Inc. (b)	24,320		1,162,010
Computer Software - Enterprise 1.3%
SAP AG Sponsored ADR	11,450		475,862

36

STRONG ADVISOR ENDEAVOR LARGE CAP FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Diversified Operations 7.2%
Honeywell International, Inc.		22,890	$	765,213
Tyco International, Ltd.		73,275		1,941,788
				2,707,001
Electronics - Scientific Measuring 2.6%
Teradyne, Inc. (b)		38,310		974,990
Electronics – Semiconductor Manufacturing 11.2%
Intel Corporation		65,440		2,107,168
KLA-Tencor Corporation (b)		5,170		303,324
Taiwan Semiconductor Manufacturing Company, Ltd. Sponsored ADR (b)		139,550		1,428,992
Texas Instruments, Inc.		13,780		404,856
				4,244,340
Finance - Consumer/Commercial Loans 1.0%
SLM Corporation		10,150		382,452
Finance - Investment Brokers 1.1%
Lehman Brothers Holdings, Inc.		5,550		428,571
Finance - Mortgage & Related Services 1.8%
Countrywide Financial Corporation		9,080		688,718
Household - Consumer Electronics 1.6%
Harman International Industries, Inc.		7,980		590,360
Insurance - Diversified 1.4%
American International Group, Inc.		8,090		536,205
Internet - Content 2.5%
Yahoo! Inc. (b)		21,180		956,701
Internet - E*Commerce 0.6%
eBay, Inc. (b)		3,310		213,793
Leisure - Gaming/Equipment 2.0%
International Game Technology		21,460		766,122
Leisure - Services 2.8%
Royal Caribbean Cruises, Ltd.		30,940		1,076,403
Leisure - Toys/Games/Hobby 1.3%
Marvel Enterprises, Inc. (b)		16,705		486,283
Machinery - Farm 1.8%
Deere & Company		10,330		671,967
Media - Cable TV 3.5%
EchoStar Communications Corporation Class A (b)		38,440		1,306,960
Media - Newspapers 0.8%
The E.W. Scripps Company Class A		3,030		285,244
Media - Radio/TV 0.8%
Clear Channel Communications, Inc.		6,490		303,927
Medical - Biomedical/Biotechnology 5.0%
Amgen, Inc. (b)		16,880		1,043,184
Genzyme Corporation (b)		13,660		673,984
Gilead Sciences, Inc. (b)		3,230		187,792
				1,904,960
Medical - Drug/Diversified 2.3%
Johnson & Johnson		17,019	$	879,202
Medical - Ethical Drugs 4.8%
Medicis Pharmaceutical Corporation Class A		5,350		381,455
Pfizer, Inc.		40,394		1,427,120
				1,808,575
Medical - Generic Drugs 1.2%
Teva Pharmaceutical Industries, Ltd. ADR		7,900		448,009
Medical – Health Maintenance Organizations 1.1%
Anthem, Inc.(b)		5,785		433,875
Medical - Products 2.5%
Boston Scientific Corporation (b)		14,720		541,107
Medtronic, Inc.		8,280		402,490
				943,597
Oil & Gas - Drilling 3.8%
ENSCO International, Inc.		14,190		385,542
Nabors Industries, Ltd. (b)		16,970		704,255
Transocean, Inc. (b)		15,170		364,231
				1,454,028
Oil & Gas - International Integrated 0.8%
Suncor Energy, Inc.		11,770		294,956
Retail - Home Furnishings 0.8%
Bed Bath & Beyond, Inc. (b)		6,920		299,982
Retail - Major Discount Chains 2.4%
Target Corporation		9,790		375,936
Wal-Mart Stores, Inc.		10,100		535,805
				911,741
Retail/Wholesale - Building Products 3.3%
The Home Depot, Inc.		16,390		581,681
Lowe’s Companies, Inc.		11,750		650,832
				1,232,513
Telecommunications - Wireless Equipment 0.8%
Telefonaktiebolaget LM Ericsson Sponsored ADR (b)		17,080		302,316
Telecommunications - Wireless Services 4.0%
Nextel Communications, Inc. Class A (b)		54,240		1,521,974
Trucks & Parts - Heavy Duty 1.7%
Navistar International Corporation (b)		13,630		652,740
Total Common Stocks (Cost $31,365,651)				37,839,012
Short-Term Investments (a) 0.2%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $68,403); Collateralized by: United States Government & Agency Issues (c)	$	68,400		68,400
Total Short-Term Investments (Cost $68,400)				68,400
Total Investments in Securities (Cost $31,434,051) 100.4%				37,907,412
Other Assets and Liabilities, Net (0.4%)				(156,943	)
Net Assets 100.0%			$	37,750,469

37

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR FOCUS FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 97.6%
Building - Heavy Construction 1.8%
Chicago Bridge & Iron Company NV		1,900	$	54,910
Commercial Services - Miscellaneous 3.7%
Paychex, Inc.		3,100		115,320
Commercial Services - Schools 6.9%
Apollo Group, Inc. Class A (b)		2,000		136,000
Corinthian Colleges, Inc. (b)		1,400		77,784
				213,784
Computer - Local Networks 7.5%
Cisco Systems, Inc. (b)		4,300		104,447
Polycom, Inc. (b)		2,900		56,608
QLogic Corporation (b)		1,400		72,240
				233,295
Computer - Manufacturers 6.8%
Dell, Inc. (b)		6,200		210,552
Computer Software - Education/Entertainment 1.5%
Electronic Arts, Inc. (b)		1,000		47,780
Computer Software - Enterprise 1.8%
VERITAS Software Corporation (b)		1,500		55,740
Electronics - Semiconductor Manufacturing 11.5%
Analog Devices, Inc.		3,400		155,210
Credence Systems Corporation (b)		2,900		38,164
Intel Corporation		3,900		125,580
Silicon Laboratories, Inc. (b)		900		38,898
				357,852
Finance - Mortgage & Related Services 2.9%
Doral Financial Corporation		2,850		91,998
Financial Services - Miscellaneous 0.3%
Modem Media, Inc. (b)		1,000		8,170
Internet - E*Commerce 5.4%
eBay, Inc. (b)		2,600		167,934
Leisure - Toys/Games/Hobby 2.8%
Marvel Enterprises, Inc. (b)		3,000		87,330
Media - Cable TV 2.2%
EchoStar Communications Corporation Class A (b)		1,400		47,600
Hughes Electronics Corporation (b)		1,235		20,439
				68,039
Medical - Biomedical/Biotechnology 12.1%
Digene Corporation (b)		1,900		76,190
Genzyme Corporation (b)		2,700		133,218
Gilead Sciences, Inc. (b)		2,900		168,606
				378,014
Medical - Products 5.8%
Boston Scientific Corporation (b)		3,100		113,956
OraSure Technologies, Inc. (b)		8,600		68,456
				182,412
Medical/Dental - Services 1.5%
Inveresk Research Group, Inc. (b)		1,900		46,987
Oil & Gas - Machinery/Equipment 2.0%
Smith International, Inc. (b)		1,500		62,280
Oil & Gas - United States Exploration & Production 3.4%
Brigham Exploration Company (b)		4,000	$	32,116
XTO Energy, Inc.		2,600		73,580
				105,696
Retail - Clothing/Shoes 7.7%
Chicos FAS, Inc. (b)		1,000		36,950
Coach, Inc. (b)		2,600		98,150
Ross Stores, Inc.		4,000		105,720
				240,820
Retail - Miscellaneous 4.1%
PETCO Animal Supplies, Inc. (b)		2,100		63,945
PETsMART, Inc.		2,700		64,260
				128,205
Retail/Wholesale - Building Products 1.8%
The Home Depot, Inc.		1,600		56,784
Telecommunications - Fiber Optics 1.9%
Corning, Inc. (b)		5,800		60,494
Transportation - Airline 2.2%
AirTran Holdings, Inc. (b)		1,100		13,090
JetBlue Airways Corporation (b)		2,100		55,692
				68,782
Total Common Stocks (Cost $2,303,216)				3,043,178
Preferred Stocks 0.1%
Media - Cable TV 0.1%
News Corporation, Ltd. Sponsored ADR		138		4,175
Total Preferred Stocks (Cost $4,016)				4,175
Short-Term Investments (a) 2.8%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $87,704); Collateralized by: United States Government & Agency Issues (c)	$	87,700		87,700
Total Short-Term Investments (Cost $87,700)				87,700
Total Investments in Securities (Cost $2,394,932) 100.5%				3,135,053
Other Assets and Liabilities, Net (0.5%)				(14,879	)
Net Assets 100.0%			$	3,120,174

WRITTEN OPTIONS ACTIVITY

	Contracts		Premiums
Options outstanding at beginning of period	—		$	—
Options written during the period	38			9,486
Options closed	(38	)		(9,486	)
Options expired	—			—
Options exercised	—			—
Options outstanding at end of period	—		$	—

38

STRONG ADVISOR INTERNATIONAL CORE FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 96.3%
Australia 1.7%
BHP Billiton, Ltd.	2,400	$	21,798
BlueScope Steel, Ltd.	800		3,369
			25,167
Belgium 0.9%
Fortis	700		14,079
Bermuda 0.6%
Jardine Matheson Holdings, Ltd.	965		8,782
Brazil 1.2%
Companhia Vale do Rio Doce Sponsored ADR (b)	300		17,550
Canada 2.9%
Bank of Nova Scotia	300		15,229
Encana Corporation	700		27,542
			42,771
Finland 0.9%
UPM-Kymmene Oyj	700		13,348
France 11.8%
Accor SA	400		18,077
Altran Technologies SA (b)	1,466		18,927
Aventis SA	300		19,829
BNP Paribas SA	300		18,900
Essilor International SA	400		20,625
Groupe Danone Sponsored ADR	900		29,241
L’Oreal SA	400		32,757
Total SA Sponsored ADR	200		18,502
			176,858
Germany 7.2%
DaimlerChrysler AG	400		18,487
Deutsche Bank AG	225		18,475
E.On AG	300		19,535
Puma AG	100		17,664
Schering AG	280		14,187
Siemens AG	250		19,888
			108,236
Hong Kong 2.9%
Hutchison Whampoa, Ltd.	3,000		22,139
Swire Pacific, Ltd. A Shares	3,400		21,023
			43,162
Ireland 2.6%
Bank of Ireland	1,700		23,136
Ryanair Holdings PLC ADR (b)	300		15,192
			38,328
Italy 4.5%
Credito Italiano SA	2,900		15,631
ENI Spa	1,800		34,010
Telecom Italia Spa (b)	5,951		17,587
			67,228
Japan 17.2%
Canon, Inc. ADR	600		28,584
The Daimaru, Inc.	2,000		11,166
Disco Corporation	300		17,064
East Japan Railway Company	3		14,113
Hankyu Department Stores, Inc.	2,000		13,449
Hitachi, Ltd.	4,000		23,917
House Foods Corporation	1,000		11,310
Komatsu, Ltd.	4,800		30,439
Lawson, Inc.	400		13,712
Mitsubishi Heavy Industries, Ltd.	5,100		14,192
Nintendo Company, Ltd.	150	$	13,978
Nippon Telegraph and Telephone Corporation
Sponsored ADR	800		19,648
Tokyo Gas Company, Ltd.	5,000		17,792
Toyota Motor Corporation	800		27,317
			256,681
Mexico 1.8%
America Movil ADR Series L	400		10,936
Wal-Mart de Mexico SA de CV	5,400		15,443
			26,379
Netherlands 4.8%
ING Groep NV	1,100		25,668
Koninklijke Philips Electronics NV Sponsored
ADR - New York Registry Shares	600		17,454
Royal Dutch Petroleum Company - New York Shares	300		15,717
STMicroelectronics NV	500		13,536
			72,375
Singapore 3.2%
DBS Group Holdings, Ltd.	2,600		22,526
Flextronics International, Ltd. (b)	1,200		17,808
Singapore Technologies Engineering, Ltd.	6,000		7,220
			47,554
South Africa 1.3%
Gold Fields, Ltd. Sponsored ADR	1,400		19,516
South Korea 1.6%
KT Corporation Sponsored ADR	400		7,628
Samsung Electronics	45		17,025
			24,653
Spain 2.5%
Banco Santander Central Hispano SA	1,600		19,009
Telefonica SA Sponsored ADR (b)	414		18,295
			37,304
Sweden 3.4%
Autoliv, Inc.	900		34,185
Sandvik AB	500		17,249
			51,434
Switzerland 5.2%
Nestle SA	90		22,415
Novartis AG Sponsored ADR	500		22,945
UBS AG Registered	235		16,040
Zurich Financial Services AG (b)	110		15,858
			77,258
United Kingdom 18.1%
Anglo American PLC	1,700		36,865
BP PLC Sponsored ADR	350		17,273
Boots Group PLC	750		9,266
Diageo PLC	1,600		20,989
Exel PLC	900		11,871
GlaxoSmithKline PLC Sponsored ADR	300		13,986
HSBC Holdings PLC	1,200		18,914
HSBC Holdings PLC	500		7,853
Lloyds TSB Group PLC	1,800		14,426
Reed Elsevier PLC	1,800		15,008
Royal Bank of Scotland PLC	800		23,560
Tesco PLC	7,600		34,978
United Utilities PLC (b)	1,200		10,617
Vodafone Group PLC	14,200		35,193
			270,799
Total Common Stocks (Cost $ 1,112,585)			1,439,462

39

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR INTERNATIONAL CORE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 2.9%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $43,102); Collateralized by: United States Government & Agency Issues (c)	$	43,100	$	43,100
Total Short-Term Investments (Cost $43,100)				43,100
Total Investments in Securities (Cost $1,155,685) 99.2%				1,482,562
Other Assets and Liabilities, Net 0.8%				11,962
Net Assets 100.0%			$	1,494,524

STRONG ADVISOR SELECT FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.2%
Banks - Money Center 3.6%
Citigroup, Inc.	61,155	$	2,968,464
Commercial Services - Schools 4.1%
Career Education Corporation (b)	84,800		3,397,936
Computer - Local Networks 6.4%
Cisco Systems, Inc. (b)	163,850		3,979,916
Polycom, Inc. (b)	67,709		1,321,680
			5,301,596
Computer - Manufacturers 1.9%
Dell, Inc. (b)	45,675		1,551,123
Computer Software - Education/Entertainment 3.1%
Electronic Arts, Inc. (b)	53,600		2,561,008
Computer Software - Enterprise 1.0%
SAP AG Sponsored ADR	19,600		814,576
Diversified Operations 4.8%
Tyco International, Ltd.	149,180		3,953,270
Electronics - Miscellaneous Components 1.1%
Vishay Intertechnology, Inc. (b)	37,700		863,330
Electronics - Scientific Measuring 2.9%
Teradyne, Inc. (b)	93,000		2,366,850
Electronics - Semiconductor Manufacturing 11.0%
Intel Corporation	153,000		4,926,600
Taiwan Semiconductor Manufacturing Company, Ltd. Sponsored ADR (b)	311,900		3,193,856
Texas Instruments, Inc.	30,800		904,904
			9,025,360
Household - Consumer Electronics 3.8%
Harman International Industries, Inc.	42,730		3,161,165
Internet - Content 5.0%
Yahoo! Inc. (b)	90,910		4,106,405
Leisure - Gaming/Equipment 1.8%
International Game Technology	40,800	$	1,456,560
Leisure - Services 4.7%
Royal Caribbean Cruises, Ltd.	110,000		3,826,900
Leisure - Toys/Games/Hobby 7.4%
Marvel Enterprises, Inc. (b)	209,190		6,089,521
Media - Cable TV 4.8%
EchoStar Communications Corporation Class A (b)	116,820		3,971,880
Medical - Biomedical/Biotechnology 4.9%
Amgen, Inc. (b)	30,330		1,874,394
Genzyme Corporation (b)	43,800		2,161,092
			4,035,486
Medical - Ethical Drugs 2.0%
Medicis Pharmaceutical Corporation Class A	23,600		1,682,680
Medical - Generic Drugs 1.0%
Teva Pharmaceutical Industries, Ltd. ADR	14,030		795,641
Medical - Health Maintenance Organizations 3.8%
Anthem, Inc. (b)	41,480		3,111,000
Medical - Products 2.3%
Cyberonics, Inc. (b)	60,100		1,923,801
Medical - Systems/Equipment 0.8%
Varian Medical Systems, Inc. (b)	8,915		616,026
Oil & Gas - Drilling 5.4%
ENSCO International, Inc.	61,760		1,678,019
Nabors Industries, Ltd. (b)	66,935		2,777,803
			4,455,822
Oil & Gas - International Integrated 1.0%
Suncor Energy, Inc.	33,300		834,498
Retail/Wholesale - Building Products 2.4%
Lowe’s Companies, Inc.	36,300		2,010,657
Telecommunications - Wireless Services 4.1%
Nextel Communications, Inc. Class A (b)	119,800		3,361,588
Transportation - Airline 1.1%
AirTran Holdings, Inc. (b)	77,200		918,680
Trucks & Parts - Heavy Duty 3.0%
Navistar International Corporation (b)	50,600		2,423,234
Total Common Stocks (Cost $65,848,140)			81,585,057

40

STRONG ADVISOR SELECT FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 1.6%
Repurchase Agreements
ABN AMRO Inc. (Dated12/31/03), 0.95%, Due 1/02/2004 (Repurchase proceeds $200,011); Collateralized by: United States Government & Agency Issues (c)	$	200,000	$	200,000
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $1,086,945); Collateralized by: United States Government & Agency Issues (c)		1,086,900		1,086,900
Total Short-Term Investments (Cost $ 1,286,900)				1,286,900
Total Investments in Securities (Cost $ 67,135,040) 100.8%				82,871,957
Other Assets and Liabilities, Net (0.8%)				(615,285	)
Net Assets 100.0%			$	82,256,672

STRONG ADVISOR TECHNOLOGY FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 95.0%
Commercial Services - Security/Safety 2.9%
Mine Safety Appliances Company	800	$	63,608
Computer - Data Storage 4.7%
Overland Storage, Inc. (b)	1,000		18,800
Seagate Technology (b)	4,400		83,160
			101,960
Computer - Integrated Systems 1.7%
Stratasys, Inc. (b)	1,350		36,801
Computer - IT Services 5.8%
Computer Sciences Corporation (b)	800		35,384
International Business Machines Corporation	1,000		92,680
			128,064
Computer - Local Networks 5.7%
Brocade Communications Systems, Inc. (b)	5,100		29,478
Cisco Systems, Inc. (b)	1,400		34,006
Digi International, Inc. (b)	6,400		61,440
			124,924
Computer - Manufacturers 2.6%
Dell, Inc. (b)	1,700		57,732
Computer - Software Design 4.3%
MSC Software Corporation (b)	4,900		46,305
Magma Design Automation (b)	1,300		30,342
Nassda Corporation (b)	1,500		10,875
Verisity, Ltd. (b)	600		7,650
			95,172
Computer Software - Desktop 2.9%
Microsoft Corporation	2,300		63,342
Computer Software - Enterprise 1.4%
Nuance Communications, Inc. (b)	4,100		31,324
Computer Software - Financial 3.1%
Corillian Corporation (b)	6,300		39,753
DST Systems, Inc. (b)	650		27,144
			66,897
Computer Software - Security 2.5%
SafeNet, Inc. (b)	1,100	$	33,847
VeriSign, Inc. (b)	1,300		21,190
			55,037
Electronics - Military Systems 2.2%
DRS Technologies, Inc. (b)	1,700		47,226
Electronics - Miscellaneous Components 3.7%
Benchmark Electronics, Inc. (b)	2,300		80,063
Electronics - Scientific Measuring 1.2%
FEI Company (b)	1,200		27,000
Electronics - Semiconductor Manufacturing 25.1%
ARM Holdings PLC Sponsored ADR (b)	3,200		22,080
ASM International NV (b)	1,600		32,384
Asyst Technologies, Inc. (b)	1,500		26,025
IXYS Corporation (b)	3,300		30,855
Intel Corporation	2,600		83,720
LSI Logic Corporation (b)	5,100		45,237
Linear Technology Corporation	2,050		86,243
LogicVision, Inc. (b)	1,600		7,200
Photronics, Inc. (b)	2,100		41,832
Pixelworks, Inc. (b)	5,000		55,200
Sigma Designs, Inc. (b)	3,000		22,590
Texas Instruments, Inc.	2,400		70,512
Xilinx, Inc. (b)	700		27,118
			550,996
Internet - E*Commerce 2.9%
eBay, Inc. (b)	1,000		64,590
Internet - Network Security/Solutions 1.2%
RADWARE, Ltd. (b)	1,000		27,250
Internet - Software 7.0%
BEA Systems, Inc. (b)	1,600		19,680
DoubleClick, Inc. (b)	1,900		19,418
Embarcadero Technologies, Inc. (b)	1,800		28,710
F5 Networks, Inc. (b)	1,100		27,610
Marimba, Inc. (b)	10,700		58,850
			154,268
Medical - Biomedical/Biotechnology 2.8%
Gilead Sciences, Inc. (b)	600		34,884
Martek Biosciences Corporation (b)	400		25,988
			60,872
Medical - Genetics 2.5%
Diversa Corporation (b)	1,700		15,725
Genencor International, Inc. (b)	2,500		39,375
			55,100
Oil & Gas - Machinery/Equipment 1.1%
FMC Technologies, Inc. (b)	1,000		23,300
Telecommunications - Wireless Equipment 7.7%
Garmin, Ltd.	570		31,054
NMS Communications Corporation (b)	12,600		78,624
REMEC, Inc. (b)	2,500		21,025
Trimble Navigation, Ltd. (b)	1,000		37,240
			167,943
Total Common Stocks (Cost $ 1,761,108)			2,083,469

41

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR TECHNOLOGY FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Short-Term Investments (a) 1.0%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $21,901); Collateralized by: United States Government & Agency Issues (c)	$	21,900	$	21,900
Total Short-Term Investments (Cost $ 21,900)				21,900
Total Investments in Securities (Cost $ 1,783,008) 96.0%				2,105,369
Other Assets and Liabilities, Net 4.0%				88,122
Net Assets 100.0%			$	2,193,491

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

	Shares or Principal Amount	Value (Note 2)
Common Stocks 98.7%
Auto/Truck - Original Equipment 1.7%
A.S.V., Inc. (b)	2,450	$	91,532
Building - Resident/Commercial 1.4%
Meritage Corporation (b)	1,200		79,572
Commercial Services - Miscellaneous 1.0%
Portfolio Recovery Associates, Inc. (b)	1,975		52,436
Commercial Services - Schools 4.7%
Career Education Corporation (b)	3,742		149,942
Corinthian Colleges, Inc. (b)	2,030		112,787
			262,729
Computer - IT Services 3.3%
Cognizant Technology Solutions Corporation (b)	1,725		78,729
SRA International, Inc. Class A (b)	2,430		104,733
			183,462
Computer - Local Networks 1.1%
Foundry Networks, Inc. (b)	2,235		61,150
Computer - Manufacturers 2.0%
Cray, Inc. (b)	11,235		111,564
Computer - Software Design 1.2%
Magma Design Automation (b)	2,745		64,068
Computer Software - Desktop 1.2%
Sonic Solutions (b)	4,500		68,850
Computer Software - Medical 5.8%
Cerner Corporation (b)	2,345		88,758
eResearch Technology, Inc. (b)	4,602		116,983
IDX Systems Corporation (b)	4,385		117,606
			323,347
Computer Software - Security 2.0%
Netscreen Technologies, Inc. (b)	4,405		109,024
Electronics - Contract Manufacturing 1.2%
TTM Technologies, Inc. (b)	3,900		65,832
Electronics - Miscellaneous Components 1.0%
Applied Films Corporation (b)	1,665		54,978
Electronics - Scientific Measuring 1.0%
Cognex Corporation	1,975		55,774
Electronics - Semiconductor Manufacturing 20.6%
Cabot Microelectronics Corporation (b)	1,020	$	49,980
Cree, Inc. (b)	6,435		113,835
Cymer, Inc. (b)	1,060		48,961
ESS Technology, Inc. (b)	6,805		115,753
Integrated Circuit Systems, Inc. (b)	1,765		50,285
Integrated Silicon Solution, Inc. (b)	6,880		107,810
Lexar Media, Inc. (b)	7,035		122,620
OmniVision Technologies, Inc. (b)	1,855		102,489
Power Integrations, Inc. (b)	1,500		50,190
Rudolph Technologies, Inc. (b)	4,180		102,577
SanDisk Corporation (b)	2,170		132,674
Trident Microsystems, Inc. (b)	8,258		143,846
			1,141,020
Finance - Consumer/Commercial Loans 1.5%
United Panam Financial Corporation (b)	4,860		81,211
Financial Services - Miscellaneous 2.0%
Investors Financial Services Corporation	2,815		108,124
Insurance - Property/Casualty/Title 1.5%
ProAssurance Corporation (b)	2,520		81,018
Internet - E*Commerce 3.2%
Netflix, Inc. (b)	2,350		128,521
University of Phoenix Online (b)	715		49,285
			177,806
Internet - Internet Service Provider 1.9%
United Online, Inc. (b)	6,160		103,426
Internet - Network Security/Solutions 0.7%
iPass, Inc. (b)	2,465		39,514
Medical - Biomedical/Biotechnology 1.5%
Ciphergen Biosystems, Inc. (b)	7,530		84,637
Medical - Drug/Diversified 2.0%
Salix Pharmaceuticals, Ltd. (b)	4,955		112,330
Medical - Generic Drugs 2.4%
American Pharmaceutical Partners, Inc. (b)	3,900		131,040
Medical - Nursing Homes 4.1%
Odyssey Healthcare, Inc. (b)	3,667		107,296
VistaCare, Inc. Class A (b)	3,400		119,510
			226,806
Medical - Products 3.0%
EPIX Medical, Inc. (b)	4,470		72,772
I-Flow Corporation (b)	6,830		95,005
			167,777
Medical/Dental - Services 2.9%
American Healthways, Inc. (b)	6,770		161,600
Oil & Gas - United States Exploration & Production 3.1%
Evergreen Resources, Inc. (b)	1,995		64,857
Penn Virginia Corporation	1,930		107,404
			172,261
Retail - Clothing/Shoes 3.6%
Hot Topic, Inc. (b)	3,715		109,444
Pacific Sunwear of California (b)	4,372		92,337
			201,781

42

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

	Shares or Principal Amount		Value (Note 2)
Retail - Miscellaneous 2.2%
Sharper Image Corporation (b)		3,665	$	119,662
Retail - Restaurants 2.6%
Chicago Pizza & Brewery, Inc. (b)		5,800		86,536
P.F. Chang’s China Bistro, Inc. (b)		1,060		53,933
				140,469
Retail/Wholesale - Building Products 2.7%
Tractor Supply Company (b)		3,850		149,726
Telecommunications - Wireless Equipment 3.1%
UTStarcom, Inc. (b)		4,680		173,488
Telecommunications - Wireless Services 3.1%
Alamosa Holdings, Inc. (b)		20,670		82,887
Nextel Communications, Inc. Class A (b)		3,240		90,914
				173,801
Transportation - Truck 2.4%
J.B. Hunt Transport Services, Inc. (b)		4,885		131,944
Total Common Stocks (Cost $4,565,668)				5,463,759
Short-Term Investments (a) 3.0%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $166,907); Collateralized by: United States Government & Agency Issues (c)	$	166,900		166,900
Total Short-Term Investments (Cost $166,900)				166,900
Total Investments in Securities (Cost $4,732,568) 101.7%				5,630,659
Other Assets and Liabilities, Net (1.7%)				(93,456	)
Net Assets 100.0%			$	5,537,203

STRONG ADVISOR UTILITIES AND ENERGY FUND

	Shares or Principal Amount		Value (Note 2)
Common Stocks 92.0%
Chemicals - Specialty 4.5%
Ashland, Inc.		10,500	$	462,630
Oil & Gas - Drilling 2.5%
Nabors Industries, Ltd. (b)		6,200		257,300
Oil & Gas - Field Services 1.6%
Halliburton Company		6,500		169,000
Oil & Gas - International Integrated 18.9%
BP PLC Sponsored ADR		10,000		493,500
ConocoPhillips		9,600		629,472
Exxon Mobil Corporation		4,200		172,200
Royal Dutch Petroleum Company - New York Shares		6,400		335,296
Total SA Sponsored ADR		3,400		314,534
				1,945,002
Oil & Gas - Machinery/Equipment 1.7%
Weatherford International, Ltd. (b)		5,000		180,000
Oil & Gas - United States Exploration & Production 3.1%
Anadarko Petroleum Corporation		2,500	$	127,525
Devon Energy Corporation		500		28,630
Occidental Petroleum Corporation		4,000		168,960
				325,115
Oil & Gas - United States Integrated 2.4%
Questar Corporation		7,000		246,050
Telecommunications - Services 4.4%
ALLTEL Corporation		3,000		139,740
BellSouth Corporation		4,000		113,200
SBC Communications, Inc.		3,500		91,245
Verizon Communications, Inc.		3,000		105,240
				449,425
Telecommunications - Services Foreign 1.9%
BCE, Inc.		9,000		201,240
Telecommunications - Wireless Services 0.5%
AT&T Wireless Services, Inc. (b)		6,000		47,940
Utility - Electric Power 33.1%
The AES Corporation (b)		3,000		28,320
Calpine Corporation (b)		64,000		307,840
Constellation Energy Group, Inc.		26,000		1,018,160
Dominion Resources, Inc.		8,500		542,555
Duke Energy Corporation		9,000		184,050
Exelon Corporation		7,000		464,520
FPL Group, Inc.		6,000		392,520
FirstEnergy Corporation		3,500		123,200
Public Service Enterprise Group, Inc.		8,000		350,400
				3,411,565
Utility - Gas Distribution 17.4%
Equitable Resources, Inc.		1,300		55,796
ONEOK, Inc.		35,500		783,840
Sempra Energy		19,000		571,140
South Jersey Industries, Inc.		3,600		145,800
UGI Corporation		7,000		237,300
				1,793,876
Total Common Stocks (Cost $7,950,630)				9,489,143
Short-Term Investments (a) 8.0%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $823,334); Collateralized by: United States Government & Agency Issues (c)	$	823,300		823,300
Total Short-Term Investments (Cost $823,300)				823,300
Total Investments in Securities (Cost $8,773,930) 100.0%				10,312,443
Other Assets and Liabilities, Net 0.0%				2,364
Net Assets 100.0%			$	10,314,807

43

SCHEDULES OF INVESTMENTS IN SECURITIES (continued) December 31, 2003

STRONG ADVISOR LARGE COMPANY CORE FUND

	Shares or Principal Amount	Value (Note 2)
Common Stocks 99.5%
Banks - Money Center 7.1%
Bank of America Corporation	24,300	$	1,954,449
Citigroup, Inc.	82,300		3,994,842
J.P. Morgan Chase & Company	63,000		2,313,990
			8,263,281
Beverages - Alcoholic 2.6%
Anheuser-Busch Companies, Inc.	57,800		3,044,904
Building - Heavy Construction 1.7%
Chicago Bridge & Iron Company NV	68,000		1,965,200
Building - Resident/Commercial 1.6%
Lennar Corporation Class A	20,000		1,920,000
Computer - IT Services 1.7%
International Business Machines Corporation	21,500		1,992,620
Computer - Local Networks 2.2%
Cisco Systems, Inc. (b)	104,500		2,538,305
Computer - Manufacturers 1.7%
Dell, Inc. (b)	56,800		1,928,928
Computer Software - Desktop 3.6%
Microsoft Corporation	152,000		4,186,080
Computer Software - Enterprise 1.0%
VERITAS Software Corporation (b)	30,500		1,133,380
Diversified Operations 5.5%
3M Co.	29,800		2,533,894
General Electric Company	124,050		3,843,069
			6,376,963
Electronics - Military Systems 2.0%
L-3 Communications Corporation (b)	46,000		2,362,560
Electronics - Semiconductor Manufacturing 5.6%
Applied Materials, Inc. (b)	58,500		1,313,325
Intel Corporation	106,500		3,429,300
NVIDIA Corporation (b)	79,000		1,836,750
			6,579,375
Finance - Index Tracking Funds 1.0%
MSCI I Shares Emerging Markets Index	7,000		1,147,510
Finance - Investment Brokers 1.5%
The Goldman Sachs Group, Inc.	18,600		1,836,378
Finance - Savings & Loan 1.0%
Washington Mutual, Inc.	29,200		1,171,504
Financial Services - Miscellaneous 2.1%
American Express Company	50,100		2,416,323
Food - Dairy Products 2.4%
Dean Foods Company (b)	84,450		2,775,872
Food - Miscellaneous Preparation 2.3%
PepsiCo, Inc.	57,685		2,689,275
Insurance - Brokers 1.5%
Willis Group Holdings, Ltd.	51,000		1,737,570
Insurance - Diversified 3.2%
American International Group, Inc.	56,650	$	3,754,762
Insurance - Property/Casualty/Title 4.0%
The Allstate Corporation	69,000		2,968,380
Radian Group, Inc.	35,000		1,706,250
			4,674,630
Internet - E*Commerce 1.8%
InterActiveCorp (b)	61,600		2,090,088
Media - Cable TV 1.8%
Comcast Corporation Class A (b)	62,500		2,054,375
Media - Radio/TV 2.1%
Viacom, Inc. Class B	54,000		2,396,520
Medical - Biomedical/Biotechnology 4.6%
Amgen, Inc. (b)	43,300		2,675,940
Medimmune, Inc. (b)	55,300		1,404,620
Nektar Therapeutics (b)	96,000		1,306,560
			5,387,120
Medical - Ethical Drugs 4.9%
Merck & Company, Inc.	39,000		1,801,800
Pfizer, Inc.	109,670		3,874,641
			5,676,441
Medical - Generic Drugs 3.5%
Barr Laboratories, Inc. (b)	21,000		1,615,950
Teva Pharmaceutical Industries, Ltd. ADR	43,700		2,478,227
			4,094,177
Metal Ores - Miscellaneous 2.6%
Freeport-McMoran Copper & Gold, Inc. Class B	72,700		3,062,851
Metal Products - Fasteners 1.6%
Illinois Tool Works, Inc.	22,800		1,913,148
Oil & Gas - International Integrated 3.6%
BP PLC Sponsored ADR	46,600		2,299,710
Exxon Mobil Corporation	46,248		1,896,168
			4,195,878
Oil & Gas - United States Exploration &
Production 2.0%
Devon Energy Corporation	41,808		2,393,926
Retail - Major Discount Chains 1.5%
Wal-Mart Stores, Inc.	33,200		1,761,260
Retail/Wholesale - Building Products 2.0%
Lowe’s Companies, Inc.	42,000		2,326,380
Retail/Wholesale - Jewelry 2.0%
Tiffany & Company	51,500		2,327,800
Soap & Cleaning Preparations 2.0%
The Procter & Gamble Company	23,000		2,297,240
Telecommunications - Services 1.4%
AT&T Corporation	84,000		1,705,200
Telecommunications - Wireless
Equipment 1.9%
Nokia Corporation Sponsored ADR	132,000		2,244,000
Telecommunications - Wireless Services 2.0%
Nextel Communications, Inc. Class A (b)	84,000		2,357,040

44

STRONG ADVISOR LARGE COMPANY CORE FUND (continued)

	Shares or Principal Amount		Value (Note 2)
Utility - Electric Power 1.6%
The AES Corporation (b)		193,000	$	1,821,920
Utility - Gas Distribution 1.3%
Equitable Resources, Inc.		35,200		1,510,784
Total Common Stocks (Cost $103,054,530)				116,111,568
Short-Term Investments (a) 0.7%
Repurchase Agreements
State Street Bank (Dated 12/31/03), 0.75%, Due 1/02/04 (Repurchase proceeds $856,436); Collateralized by: United States Government & Agency Issues (c)	$	856,400		856,400
Total Short-Term Investments (Cost $856,400)				856,400
Total Investments in Securities (Cost $103,910,930) 100.2%				116,967,968
Other Assets and Liabilities, Net (0.2%)				(262,709	)
Net Assets 100.0%			$	116,705,259

CURRENCY ABBREVIATIONS

CAD —  CanadianDollars

CHF  —  SwissFranc

JPY   —  Japanese Yen

LEGEND

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

(b) Non-income producing security.

(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 conjuction with open written option contracts.

(f) 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.

45

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2003

	(In Thousands)
	Strong Advisor Common Stock Fund			Strong Advisor Mid Cap Growth Fund		Strong Advisor Small Cap Value Fund
Assets:
Investments in Securities, at Value Unaffiliated Issuers (Cost of $ 1,183,110, $58,232 and $1,288,073, respectively)	$	1,627,407		$	74,722	$	1,742,313
Affiliated Issuers (Cost of $0, $0 and $237,009, respectively)		—			—		402,501
Receivable for Securities Sold		15,239			326		8,939
Receivable for Fund Shares Sold		280			—		1,976
Dividends and Interest Receivable		858			9		336
Other Assets		83			36		26
Total Assets		1,643,867			75,093		2,156,091
Liabilities:
Payable for Securities Purchased		—			1,217		6,890
Written Options, at Value (Premiums Received of $0, $0 and $7,843, respectively)		—			—		9,727
Payable for Fund Shares Redeemed		4,351			51		13,162
Payable Upon Return of Securities on Loan		48,053			2,463		—
Accrued Operating Expenses and Other Liabilities		485			45		543
Total Liabilities		52,889			3,776		30,322
Net Assets	$	1,590,978		$	71,317	$	2,125,769
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	1,260,769		$	173,602	$	1,495,127
Undistributed Net Investment Income (Loss)		—			—		—
Undistributed Net Realized Gain (Loss)		(114,097	)		(118,775)		12,794
Net Unrealized Appreciation (Depreciation)		444,306			16,490		617,848
Net Assets	$	1,590,978		$	71,317	$	2,125,769

See Notes to Financial Statements.

46

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	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	$	81,067,925	$	9,866,845	$	673,580,278
Capital Shares Outstanding (Unlimited Number Authorized)		3,688,643		842,184		24,584,538
Net Asset Value Per Share	$	21.98	$	11.72	$	27.40
Public Offering Price Per Share
($21.98 divided by .9425, $11.72 divided by .9425 and $27.40 divided by .9425, respectively)	$	23.32	$	12.44	$	29.07
Class B ($ and shares in full)
Net Assets	$	38,829,539	$	2,914,146	$	126,152,001
Capital Shares Outstanding (Unlimited Number Authorized)		1,803,432		254,256		4,709,714
Net Asset Value Per Share	$	21.53	$	11.46	$	26.79
Class C ($ and shares in full)
Net Assets	$	34,025,065	$	784,318	$	158,941,842
Capital Shares Outstanding (Unlimited Number Authorized)		1,580,162		68,455		5,924,252
Net Asset Value Per Share	$	21.53	$	11.46	$	26.83
Class Z ($ and shares in full)
Net Assets	$	1,437,055,093	$	57,751,237	$	1,167,094,493
Capital Shares Outstanding (Unlimited Number Authorized)		64,865,229		4,943,174		42,388,276
Net Asset Value Per Share	$	22.15	$	11.68	$	27.53

See Notes to Financial Statements.

47

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	(In Thousands)
	Strong Advisor U.S. Value Fund
Assets:
Investments in Securities, at Value (Cost of $214,801)	$	263,524
Receivable for Fund Shares Sold		37
Dividends and Interest Receivable		442
Other Assets		34
Total Assets		264,037
Liabilities:
Payable for Fund Shares Redeemed		79
Payable Upon Return of Securities on Loan		3,584
Accrued Operating Expenses and Other Liabilities		103
Total Liabilities		3,766
Net Assets	$	260,271
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	216,792
Undistributed Net Investment Income (Loss)		19
Undistributed Net Realized Gain (Loss)		(5,263	)
Net Unrealized Appreciation (Depreciation)		48,723
Net Assets	$	260,271

See Notes to Financial Statements.

48

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	Strong Advisor U.S. Value Fund
Class A ($ and shares in full)
Net Assets	$	4,751,796
Capital Shares Outstanding (Unlimited Number Authorized)		269,270
Net Asset Value Per Share	$	17.65
Public Offering Price Per Share ($17.65 divided by .9425)	$	18.73
Class B ($ and shares in full)
Net Assets	$	4,958,283
Capital Shares Outstanding (Unlimited Number Authorized)		281,040
Net Asset Value Per Share	$	17.64
Class C ($ and shares in full)
Net Assets	$	4,229,825
Capital Shares Outstanding (Unlimited Number Authorized)		240,859
Net Asset Value Per Share	$	17.56
Class K ($ and shares in full)
Net Assets	$	87,368,006
Capital Shares Outstanding (Unlimited Number Authorized)		4,987,799
Net Asset Value Per Share	$	17.52
Class Z ($ and shares in full)
Net Assets	$	158,963,271
Capital Shares Outstanding (Unlimited Number Authorized)		8,943,815
Net Asset Value Per Share	$	17.77

See Notes to Financial Statements.

49

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	(In Thousands, Except As Noted)
	Strong Advisor Endeavor Large Cap Fund			Strong Advisor Focus Fund			Strong Advisor International Core Fund
Assets:
Investments in Securities, at Value (Cost of $31,434, $2,395 and $1,156, respectively)	$	37,907		$	3,135		$	1,483
Receivable for Securities Sold		213			11			—
Dividends and Interest Receivable		16			—			2
Other Assets		26			22			16
Total Assets		38,162			3,168			1,501
Liabilities:
Payable for Securities Purchased		296			27			—
Payable for Fund Shares Redeemed		—			13			—
Short-Term Borrowings on Line of Credit		100			—			—
Accrued Operating Expenses and Other Liabilities		16			8			6
Total Liabilities		412			48			6
Net Assets	$	37,750		$	3,120		$	1,495
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	37,139		$	6,955		$	1,206
Undistributed Net Investment Income (Loss)		—			—			2
Undistributed Net Realized Gain (Loss)		(5,862	)		(4,575	)		(40	)
Net Unrealized Appreciation (Depreciation)		6,473			740			327
Net Assets	$	37,750		$	3,120		$	1,495
Class A ($ and shares in full)
Net Assets	$	36,601,078		$	1,584,860		$	584,791
Capital Shares Outstanding (Unlimited Number Authorized)		3,631,071			264,703			50,992
Net Asset Value Per Share	$	10.08		$	5.99		$	11.47
Public Offering Price Per Share ($10.08 divided by .9425, $5.99 divided by .9425 and $11.47 divided by .9425, respectively)	$	10.69		$	6.36		$	12.17
Class B ($ and shares in full)
Net Assets	$	719,235		$	1,204,864		$	726,636
Capital Shares Outstanding (Unlimited Number Authorized)		72,140			205,087			63,478
Net Asset Value Per Share	$	9.97		$	5.87		$	11.45
Class C ($ and shares in full)
Net Assets	$	430,156		$	330,450		$	183,097
Capital Shares Outstanding (Unlimited Number Authorized)		43,141			56,259			16,013
Net Asset Value Per Share	$	9.97		$	5.87		$	11.43

See Notes to Financial Statements.

50

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	(In Thousands, Except As Noted)
	Strong Advisor Select Fund			Strong Advisor Technology Fund			Strong Advisor U.S.  Small/Mid Cap Growth Fund
Assets:
Investments in Securities, at Value (Cost of $67,135, $1,783 and $4,733, respectively)	$	82,872		$	2,105		$	5,631
Receivable for Securities Sold		—			175			—
Receivable for Fund Shares Sold		4			—			14
Dividends and Interest Receivable		40			—			—
Other Assets		19			22			9
Total Assets		82,935			2,302			5,654
Liabilities:
Payable for Securities Purchased		640			—			110
Payable for Fund Shares Redeemed		14			5			—
Short-Term Borrowings on Line of Credit		—			100			—
Accrued Operating Expenses and Other Liabilities		24			4			7
Total Liabilities		678			109			117
Net Assets	$	82,257		$	2,193		$	5,537
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	72,493		$	2,634		$	4,886
Undistributed Net Investment Income (Loss)		—			—			—
Undistributed Net Realized Gain (Loss)		(5,973	)		(763	)		(247	)
Net Unrealized Appreciation (Depreciation)		15,737			322			898
Net Assets	$	82,257		$	2,193		$	5,537
Class A ($ and shares in full)
Net Assets	$	81,190,076		$	1,318,067		$	2,911,932
Capital Shares Outstanding (Unlimited Number Authorized)		9,715,649			177,407			260,295
Net Asset Value Per Share	$	8.36		$	7.43		$	11.19
Public Offering Price Per Share ($8.36 divided by .9425, $7.43 divided by .9425 and $11.19 divided by .9425, respectively)	$	8.87		$	7.88		$	11.87
Class B ($ and shares in full)
Net Assets	$	622,212		$	567,026		$	1,121,287
Capital Shares Outstanding (Unlimited Number Authorized)		76,108			77,427			100,272
Net Asset Value Per Share	$	8.18		$	7.32		$	11.18
Class C ($ and shares in full)
Net Assets	$	444,384		$	308,398		$	1,503,984
Capital Shares Outstanding (Unlimited Number Authorized)		54,346			42,253			134,380
Net Asset Value Per Share	$	8.18		$	7.30		$	11.19

See Notes to Financial Statements.

51

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	(In Thousands, Except As Noted)
	Strong Advisor Utilities and Energy Fund
Assets:
Investments in Securities, at Value (Cost of $ 8,774)	$	10,312
Receivable for Securities Sold		39
Receivable for Fund Shares Sold		60
Dividends and Interest Receivable		20
Other Assets		13
Total Assets		10,444
Liabilities:
Payable for Securities Purchased		91
Payable for Fund Shares Redeemed		31
Accrued Operating Expenses and Other Liabilities		7
Total Liabilities		129
Net Assets	$	10,315
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	9,222
Undistributed Net Investment Income (Loss)		1
Undistributed Net Realized Gain (Loss)		(446	)
Net Unrealized Appreciation (Depreciation)		1,538
Net Assets	$	10,315
Class A ($ and shares in full)
Net Assets	$	9,878,093
Capital Shares Outstanding (Unlimited Number Authorized)		929,689
Net Asset Value Per Share	$	10.63
Public Offering Price Per Share
($10.63 divided by .9425)	$	11.28
Class B ($ and shares in full)
Net Assets	$	178,028
Capital Shares Outstanding (Unlimited Number Authorized)		16,736
Net Asset Value Per Share	$	10.64
Class C ($ and shares in full)
Net Assets	$	258,686
Capital Shares Outstanding (Unlimited Number Authorized)		24,358
Net Asset Value Per Share	$	10.62

See Notes to Financial Statements.

52

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2003

	(In Thousands, Except As Noted)
	Strong Advisor Large Company Core Fund
Assets:
Investments in Securities, at Value (Cost of $103,911)	$	116,968
Receivable for Securities Sold		2,554
Receivable for Fund Shares Sold		133
Dividends and Interest Receivable		97
Other Assets		15
Total Assets		119,767
Liabilities:
Payable for Securities Purchased		2,924
Payable for Fund Shares Redeemed		106
Accrued Operating Expenses and Other Liabilities		32
Total Liabilities		3,062
Net Assets	$	116,705
Net Assets Consist of:
Capital Stock (Par Value and Paid-in Capital)	$	102,972
Undistributed Net Investment Income (Loss)		—
Undistributed Net Realized Gain (Loss)		676
Net Unrealized Appreciation (Depreciation)		13,057
Net Assets	$	116,705
Class A ($ and shares in full)
Net Assets	$	67,462,503
Capital Shares Outstanding (Unlimited Number Authorized)		6,242,620
Net Asset Value Per Share	$	10.81
Public Offering Price Per Share ($10.81 divided by .9425)	$	11.47
Class B ($ and shares in full)
Net Assets	$	7,558,779
Capital Shares Outstanding (Unlimited Number Authorized)		707,189
Net Asset Value Per Share	$	10.69
Class C ($ and shares in full)
Net Assets	$	6,311,569
Capital Shares Outstanding (Unlimited Number Authorized)		590,559
Net Asset Value Per Share	$	10.69
Class K ($ and shares in full)
Net Assets	$	35,372,408
Capital Shares Outstanding (Unlimited Number Authorized)		3,262,868
Net Asset Value Per Share	$	10.84

See Notes to Financial Statements.

53

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2003

	(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 $81, $4 and $416, respectively)	$	13,001		$	243		$	13,372
Dividends – Affiliated Issuers		619			—			989
Interest		1,042			28			940
Total Income		14,662			271			15,301
Expenses (Note 4):
Investment Advisory Fees		11,794			642			11,577
Administrative Fees		4,719			256			4,632
Custodian Fees		97			17			157
Shareholder Servicing Costs		3,928			421			4,070
Reports to Shareholders		447			89			392
12b-1 Fees		742			61			3,381
Other		443			87			457
Total Expenses before Expense Offsets		22,170			1,573			24,666
Expense Offsets		(218	)		(84	)		(267	)
Expenses, Net		21,952			1,489			24,399
Net Investment Income (Loss)		(7,290	)		(1,218	)		(9,098	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		70,630			10,253			85,409
Foreign Currencies		(6	)		—			—
Futures Contracts		—			947			—
Written Options		5,419			(41	)		(2,777	)
Net Realized Gain (Loss)		76,043			11,159			82,632
Net Change in Unrealized Appreciation/Depreciation on:
Investments		452,630			16,288			598,145
Foreign Currencies		9			—			—
Written Options		(1,989	)		—			(2,502	)
Net Change in Unrealized Appreciation/Depreciation		450,650			16,288			595,643
Net Gain (Loss) on Investments		526,693			27,447			678,275
Net Increase (Decrease) in Net Assets Resulting from Operations	$	519,403		$	26,229		$	669,177

See Notes to Financial Statements.

54

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2003

	(In Thousands)
	Strong Advisor U.S. Value Fund
Income:
Dividends	$	5,123
Interest		70
Total Income		5,193
Expenses (Note 4):
Investment Advisory Fees		1,206
Administrative Fees		649
Custodian Fees		14
Shareholder Servicing Costs		1,087
Reports to Shareholders		242
12b-1 Fees		67
Other		144
Total Expenses before Expense Offsets		3,409
Expense Offsets		(80	)
Expenses, Net		3,329
Net Investment Income (Loss)		1,864
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		11,073
Net Change in Unrealized Appreciation/Depreciation on Investments		49,990
Net Gain (Loss) on Investments		61,063
Net Increase (Decrease) in Net Assets Resulting from Operations	$	62,927

See Notes to Financial Statements.

55

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2003

	(In Thousands)
	Strong Advisor Endeavor Large Cap Fund			Strong Advisor Focus Fund			Strong Advisor International Core Fund
Income:
Dividends (net of foreign withholding taxes of $1, $0 and $2, respectively)	$	249		$	9		$	21
Interest		11			1			1
Total Income		260			10			22
Expenses (Note 4):
Investment Advisory Fees		261			27			8
Administrative Fees		104			11			3
Custodian Fees		8			8			18
Shareholder Servicing Costs		70			7			2
12b-1 Fees		94			21			8
Professional Fees		17			13			15
Federal and State Registration Fees		33			28			34
Other		10			6			3
Total Expenses before Expense Offsets		597			121			91
Expense Offsets		(32	)		(64	)		(91	)
Expenses, Net		565			57			—
Net Investment Income (Loss)		(305	)		(47	)		22
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments		3,624			233			(12	)
Written Options		—			(8	)		—
Net Realized Gain (Loss)		3,624			225			(12	)
Net Change in Unrealized Appreciation/Depreciation on Investments		6,766			615			342
Net Gain (Loss) on Investments		10,390			840			330
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,085		$	793		$	352

See Notes to Financial Statements.

56

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2003

	(In Thousands)
	Strong Advisor Select Fund			Strong Advisor Technology Fund			Strong Advisor U.S. Small/Mid Cap Growth Fund
Income:
Dividends (net of foreign withholding taxes of $4, $0 and $0, respectively)	$	384		$	7		$	—
Interest		24			1			1
Total Income		408			8			1
Expenses (Note 4 ):
Investment Advisory Fees		545			16			19
Administrative Fees		218			7			7
Custodian Fees		9			1			5
Shareholder Servicing Costs		146			4			5
12b-1 Fees		188			10			16
Professional Fees		20			13			10
Federal and State Registration Fees		36			29			42
Other		19			3			1
Total Expenses before Expense Offsets		1,181			83			105
Expenses Offsets		(28	)		(36	)		(46	)
Expenses, Net		1,153			47			59
Net Investment Income (Loss)		(745	)		(39	)		(58	)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		8,935			435			(68	)
Net Change in Unrealized Appreciation/Depreciation on Investments		15,584			787			890
Net Gain (Loss) on Investments		24,519			1,222			822
Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,774		$	1,183		$	764

See Notes to Financial Statements.

57

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2003

	(In Thousands)
	Strong Advisor Utilities and Energy Fund
Income:
Dividends (net of foreign withholding taxes of $6)	$	417
Interest		9
Total Income		426
Expenses (Note 4):
Investment Advisory Fees		95
Administrative Fees		38
Custodian Fees		9
Shareholder Servicing Costs		25
12b-1 Fees		34
Federal and State Registration Fees		30
Other		12
Total Expenses before Expense Offsets		243
Expense Offsets		(2	)
Expenses, Net		241
Net Investment Income (Loss)		185
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		134
Net Change in Unrealized Appreciation/Depreciation on Investments		1,523
Net Gain (Loss) on Investments		1,657
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,842

See Notes to Financial Statements.

58

STATEMENTS OF OPERATIONS (continued)

For the Year Ended December 31, 2003

	(In Thousands)
	Strong Advisor Large Company Core Fund
Income:
Dividends (net of foreign withholding taxes of $7)	$	948
Interest		32
Total Income		980
Expenses (Note 4):
Investment Advisory Fees		510
Administrative Fees		193
Custodian Fees		9
Shareholder Servicing Costs		136
Reports to Shareholders		16
12b-1 Fees		174
Federal and State Registration Fees		95
Other		18
Total Expenses before Expense Offsets		1,151
Expense Offsets		(194	)
Expenses, Net		957
Net Investment Income (Loss)		23
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on Investments		2,100
Net Change in Unrealized Appreciation/Depreciation on Investments		13,076
Net Gain (Loss) on Investments		15,176
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,199

See Notes to Financial Statements.

59

STATEMENTS OF CHANGES IN NET ASSETS

	(In Thousands)
	Strong Advisor Common Stock Fund						Strong Advisor Mid Cap Growth Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Operations:
Net Investment Income (Loss)	$	(7,290	)	$	(5,135	)	$	(1,218	)	$	(1,515	)
Net Realized Gain (Loss)		76,043			(77,920	)		11,159			(38,031	)
Net Change in Unrealized Appreciation/Depreciation		450,650			(286,461	)		16,288			(10,240	)
Net Increase (Decrease) in Net Assets Resulting from Operations		519,403			(369,516	)		26,229			(49,786	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(384,712	)		65,320			(29,181	)		(16,104	)
Total Increase (Decrease) in Net Assets		134,691			(304,196	)		(2,952	)		(65,890	)
Net Assets:
Beginning of Year		1,456,287			1,760,483			74,269			140,159
End of Year	$	1,590,978		$	1,456,287		$	71,317		$	74,269
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

	Strong Advisor Small Cap Value Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Operations:
Net Investment Income (Loss)	$	(9,098	)	$	794
Net Realized Gain (Loss)		82,632			(13,119	)
Net Change in Unrealized Appreciation/Depreciation		595,643			(84,823	)
Net Increase (Decrease) in Net Assets Resulting from Operations		669,177			(97,148	)
Distributions:
From Net Investment Income:
Class A		(248	)		—
Class B		(48	)		—
Class C		(61	)		—
Class Z		(436	)		—
From Net Realized Gains:
Class A		(15,533	)		—
Class B		(2,975	)		—
Class C		(3,815	)		—
Class Z		(27,278	)		—
Total Distributions		(50,394	)		—
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		339,695			475,362
Total Increase (Decrease) in Net Assets		958,478			378,214
Net Assets:
Beginning of Year		1,167,291			789,077
End of Year	$	2,125,769		$	1,167,291
Undistributed Net Investment Income (Loss)	$	—		$	793

See Notes to Financial Statements.

60

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor U.S. Value Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Operations:
Net Investment Income (Loss)	$	1,864		$	777
Net Realized Gain (Loss)		11,073			(13,672	)
Net Change in Unrealized Appreciation/Depreciation		49,990			(22,399	)
Net Increase (Decrease) in Net Assets Resulting from Operations		62,927			(35,294	)
Distributions:
From Net Investment Income:
Class A		(36	)		(48	)
Class B		(11	)		(5	)
Class C		(9	)		(8	)
Class K		(523	)		(263	)
Class Z		(1,255	)		(416	)
From Net Realized Gains:
Class A		—			(328	)
Class B		—			(213	)
Class C		—			(61	)
Class K		—			(8	)
Class Z		—			(13,995	)
Total Distributions		(1,834	)		(15,345	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(16,592	)		74,257
Total Increase (Decrease) in Net Assets		44,501			23,618
Net Assets:
Beginning of Year		215,770			192,152
End of Year	$	260,271		$	215,770
Undistributed Net Investment Income (Loss)	$	19		$	4

See Notes to Financial Statements.

61

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor Endeavor Large Cap Fund						Strong Advisor Focus Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Operations:
Net Investment Income (Loss)	$	(305	)	$	(337	)	$	(47	)	$	(94	)
Net Realized Gain (Loss)		3,624			(9,424	)		225			(872	)
Net Change in Unrealized Appreciation/Depreciation		6,766			(148	)		615			(799	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,085			(9,909	)		793			(1,765	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from
Capital Share Transactions		(1,142	)		10,385			(1,326	)		(1,883	)
Total Increase (Decrease) in Net Assets		8,943			476			(533	)		(3,648	)
Net Assets:
Beginning of Year		28,807			28,331			3,653			7,301
End of Year	$	37,750		$	28,807		$	3,120		$	3,653
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

	Strong Advisor International Core Fund						Strong Advisor Select Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Operations:
Net Investment Income (Loss)	$	22		$	(3	)	$	(745	)	$	(624	)
Net Realized Gain (Loss)		(12	)		(28	)		8,935			(14,593	)
Net Change in Unrealized Appreciation/Depreciation		342			(27	)		15,584			(563	)
Net Increase (Decrease) in Net Assets Resulting from Operations		352			(58	)		23,774			(15,780	)
Distributions:
From Net Investment Income:
Class A		(7	)		—			—			—
Class B		(10	)		—			—			—
Class C		(3	)		—			—			—
From Net Realized Gains:
Class A		—			—			—			(106	)
Class B		—			—			—			(1	)
Total Distributions		(20	)		—			—			(107	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		562			347			2,173			14,803
Total Increase (Decrease) in Net Assets		894			289			25,947			(1,084	)
Net Assets:
Beginning of Year		601			312			56,310			57,394
End of Year	$	1,495		$	601		$	82,257		$	56,310
Undistributed Net Investment Income (Loss)	$	2		$	—		$	—		$	—

See Notes to Financial Statements.

62

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, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Period Ended Dec. 31, 2002
										(Note 1)
Operations:
Net Investment Income (Loss)	$	(39	)	$	(42	)	$	(58	)	$	(10	)
Net Realized Gain (Loss)		435			(714	)		(68	)		(180	)
Net Change in Unrealized Appreciation/Depreciation		787			(408	)		890			8
Net Increase (Decrease) in Net Assets Resulting from Operations		1,183			(1,164	)		764			(182	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(479	)		(262	)		4,011			944
Total Increase (Decrease) in Net Assets		704			(1,426	)		4,775			762
Net Assets:
Beginning of Year		1,489			2,915			762			—
End of Year	$	2,193		$	1,489		$	5,537		$	762
Undistributed Net Investment Income (Loss)	$	—		$	—		$	—		$	—

	Strong Advisor Utilities and Energy Fund
	Year Ended Dec. 31, 2003			Period Ended Dec. 31, 2002
				(Note 1)
Operations:
Net Investment Income (Loss)	$	185		$	37
Net Realized Gain (Loss)		134			(581	)
Net Change in Unrealized Appreciation/Depreciation		1,523			16
Net Increase (Decrease) in Net Assets Resulting from Operations		1,842			(528	)
Distributions:
From Net Investment Income:
Class A		(180	)		(36	)
Class B		(2	)		—
Class C		(2	)		(1	)
Total Distributions		(184	)		(37	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from
Capital Share Transactions		2,271			6,951
Total Increase (Decrease) in Net Assets		3,929			6,386
Net Assets:
Beginning of Year		6,386			—
End of Year	$	10,315		$	6,386
Undistributed Net Investment Income (Loss)	$	1		$	—

See Notes to Financial Statements.

63

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	(In Thousands)
	Strong Advisor Large Company Core Fund
	Year Ended Dec. 31, 2003			Period Ended Dec. 31, 2002			Year Ended Sept. 30, 2002
Operations:
Net Investment Income (Loss)	$	23		$	8		$	42
Net Realized Gain (Loss)		2,100			(233	)		(397	)
Net Change in Unrealized Appreciation/Depreciation		13,076			611			(398	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,199			386			(753	)
Distributions:
From Net Investment Income:
Class A		(20	)		(6	)		(22	)
Class K		(46	)		—			—
From Net Realized Gains:
Class A		(62	)		—			(140	)
Class B		(7	)		—			—
Class C		(6	)		—			—
Class K		(33	)		—			—
Total Distributions		(174	)		(6	)		(162	)
Capital Share Transactions (Note 8):
Net Increase (Decrease) in Net Assets from Capital Share Transactions		92,004			2,841			3,279
Total Increase (Decrease) in Net Assets		107,029			3,221			2,364
Net Assets:
Beginning of Year		9,676			6,455			4,091
End of Year	$	116,705		$	9,676		$	6,455
Undistributed Net Investment Income (Loss)	$	—		$	8		$	6

See Notes to Financial Statements.

64

FINANCIAL HIGHLIGHTS

STRONG ADVISOR COMMON STOCK FUND — CLASS A

	Year Ended
	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	$	15.87		$	19.71		$	20.15		$	18.90
Income From Investment Operations:
Net Investment Income (Loss)		(0.10	)		(0.08	)(d)		(0.04	)		(0.00	)(e)
Net Realized and Unrealized Gains (Losses) on Investments		6.21			(3.76	)		(0.36	)		1.28
Total from Investment Operations		6.11			(3.84	)		(0.40	)		1.28
Less Distributions:
From Net Investment Income		—			—			—			(0.03	)
From Net Realized Gains		—			—			(0.04	)		—
Total Distributions		—			—			(0.04	)		(0.03	)
Net Asset Value, End of Period	$	21.98		$	15.87		$	19.71		$	20.15
Ratios and Supplemental Data
Total Return		+38.5	%		–19.5	%		–2.0	%		+6.8	%
Net Assets, End of Period (In Millions)	$	81		$	46		$	28		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%		1.6	%		1.6	%		1.6	%*
Ratio of Expenses to Average Net Assets		1.5	%		1.6	%		1.6	%		1.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.6	)%		(0.5	)%		(0.5	)%		(0.2	)%*
Portfolio Turnover Rate(g)		41.8	%		64.9	%		89.3	%		95.4	%

STRONG ADVISOR COMMON STOCK FUND — CLASS B

	Year Ended
	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	$	15.67		$	19.62		$	20.16		$	18.90
Income From Investment Operations:
Net Investment Income (Loss)		(0.24	)		(0.22	)(d)		(0.09	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		6.10			(3.73	)		(0.41	)		1.28
Total from Investment Operations		5.86			(3.95	)		(0.50	)		1.27
Less Distributions:
From Net Investment Income		—			—			—			(0.01	)
From Net Realized Gains		—			—			(0.04	)		—
Total Distributions		—			—			(0.04	)		(0.01	)
Net Asset Value, End of Period	$	21.53		$	15.67		$	19.62		$	20.16
Ratios and Supplemental Data
Total Return		+37.4	%		–20.1	%		–2.5	%		+6.8	%
Net Assets, End of Period (In Millions)	$	39		$	24		$	16		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%		2.4	%		2.5	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%		2.4	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%		(1.3	)%		(1.1	)%		(0.6	)%*
Portfolio Turnover Rate(g)		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) 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.

65

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR COMMON STOCK FUND — CLASS C

	Year Ended
	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	$	15.68		$	19.62		$	20.16		$	18.90
Income From Investment Operations:
Net Investment Income (Loss)		(0.25	)		(0.22	)(d)		(0.09	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		6.10			(3.72	)		(0.41	)		1.28
Total from Investment Operations		5.85			(3.94	)		(0.50	)		1.27
Less Distributions:
From Net Investment Income		—			—			—			(0.01	)
From Net Realized Gains		—			—			(0.04	)		—
Total Distributions		—			—			(0.04	)		(0.01	)
Net Asset Value, End of Period	$	21.53		$	15.68		$	19.62		$	20.16
Ratios and Supplemental Data
Total Return		+37.3	%		–20.1	%		–2.5	%		+6.8	%
Net Assets, End of Period (In Millions)	$	34		$	23		$	15		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%		2.4	%		2.4	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%		2.4	%		2.2	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%		(1.3	)%		(1.1	)%		(0.6	)%*
Portfolio Turnover Rate(f)		41.8	%		64.9	%		89.3	%		95.4	%

STRONG ADVISOR COMMON STOCK FUND — CLASS Z

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	15.97		$	19.78		$	20.16		$	25.21		$	21.06
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)		(0.05	)(d)		(0.02	)		0.04			(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		6.27			(3.76	)		(0.32	)		(0.59	)		8.19
Total from Investment Operations		6.18			(3.81	)		(0.34	)		(0.55	)		8.18
Less Distributions:
From Net Investment Income		—			—			—			(0.04	)		—
From Net Realized Gains		—			—			(0.04	)		(4.46	)		(4.03	)
Total Distributions		—			—			(0.04	)		(4.50	)		(4.03	)
Net Asset Value, End of Period	$	22.15		$	15.97		$	19.78		$	20.16		$	25.21
Ratios and Supplemental Data
Total Return		+38.7	%		–19.3	%		–1.7	%		–1.2	%		+40.4	%
Net Assets, End of Period (In Millions)	$	1,437		$	1,363		$	1,703		$	1,719		$	1,733
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%		1.3	%		1.3	%		1.2	%		1.2	%
Ratio of Expenses to Average Net Assets		1.4	%		1.3	%		1.3	%		1.2	%		1.2	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.4	)%		(0.3	)%		(0.1	)%		0.2	%		(0.1	)%
Portfolio Turnover Rate(f)		41.8	%		64.9	%		89.3	%		95.4	%		80.1	%

 * Calculated on an annualized basis.

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

(b) For the 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 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.

66

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR MID CAP GROWTH FUND — CLASS A

	Year Ended
	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	$	8.71		$	13.95		$	20.22		$	17.71
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)(d)		(0.14	)(d)		(0.22	)(d)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		3.14			(5.10	)		(6.05	)		2.52
Total from Investment Operations		3.01			(5.24	)		(6.27	)		2.51
Less Distributions:
From Net Realized Gains		—			—			(0.00	)(g)		—
Total Distributions		—			—			(0.00	)(g)		—
Net Asset Value, End of Period	$	11.72		$	8.71		$	13.95		$	20.22
Ratios and Supplemental Data
Total Return		+34.6	%		–37.6	%		–31.0	%		+14.2	%
Net Assets, End of Period (In Millions)	$	10		$	6		$	7		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		1.7	%		1.6	%		1.8	%		1.7	%*
Ratio of Expenses to Average Net Assets		1.6	%		1.6	%		1.8	%		1.7	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.3	)%		(1.3	)%		(1.4	)%		(1.3	)%*
Portfolio Turnover Rate(e)		249.6	%		526.6	%		650.0	%		683.7	%
STRONG ADVISOR MID CAP GROWTH FUND — CLASS B
	Year Ended
	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	$	8.59		$	13.89		$	20.21		$	17.71
Income From Investment Operations:
Net Investment Income (Loss)		(0.22	)(d)		(0.23	)(d)		(0.28	)(d)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		3.09			(5.07	)		(6.04	)		2.52
Total from Investment Operations		2.87			(5.30	)		(6.32	)		2.50
Less Distributions:
From Net Realized Gains		—			—			(0.00	)(g)		—
Total Distributions		—			—			(0.00	)(g)		—
Net Asset Value, End of Period	$	11.46		$	8.59		$	13.89		$	20.21
Ratios and Supplemental Data
Total Return		+33.4	%		–38.2	%		–31.3	%		+14.1	%
Net Assets, End of Period (In Millions)	$	3		$	2		$	3		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.6	%		2.6	%		2.9	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%		(2.2	)%		(1.9	)%		(1.6	)%*
Portfolio Turnover Rate(e)		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) 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.

(g) Amount calculated is less than $0.005.

See Notes to Financial Statements.

67

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR MID CAP GROWTH FUND — CLASS C

	Year Ended
	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	$	8.59		$	13.88		$	20.20		$	17.71
Income From Investment Operations:
Net Investment Income (Loss)		(0.21	)(d)		(0.23	)(d)		(0.28	)(d)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		3.08			(5.06	)		(6.04	)		2.51
Total from Investment Operations		2.87			(5.29	)		(6.32	)		2.49
Less Distributions:
From Net Realized Gains		—			—			(0.00	)(g)		—
Total Distributions		—			—			(0.00	)(g)		—
Net Asset Value, End of Period	$	11.46		$	8.59		$	13.88		$	20.20
Ratios and Supplemental Data
Total Return		+33.4	%		–38.1	%		–31.3	%		+14.1	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	1		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.6	%		2.5	%		2.8	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.4	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.1	)%		(2.2	)%		(1.9	)%		(1.6	)%*
Portfolio Turnover Rate(f)		249.6	%		526.6	%		650.0	%		683.7	%

STRONG ADVISOR MID CAP GROWTH FUND — CLASS Z

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	8.70		$	13.97		$	20.21		$	23.25		$	13.03
Income From Investment Operations:
Net Investment Income (Loss)		(0.14	)(d)		(0.16	)(d)		(0.19	)		(0.15	)		(0.12	)
Net Realized and Unrealized Gains (Losses) on Investments		3.12			(5.11	)		(6.05	)		(1.90	)		12.08
Total from Investment Operations		2.98			(5.27	)		(6.24	)		(2.05	)		11.96
Less Distributions:
From Net Realized Gains		—			—			(0.00	)(g)		(0.99	)		(1.74	)
Total Distributions		—			—			(0.00	)(g)		(0.99	)		(1.74	)
Net Asset Value, End of Period	$	11.68		$	8.70		$	13.97		$	20.21		$	23.25
Ratios and Supplemental Data
Total Return		+34.3	%		–37.7	%		–30.9	%		–8.5	%		+92.0	%
Net Assets, End of Period (In Millions)	$	58		$	65		$	128		$	185		$	65
Ratio of Expenses to Average Net Assets before Expense Offsets		1.8	%		1.8	%		1.6	%		1.4	%		1.6	%
Ratio of Expenses to Average Net Assets		1.7	%		1.8	%		1.6	%		1.3	%		1.6	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%		(1.5	)%		(1.2	)%		(0.9	)%		(1.1	)%
Portfolio Turnover Rate(f)		249.6	%		526.6	%		650.0	%		683.7	%		681.0	%

 * Calculated on an annualized basis.

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

(b) For the 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 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.

See Notes to Financial Statements.

68

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS A

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	18.92		$	20.17		$	17.17		$	15.36
Income From Investment Operations:
Net Investment Income (Loss)		(0.12	)(c)		0.03	(c)		(0.14	)(c)		(0.00	)(d)
Net Realized and Unrealized Gains (Losses) on Investments		9.26			(1.28	)		3.18			1.81
Total from Investment Operations		9.14			(1.25	)		3.04			1.81
Less Distributions:
From Net Investment Income		(0.01	)		—			—			—
From Net Realized Gains		(0.65	)		—			(0.04	)		—
Total Distributions		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	27.40		$	18.92		$	20.17		$	17.17
Ratios and Supplemental Data
Total Return		+48.5	%		–6.2	%		+17.7	%		+11.8	%
Net Assets, End of Period (In Millions)	$	674		$	335		$	169		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%		1.6	%		1.6	%		1.6	%*
Ratio of Expenses to Average Net Assets		1.5	%		1.6	%		1.6	%		1.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.5	)%		0.1	%		(0.7	)%		(0.8	)%*
Portfolio Turnover Rate(e)		30.2	%		28.2	%		42.0	%		60.3	%
STRONG ADVISOR SMALL CAP VALUE FUND — CLASS B
	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	18.66		$	20.05		$	17.16		$	15.36
Income From Investment Operations:
Net Investment Income (Loss)		(0.29	)(c)		(0.14	)(c)		(0.25	)(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		9.08			(1.25	)		3.18			1.81
Total from Investment Operations		8.79			(1.39	)		2.93			1.80
Less Distributions:
From Net Investment Income		(0.01	)		—			—			—
From Net Realized Gains		(0.65	)		—			(0.04	)		—
Total Distributions		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	26.79		$	18.66		$	20.05		$	17.16
Ratios and Supplemental Data
Total Return		+47.3	%		–6.9	%		+17.1	%		+11.7	%
Net Assets, End of Period (In Millions)	$	126		$	76		$	40		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%		2.4	%		2.5	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.4	%		2.3	%		1.8	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%		(0.7	)%		(1.4	)%		(0.8	)%*
Portfolio Turnover Rate(e)		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) 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.

69

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS C

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	18.68		$	20.07		$	17.17		$	15.36
Income From Investment Operations:
Net Investment Income (Loss)		(0.28	)(c)		(0.13	)(c)		(0.24	)(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		9.09			(1.26	)		3.18			1.82
Total from Investment Operations		8.81			(1.39	)		2.94			1.81
Less Distributions:
From Net Investment Income		(0.01	)		—			—			—
From Net Realized Gains		(0.65	)		—			(0.04	)		—
Total Distributions		(0.66	)		—			(0.04	)		—
Net Asset Value, End of Period	$	26.83		$	18.68		$	20.07		$	17.17
Ratios and Supplemental Data
Total Return		+47.3	%		–6.9	%		+17.1	%		+11.8	%
Net Assets, End of Period (In Millions)	$	159		$	98		$	38		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.3	%		2.4	%		2.4	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.3	%		2.4	%		2.2	%		1.8	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.3	)%		(0.6	)%		(1.4	)%		(0.7	)%*
Portfolio Turnover Rate(e)		30.2	%		28.2	%		42.0	%		60.3	%

STRONG ADVISOR SMALL CAP VALUE FUND — CLASS Z

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000			Dec. 31, 1999
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	18.98		$	20.22		$	17.17		$	13.59		$	10.61
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)(c)		0.04	(c)		(0.08	)		0.00	(f)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		9.30			(1.28	)		3.17			3.58			3.06
Total from Investment Operations		9.21			(1.24	)		3.09			3.58			2.98
Less Distributions:
From Net Investment Income		(0.01	)		—			—			—			—
From Net Realized Gains		(0.65	)		—			(0.04	)		—			(0.00	)(f)
Total Distributions		(0.66	)		—			(0.04	)		—			(0.00	)(f)
Net Asset Value, End of Period	$	27.53		$	18.98		$	20.22		$	17.17		$	13.59
Ratios and Supplemental Data
Total Return		+48.7	%		–6.1	%		+18.0	%		+26.3	%		+28.1	%
Net Assets, End of Period (In Millions)	$	1,167		$	659		$	541		$	249		$	45
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%		1.5	%		1.4	%		1.4	%		1.7	%
Ratio of Expenses to Average Net Assets		1.4	%		1.5	%		1.4	%		1.4	%		1.7	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.4	)%		0.2	%		(0.5	)%		0.0	%(f)		(1.0	)%
Portfolio Turnover Rate(e)		30.2	%		28.2	%		42.0	%		60.3	%		95.5	%

 * Calculated on an annualized basis.

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

(b) For the 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 is less than $500,000.

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

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

See Notes to Financial Statements.

70

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS A

	Year Ended
	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	$	13.66		$	17.83		$	20.65		$	19.99
Income From Investment Operations:
Net Investment Income (Loss)		0.14			0.12	(d)		0.05			0.00	(e)
Net Realized and Unrealized Gains (Losses) on Investments		4.00			(2.77	)		(2.56	)		0.68
Total from Investment Operations		4.14			(2.65	)		(2.51	)		0.68
Less Distributions:
From Net Investment Income		(0.15	)		(0.16	)		(0.06	)		(0.02	)
From Net Realized Gains		—			(1.36	)		(0.25	)		—
Total Distributions		(0.15	)		(1.52	)		(0.31	)		(0.02	)
Net Asset Value, End of Period	$	17.65		$	13.66		$	17.83		$	20.65
Ratios and Supplemental Data
Total Return		+30.5	%		–16.3	%		–12.2	%		+3.4	%
Net Assets, End of Period (In Millions)	$	5		$	3		$	3		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%		1.3	%		1.8	%		1.3	%*
Ratio of Expenses to Average Net Assets		1.4	%		1.3	%		1.8	%		1.3	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		1.0	%		0.9	%		0.1	%		0.1	%*
Portfolio Turnover Rate(g)		53.4	%		89.8	%		116.1	%		14.4	%
STRONG ADVISOR U.S. VALUE FUND — CLASS B
	Year Ended
	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	$	13.67		$	17.81		$	20.66		$	19.99
Income From Investment Operations:
Net Investment Income (Loss)		0.03			0.02	(d)		(0.00	)(e)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		3.98			(2.78	)		(2.60	)		0.69
Total from Investment Operations		4.01			(2.76	)		(2.60	)		0.68
Less Distributions:
From Net Investment Income		(0.04	)		(0.02	)		—			(0.01	)
From Net Realized Gains		—			(1.36	)		(0.25	)		—
Total Distributions		(0.04	)		(1.38	)		(0.25	)		(0.01	)
Net Asset Value, End of Period	$	17.64		$	13.67		$	17.81		$	20.66
Ratios and Supplemental Data
Total Return		+29.4	%		–17.0	%		–12.6	%		+3.4	%
Net Assets, End of Period (In Millions)	$	5		$	3		$	2		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.2	%		2.2	%		2.9	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.2	%		2.1	%		2.3	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		0.2	%		0.1	%		(0.4	)%		(0.5	)%*
Portfolio Turnover Rate(g)		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) 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.

71

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS C

	Year Ended
	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	$	13.61		$	17.82		$	20.66		$	19.99
Income From Investment Operations:
Net Investment Income (Loss)		0.03			0.02	(d)		(0.00	)(e)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		3.97			(2.78	)		(2.59	)		0.69
Total from Investment Operations		4.00			(2.76	)		(2.59	)		0.68
Less Distributions:
From Net Investment Income		(0.05	)		(0.09	)		—			(0.01	)
From Net Realized Gains		—			(1.36	)		(0.25	)		—
Total Distributions		(0.05	)		(1.45	)		(0.25	)		(0.01	)
Net Asset Value, End of Period	$	17.56		$	13.61		$	17.82		$	20.66
Ratios and Supplemental Data
Total Return		+29.4	%		–17.1	%		–12.6	%		+3.4	%
Net Assets, End of Period (In Millions)	$	4		$	1		$	1		$	0	(f)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.2	%		2.2	%		2.4	%		2.0	%*
Ratio of Expenses to Average Net Assets		2.2	%		2.2	%		2.2	%		2.0	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		0.2	%		0.2	%		(0.3	)%		(0.5	)%*
Portfolio Turnover Rate(g)		53.4	%		89.8	%		116.1	%		14.4	%

STRONG ADVISOR U.S. VALUE FUND — CLASS K

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	13.56		$	17.87
Income From Investment Operations:
Net Investment Income (Loss)		0.16			0.22	(d)
Net Realized and Unrealized Gains (Losses) on Investments		4.02			(2.81	)
Total from Investment Operations		4.18			(2.59	)
Less Distributions:
From Net Investment Income		(0.22	)		(0.36	)
From Net Realized Gains		—			(1.36	)
Total Distributions		(0.22	)		(1.72	)
Net Asset Value, End of Period	$	17.52		$	13.56
Ratios and Supplemental Data
Total Return		+31.0	%		–16.0	%
Net Assets, End of Period (In Millions)	$	87		$	11
Ratio of Expenses to Average Net Assets before Expense Offsets		1.1	%		1.1	%
Ratio of Expenses to Average Net Assets		1.0	%		1.0	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.3	%		1.6	%
Portfolio Turnover Rate(g)		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) 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.

72

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR U.S. VALUE FUND — CLASS Z

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)			Oct. 31, 2000			Oct. 31, 1999
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	13.74		$	17.87		$	20.65		$	21.63		$	20.58		$	17.20
Income From Investment Operations:
Net Investment Income (Loss)		0.15			0.05	(c)		0.11			0.03			0.05			0.06
Net Realized and Unrealized Gains (Losses) on Investments		3.99			(2.79	)		(2.53	)		(0.52	)		1.53			3.39
Total from Investment Operations		4.14			(2.74	)		(2.42	)		(0.49	)		1.58			3.45
Less Distributions:
From Net Investment Income		(0.11	)		(0.03	)		(0.11	)		(0.03	)		(0.05	)		(0.07	)
From Net Realized Gains		—			(1.36	)		(0.25	)		(0.46	)		(0.48	)		—
Total Distributions		(0.11	)		(1.39	)		(0.36	)		(0.49	)		(0.53	)		(0.07	)
Net Asset Value, End of Period	$	17.77		$	13.74		$	17.87		$	20.65		$	21.63		$	20.58
Ratios and Supplemental Data
Total Return		+30.2	%		–16.9	%		–11.7	%		–2.2	%		+7.7	%		+20.1	%
Net Assets, End of Period (In Millions)	$	159		$	197		$	186		$	251		$	252		$	182
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%		1.9	%		1.2	%		1.1	%*		1.0	%		1.1	%
Ratio of Expenses to Average Net Assets		1.6	%		1.9	%		1.2	%		1.1	%*		1.0	%		1.1	%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.8	%		0.3	%		0.6	%		0.8	%*		0.3	%		0.3	%
Portfolio Turnover Rate(f)		53.4	%		89.8	%		116.1	%		14.4	%		46.5	%		32.3	%

STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS A

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(d)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	7.55		$	10.59		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)(c)		(0.10	)(c)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.60			(2.94	)		0.86	(e)
Total from Investment Operations		2.53			(3.04	)		0.85
Less Distributions:
From Net Realized Gains		—			—			(0.26	)
Total Distributions		—			—			(0.26	)
Net Asset Value, End of Period	$	10.08		$	7.55		$	10.59
Ratios and Supplemental Data
Total Return		+33.5	%		–28.7	%		+8.5	%
Net Assets, End of Period (In Millions)	$	37		$	28		$	28
Ratio of Expenses to Average Net Assets before Expense Offsets		1.7	%		2.0	%		2.4	%*
Ratio of Expenses to Average Net Assets		1.6	%		2.0	%		2.4	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.9	)%		(1.2	)%		(1.1	)%*
Portfolio Turnover Rate(f)		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) For the period from September 28, 2001 (commencement of class) to December 31, 2001.

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

(f) 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 ADVISOR ENDEAVOR LARGE CAP FUND — CLASS B

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	7.51		$	10.57		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.12	)(c)		(0.12	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		2.58			(2.94	)		0.87	(d)
Total from Investment Operations		2.46			(3.06	)		0.83
Less Distributions:
From Net Realized Gains		—			—			(0.26	)
Total Distributions		—			—			(0.26	)
Net Asset Value, End of Period	$	9.97		$	7.51		$	10.57
Ratios and Supplemental Data
Total Return		+32.8	%		–29.0	%		+8.3	%
Net Assets, End of Period (In Millions)	$	1		$	0	(e)	$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%		4.7	%		2.7	%*
Ratio of Expenses to Average Net Assets		2.1	%		2.2	%		2.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.3	)%		(1.4	)%		(1.6	)%*
Portfolio Turnover Rate(f)		234.1	%		420.4	%		54.0	%
STRONG ADVISOR ENDEAVOR LARGE CAP FUND — CLASS C
	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	7.51		$	10.57		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.12	)(c)		(0.13	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		2.58			(2.93	)		0.87	(d)
Total from Investment Operations		2.46			(3.06	)		0.83
Less Distributions:
From Net Realized Gains		—			—			(0.26	)
Total Distributions		—			—			(0.26	)
Net Asset Value, End of Period	$	9.97		$	7.51		$	10.57
Ratios and Supplemental Data
Total Return		+32.8	%		–29.0	%		+8.3	%
Net Assets, End of Period (In Millions)	$	0	(e)	$	0	(e)	$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.6	%		4.2	%		2.7	%*
Ratio of Expenses to Average Net Assets		2.1	%		2.3	%		2.6	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.4	)%		(1.5	)%		(1.6	)%*
Portfolio Turnover Rate(f)		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) 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.

74

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR FOCUS FUND — CLASS A

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	4.79		$	6.62		$	10.26		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.05	)(c)		(0.10	)(c)		(0.07	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.25			(1.73	)		(3.57	)		0.27
Total from Investment Operations		1.20			(1.83	)		(3.64	)		0.26
Less Distributions:
From Net Investment Income		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	5.99		$	4.79		$	6.62		$	10.26
Ratios and Supplemental Data
Total Return		+25.1	%		–27.6	%		–35.5	%		+2.6	%
Net Assets, End of Period (In Millions)	$	2		$	2		$	5		$	1
Ratio of Expenses to Average Net Assets before Expense Offsets		3.0	%		2.9	%		3.4	%		7.3	%*
Ratio of Expenses to Average Net Assets		1.3	%		2.1	%		1.5	%		2.4	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.0	)%		(1.7	)%		(0.9	)%		(1.0	)%*
Portfolio Turnover Rate(d)		248.9	%		350.1	%		605.7	%		45.1	%
STRONG ADVISOR FOCUS FUND — CLASS B
	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	4.73		$	6.55		$	10.23		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)(c)		(0.11	)(c)		(0.08	)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		1.23			(1.71	)		(3.60	)		0.24
Total from Investment Operations		1.14			(1.82	)		(3.68	)		0.23
Less Distributions:
From Net Investment Income		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	5.87		$	4.73		$	6.55		$	10.23
Ratios and Supplemental Data
Total Return		+24.1	%		–27.8	%		–36.0	%		+2.3	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	2		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.9	%		4.1	%		4.6	%		8.1	%*
Ratio of Expenses to Average Net Assets		2.0	%		2.4	%		2.4	%		3.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.7	)%		(2.0	)%		(1.7	)%		(1.6	)%*
Portfolio Turnover Rate(d)		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) Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

See Notes to Financial Statements.

75

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR FOCUS FUND — CLASS C

	Year Ended
Selected Per-Share Data(a)	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Net Asset Value, Beginning of Period	$	4.73		$	6.55		$	10.23		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.09	)(c)		(0.11	)(c)		(0.09	)		(0.02	)
Net Realized and Unrealized Gains (Losses) on Investments		1.23			(1.71	)		(3.59	)		0.25
Total from Investment Operations		1.14			(1.82	)		(3.68	)		0.23
Less Distributions:
From Net Investment Income		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	5.87		$	4.73		$	6.55		$	10.23
Ratios and Supplemental Data
Total Return		+24.1	%		–27.8	%		–36.0	%		+2.3	%
Net Assets, End of Period (In Millions)	$	0	(d)	$	0	(d)	$	1		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.8	%		3.9	%		4.3	%		8.1	%*
Ratio of Expenses to Average Net Assets		1.9	%		2.4	%		2.4	%		4.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.6	)%		(2.0	)%		(1.7	)%		(2.7	)%*
Portfolio Turnover Rate(e)		248.9	%		350.1	%		605.7	%		45.1	%

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS A

	Year Ended
Selected Per-Share Data(a)	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(f)
Net Asset Value, Beginning of Period	$	8.84		$	10.41		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.18	(c)		(0.06	)(c)		(0.03	)
Net Realized and Unrealized Gains (Losses) on Investments		2.59			(1.51	)		0.44
Total from Investment Operations		2.77			(1.57	)		0.41
Less Distributions:
From Net Investment Income		(0.14	)		—			—
Total Distributions		(0.14	)		—			—
Net Asset Value, End of Period	$	11.47		$	8.84		$	10.41
Ratios and Supplemental Data
Total Return		+31.4	%		–15.1	%		+4.1	%
Net Assets, End of Period (In Millions)	$	1		$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		7.7	%		52.4	%		2.2	%*
Ratio of Expenses to Average Net Assets		0.0	%(g)		2.2	%		2.2	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		1.8	%		(0.6	)%		(1.1	)%*
Portfolio Turnover Rate(e)		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.

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

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

(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) Amount calculated is less than 0.05%.

See Notes to Financial Statements.

76

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS B

	Year Ended
Selected Per-Share Data(a)	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
Net Asset Value, Beginning of Period	$	8.82		$	10.40		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.20	(c)		(0.08	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		2.58			(1.50	)		0.44
Total from Investment Operations		2.78			(1.58	)		0.40
Less Distributions:
From Net Investment Income		(0.15	)		—			—
Total Distributions		(0.15	)		—			—
Net Asset Value, End of Period	$	11.45		$	8.82		$	10.40
Ratios and Supplemental Data
Total Return		+31.6	%		–15.2	%		+4.0	%
Net Assets, End of Period (In Millions)	$	1		$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		8.6	%		52.0	%		3.0	%*
Ratio of Expenses to Average Net Assets		0.0	%(f)		2.4	%		2.7	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		2.0	%		(0.8	)%		(1.6	)%*
Portfolio Turnover Rate(e)		88.1	%		46.9	%		4.0	%

STRONG ADVISOR INTERNATIONAL CORE FUND — CLASS C

	Year Ended
Selected Per-Share Data(a)	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001(b)
Net Asset Value, Beginning of Period	$	8.82		$	10.40		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.21	(c)		(0.06	)(c)		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments		2.57			(1.52	)		0.44
Total from Investment Operations		2.78			(1.58	)		0.40
Less Distributions:
From Net Investment Income		(0.17	)		—			—
Total Distributions		(0.17	)		—			—
Net Asset Value, End of Period	$	11.43		$	8.82		$	10.40
Ratios and Supplemental Data
Total Return		+31.5	%		–15.2	%		+4.0	%
Net Assets, End of Period (In Millions)	$	0	(d)	$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		8.4	%		52.5	%		3.0	%*
Ratio of Expenses to Average Net Assets		0.0	%(f)		2.4	%		2.7	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		2.1	%		(0.7	)%		(1.6	)%*
Portfolio Turnover Rate(e)		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) Amount is less than $500,000.

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

(f) Amount calculated is less than 0.05%.

See Notes to Financial Statements.

77

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SELECT FUND — CLASS A

	Year Ended
Selected Per-Share Data(a)	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001
Net Asset Value, Beginning of Period	$	6.10		$	7.99		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.07	)(b)		(0.07	)(b)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		2.33			(1.81	)		(2.00	)(c)
Total from Investment Operations		2.26			(1.88	)		(2.01	)
Less Distributions:
From Net Realized Gains		—			(0.01	)		—
Total Distributions		—			(0.01	)		—
Net Asset Value, End of Period	$	8.36		$	6.10		$	7.99
Ratios and Supplemental Data
Total Return		+37.1	%		–23.5	%		–20.1	%
Net Assets, End of Period (In Millions)	$	81		$	56		$	57
Ratio of Expenses to Average Net Assets before Expense Offsets		1.6	%		1.6	%		4.4	%
Ratio of Expenses to Average Net Assets		1.6	%		1.6	%		1.7	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.0	)%		(1.1	)%		(0.8	)%
Portfolio Turnover Rate(d)		243.6	%		437.3	%		359.7	%

STRONG ADVISOR SELECT FUND — CLASS B

	Year Ended
Selected Per-Share Data(a)	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001
Net Asset Value, Beginning of Period	$	6.02		$	7.94		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.12	)(b)		(0.12	)(b)		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments		2.28			(1.79	)		(1.97	)(c)
Total from Investment Operations		2.16			(1.91	)		(2.06	)
Less Distributions:
From Net Realized Gains		—			(0.01	)		—
Total Distributions		—			(0.01	)		—
Net Asset Value, End of Period	$	8.18		$	6.02		$	7.94
Ratios and Supplemental Data
Total Return		+35.9	%		–24.0	%		–20.6	%
Net Assets, End of Period (In Millions)	$	1		$	0	(e)	$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.4	%		2.4	%		12.4	%
Ratio of Expenses to Average Net Assets		2.3	%		2.4	%		2.5	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%		(1.9	)%		(1.7	)%
Portfolio Turnover Rate(d)		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) Calculated on the basis of the Fund as a while without distinguishing between the classes of shares issued.

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

See Notes to Financial Statements.

78

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR SELECT FUND — CLASS C

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	6.02		$	7.93		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.13	)(b)		(0.12	)(b)		(0.10	)
Net Realized and Unrealized Gains (Losses) on Investments		2.29			(1.78	)		(1.97	)(c)
Total from Investment Operations		2.16			(1.90	)		(2.07	)
Less Distributions:
From Net Realized Gains		—			(0.01	)		—
Total Distributions		—			(0.01	)		—
Net Asset Value, End of Period	$	8.18		$	6.02		$	7.93
Ratios and Supplemental Data
Total Return		+35.9	%		–24.0	%		–20.7	%
Net Assets, End of Period (In Millions)	$	0	(d)	$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%		2.3	%		12.8	%
Ratio of Expenses to Average Net Assets		2.4	%		2.3	%		2.5	%
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%		(1.8	)%		(1.7	)%
Portfolio Turnover Rate(e)		243.6	%		437.3	%		359.7	%

STRONG ADVISOR TECHNOLOGY FUND — CLASS A

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(f)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	4.24		$	7.22		$	9.27		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.10	)(b)		(0.11	)(b)		(0.05	)		(0.05	)
Net Realized and Unrealized Gains (Losses) on Investments		3.29			(2.87	)		(1.99	)		(0.68	)
Total from Investment Operations		3.19			(2.98	)		(2.04	)		(0.73	)
Less Distributions:
From Net Realized Gains		—			—			(0.01	)		—
Total Distributions		—			—			(0.01	)		—
Net Asset Value, End of Period	$	7.43		$	4.24		$	7.22		$	9.27
Ratios and Supplemental Data
Total Return		+75.2	%		–41.3	%		–22.0	%		–7.3	%
Net Assets, End of Period (In Millions)	$	1		$	1		$	2		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.6	%		3.3	%		7.0	%		17.2	%*
Ratio of Expenses to Average Net Assets		2.2	%		2.3	%		1.6	%		9.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%		(2.1	)%		(1.0	)%		(8.2	)%*
Portfolio Turnover Rate(e)		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) Amount is less than $500,000.

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

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

See Notes to Financial Statements.

79

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR TECHNOLOGY FUND — CLASS B

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	4.17		$	7.13		$	9.26		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.11	)(c)		(0.11	)(c)		(0.09	)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		3.26			(2.85	)		(2.03	)		(0.66	)
Total from Investment Operations		3.15			(2.96	)		(2.12	)		(0.74	)
Less Distributions:
From Net Realized Gains		—			—			(0.01	)		—
Total Distributions		—			—			(0.01	)		—
Net Asset Value, End of Period	$	7.32		$	4.17		$	7.13		$	9.26
Ratios and Supplemental Data
Total Return		+75.5	%		–41.5	%		–22.9	%		–7.4	%
Net Assets, End of Period (In Millions)	$	1		$	0	(d)	$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		4.5	%		4.5	%		9.3	%		17.3	%*
Ratio of Expenses to Average Net Assets		2.2	%		2.4	%		2.5	%		11.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.7	)%		(2.2	)%		(1.9	)%		(9.7	)%*
Portfolio Turnover Rate(e)		184.5	%		136.5	%		157.9	%		49.3	%
STRONG ADVISOR TECHNOLOGY FUND — CLASS C
	Year Ended
	Dec. 31, 2003			Dec. 31, 2002			Dec. 31, 2001			Dec. 31, 2000(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	4.16		$	7.11		$	9.26		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.10	)(c)		(0.12	)(c)		(0.09	)		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments		3.24			(2.83	)		(2.05	)		(0.66	)
Total from Investment Operations		3.14			(2.95	)		(2.14	)		(0.74	)
Less Distributions:
From Net Realized Gains		—			—			(0.01	)		—
Total Distributions		—			—			(0.01	)		—
Net Asset Value, End of Period	$	7.30		$	4.16		$	7.11		$	9.26
Ratios and Supplemental Data
Total Return		+75.5	%		–41.5	%		–23.1	%		–7.4	%
Net Assets, End of Period (In Millions)	$	0	(d)	$	0	(d)	$	1		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		4.5	%		4.2	%		8.9	%		17.3	%*
Ratio of Expenses to Average Net Assets		2.2	%		2.5	%		2.4	%		11.1	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(1.8	)%		(2.2	)%		(1.8	)%		(9.7	)%*
Portfolio Turnover Rate(e)		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) Amount is less than $500,000.

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

See Notes to Financial Statements.

80

FINANCIAL HIGHLIGHTS (continued)

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

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	7.14		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.24	)(c)		(0.14	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		4.29			(2.72	)
Total from Investment Operations		4.05			(2.86	)
Less Distributions:
From Net Investment Income		—			—
Total Distributions		—			—
Net Asset Value, End of Period	$	11.19		$	7.14
Ratios and Supplemental Data
Total Return		+56.7	%		–28.6	%
Net Assets, End of Period (In Millions)	$	3		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		3.8	%		14.1	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.4	)%		(2.4	)%*
Portfolio Turnover Rate(e)		114.0	%		98.1	%

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

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	7.14		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.23	)(c)		(0.14	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		4.27			(2.72	)
Total from Investment Operations		4.04			(2.86	)
Less Distributions:
From Net Investment Income		—			—
Total Distributions		—			—
Net Asset Value, End of Period	$	11.18		$	7.14
Ratios and Supplemental Data
Total Return		+56.6	%		–28.6	%
Net Assets, End of Period (In Millions)	$	1		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		4.7	%		14.9	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.4	)%		(2.4	)%*
Portfolio Turnover Rate(e)		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 (Note 1).

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

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

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

See Notes to Financial Statements.

81

FINANCIAL HIGHLIGHTS (continued)

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

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	7.14		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		(0.23	)(c)		(0.13	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		4.28			(2.73	)
Total from Investment Operations		4.05			(2.86	)
Less Distributions:
From Net Investment Income		—			—
Total Distributions		—			—
Net Asset Value, End of Period	$	11.19		$	7.14
Ratios and Supplemental Data
Total Return		+56.7	%		–28.6	%
Net Assets, End of Period (In Millions)	$	2		$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		4.7	%		15.3	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income (Loss) to Average Net Assets		(2.3	)%		(2.4	)%*
Portfolio Turnover Rate(e)		114.0	%		98.1	%

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS A

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(f)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	9.02		$	10.00
Income From Investment Operations:
Net Investment Income		0.14			0.08	(c)
Net Realized and Unrealized Gains (Losses) on Investments		1.61			(1.00	)
Total from Investment Operations		1.75			(0.92	)
Less Distributions:
From Net Investment Income		(0.14	)		(0.06	)
Total Distributions		(0.14	)		(0.06	)
Net Asset Value, End of Period	$	10.63		$	9.02
Ratios and Supplemental Data
Total Return		+19.6	%		–9.2	%
Net Assets, End of Period (In Millions)	$	10		$	6
Ratio of Expenses to Average Net Assets before Expense Offsets		1.9	%		2.2	%*
Ratio of Expenses to Average Net Assets		1.9	%		2.2	%*
Ratio of Net Investment Income to Average Net Assets		1.5	%		2.0	%*
Portfolio Turnover Rate(e)		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 (Note 1).

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

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

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

(f) For the period from July 31, 2002 (commencement of class) to December 31, 2002 (Note 1).

See Notes to Financial Statements.

82

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS B

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	9.04		$	10.00
Income From Investment Operations:
Net Investment Income		0.09			0.06	(c)
Net Realized and Unrealized Gains on Investments		1.62			(1.00	)
Total from Investment Operations		1.71			(0.94	)
Less Distributions:
From Net Investment Income		(0.11	)		(0.02	)
Total Distributions		(0.11	)		(0.02	)
Net Asset Value, End of Period	$	10.64		$	9.04
Ratios and Supplemental Data
Total Return		+19.0	%		–9.4	%
Net Assets, End of Period (In Millions)	$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.7	%		5.1	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		1.0	%		1.6	%*
Portfolio Turnover Rate(e)		174.2	%		46.2	%

STRONG ADVISOR UTILITIES AND ENERGY FUND — CLASS C

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	9.02		$	10.00
Income From Investment Operations:
Net Investment Income (Loss)		0.09			0.05	(c)
Net Realized and Unrealized Gains (Losses) on Investments		1.61			(0.99	)
Total from Investment Operations		1.70			(0.94	)
Less Distributions:
From Net Investment Income		(0.10	)		(0.04	)
Total Distributions		(0.10	)		(0.04	)
Net Asset Value, End of Period	$	10.62		$	9.02
Ratios and Supplemental Data
Total Return		+19.0	%		–9.4	%
Net Assets, End of Period (In Millions)	$	0	(d)	$	0	(d)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.7	%		5.3	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		0.9	%		1.3	%*
Portfolio Turnover Rate(e)		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 (Note 1).

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

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

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

See Notes to Financial Statements.

83

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS A

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)			Sep. 30, 2002(c)			Sep. 30, 2001			Sep. 30, 2000			Sep. 30, 1999
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	8.81		$	8.24		$	9.65		$	14.67		$	11.72		$	9.71
Income From Investment Operations:
Net Investment Income		(0.00	)(d)(e)		0.01	(e)		0.07			0.12			0.14			0.09
Net Realized and Unrealized Gains (Losses) on Investments		2.02			0.57			(1.10	)		(3.79	)		3.26			2.03
Total from Investment Operations		2.02			0.58			(1.03	)		(3.67	)		3.40			2.12
Less Distributions:
From Net Investment Income		(0.01	)		(0.01	)		(0.05	)		(0.12	)		(0.14	)		(0.11	)
From Net Realized Gains		(0.01	)		—			(0.33	)		(1.23	)		(0.31	)		—
Total Distributions		(0.02	)		(0.01	)		(0.38	)		(1.35	)		(0.45	)		(0.11	)
Net Asset Value, End of Period	$	10.81		$	8.81		$	8.24		$	9.65		$	14.67		$	11.72
Ratios and Supplemental Data
Total Return		+22.9	%		+7.0	%		–11.5	%		–26.4	%		+29.5	%		+21.9	%
Net Assets, End of Period (In Millions)	$	67		$	9		$	6		$	4		$	5		$	3
Ratio of Expenses to Average Net Assets before Expense Offsets		1.7	%		3.1	%*		3.7	%		4.7	%		3.8	%		4.6	%
Ratio of Expenses to Average Net Assets		1.5	%		1.5	%*		1.5	%		1.5	%		1.5	%		1.5	%
Ratio of Net Investment Income to Average Net Assets		(0.0	)%(d)		0.1	%*		0.8	%		1.0	%		1.1	%		0.8	%
Portfolio Turnover Rate(f)		148.2	%		36.4	%		190.4	%		221.6	%		142.7	%		113.4	%

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS B

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(g)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	8.79		$	8.21
Income From Investment Operations:
Net Investment Income		(0.10	)(e)		(0.02	)(e)
Net Realized and Unrealized Gains on Investments		2.01			0.60
Total from Investment Operations		1.91			0.58
Less Distributions:
From Net Investment Income		(0.00	)(d)		—
From Net Realized Gains		(0.01	)		—
Total Distributions		(0.01	)		—
Net Asset Value, End of Period	$	10.69		$	8.79
Ratios and Supplemental Data
Total Return		+21.7	%		+7.1	%
Net Assets, End of Period (In Millions)	$	8		$	0	(h)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%		4.2	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		(1.0	)%		(0.2	)%*
Portfolio Turnover Rate(f)		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) Calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(g) For the period from September 30, 2002 (commencement of class) to December 31, 2002.

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

See Notes to Financial Statements.

84

FINANCIAL HIGHLIGHTS (continued)

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS C

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	8.79		$	8.21
Income From Investment Operations:
Net Investment Income (Loss)		(0.10	)(c)		(0.02	)(c)
Net Realized and Unrealized Gains (Losses) on Investments		2.01			0.60
Total from Investment Operations		1.91			0.58
Less Distributions:
From Net Investment Income		—			(0.00	)(d)
From Net Realized Gains (Losses)		(0.01	)		—
Total Distributions		(0.01	)		(0.00	)(d)
Net Asset Value, End of Period	$	10.69		$	8.79
Ratios and Supplemental Data
Total Return		+21.7	%		+7.1	%
Net Assets, End of Period (In Millions)	$	6		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		2.5	%		4.2	%*
Ratio of Expenses to Average Net Assets		2.4	%		2.5	%*
Ratio of Net Investment Income to Average Net Assets		(1.0	)%		(0.2	)%*
Portfolio Turnover Rate(f)		148.2	%		36.4	%

STRONG ADVISOR LARGE COMPANY CORE FUND — CLASS K

	Year Ended
	Dec. 31, 2003			Dec. 31, 2002(b)
Selected Per-Share Data(a)
Net Asset Value, Beginning of Period	$	8.80		$	8.21
Income From Investment Operations:
Net Investment Income		0.05	(c)		0.02	(c)
Net Realized and Unrealized Losses on Investments		2.03			0.59
Total from Investment Operations		2.08			0.61
Less Distributions:
From Net Investment Income		(0.03	)		(0.02	)
From Net Realized Gains		(0.01	)		—
Total Distributions		(0.04	)		(0.02	)
Net Asset Value, End of Period	$	10.84		$	8.80
Ratios and Supplemental Data
Total Return		+23.7	%		+7.4	%
Net Assets, End of Period (In Millions)	$	35		$	0	(e)
Ratio of Expenses to Average Net Assets before Expense Offsets		1.4	%		2.9	%*
Ratio of Expenses to Average Net Assets		1.0	%		1.0	%*
Ratio of Net Investment Income to Average Net Assets		0.5	%		1.1	%*
Portfolio Turnover Rate(f)		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) 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.

85

NOTES TO FINANCIAL STATEMENTS

December 31, 2003

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.

Effective March 28, 2002 (public launch April 1, 2002), Strong Advisor U.S. Small/Mid Cap Growth Fund commenced operations and offers three classes of shares: Class A, B and C.

Effective July 31, 2002 (public launch August 1, 2002), Strong Advisor Utilities and Energy Fund commenced operations and offers three classes of shares: Class A, B and C.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

(A) Security Valuation — Securities of the Funds traded on a national securities exchange are valued each business day at the last sales price. Securities traded on the NASDAQ Stock Market are valued each business day using the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which there were no transactions and NASDAQ-traded securities for which there is no NOCP are valued at the mean of the bid and ask prices. Securities for which market quotations are not readily available are fair valued as determined in good faith under the general supervision of the Board of Directors. Some of the Fund’s portfolio securities may be listed on foreign exchanges that close before the U.S. markets and that trade on days when the U.S. markets are closed. As a result, management, under the supervision of the Strong Funds’ Board of Directors, will consider significant events affecting foreign securities and the movements of the domestic markets that occur after the close of the foreign markets and before the time a Fund’s net asset value (“NAV”) is calculated in valuing such foreign securities. Securities that are purchased within 60 days of their stated maturity are valued at amortized cost, which approximates fair value.

The Funds may own certain securities that are restricted as to resale. Restricted securities include Section 4(2) commercial paper, securities issued in a private placement, or securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933. Restricted securities may be determined to be liquid or illiquid. Securities are deemed illiquid based upon

86

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, 2003, that are deemed illiquid, are as follows:

	Aggregate Cost		Aggregate Fair Value		Percent of Net Assets
Strong Advisor Small Cap Value Fund	$	680,073	$	1,183,128	0.1	%

(B) Federal Income and Excise Taxes and Distributions to Shareholders — The Funds intend to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is recorded.

Undistributed income or net realized gains for financial statement purposes may differ from what is determined for federal income tax purposes due to differences in the timing, recognition and characterization of income, and 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 redemption 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 from adverse movements in securities’ prices, foreign currencies or interest rates. The use of these instruments involves certain risks, including the possibility that the value of the underlying assets or indices fluctuate, the derivative becomes illiquid, imperfect correlation exists 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 currency contracts may involve greater risks than domestic investments due to currency rate fluctuations, political and economic instability, different financial reporting standards and taxes, less liquidity, less strict regulation of securities markets and smaller markets with lower trading volume.

(E) Futures — Upon entering into a futures contract, the Funds deposit in a segregated account with their custodian, in the name of the broker, cash and/or other liquid investments equal to the minimum “initial margin” requirements of the exchange. Each Fund designates liquid securities as collateral on open futures contracts. The Funds also receive from or pay to the broker an amount of cash 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. When the futures contract is closed, a realized gain or loss is recorded 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.

(F) 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. When an 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 as collateral 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.

87

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

(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. 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. (“Strong” or 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 Fund’s 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 Fund’s custodial bank monitors the value of the collateral, including accrued interest, to ensure it is at least equal to the amounts owed to the Funds under each repurchase agreement.

(K) Securities Lending — The Funds, except Strong Advisor Utilities and Energy Fund and Strong Advisor Large Company Core Fund, have entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank, which was subsequently acquired by State Street Bank and Trust Company. Under the terms of the Agreement, the Funds may lend portfolio securities to qualified institutional borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash and cash equivalents equal to at least 102% of the market value of the aggregate loaned securities, plus accrued interest, and the collateral is marked-to-market daily. Cash collateral received is invested in repurchase agreements, investment funds, government obligations and/or bank obligations.

At December 31, 2003, Strong Advisor Common Stock Fund, Strong Advisor Mid Cap Growth Fund and Strong Advisor U.S. Value Fund had securities with a market value of $46,764,638, $2,409,719 and $3,501,385, respectively, on loan and had received $48,053,386, $2,462,934 and $3,584,475, 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, 2003, the securities lending income totaled, $118,698, $2,386 and $9,106 for Strong Advisor Common Stock Fund, Strong Advisor Mid Cap Growth Fund and Strong Advisor U.S. Value Fund, respectively.

The three primary risks associated with securities lending are: a borrower defaulting on its obligation to return the securities loaned resulting in a shortfall on the posted collateral; a principal loss arising from the lending agent’s investment of cash collateral; and the inability of the lending Fund to recall a security in time to exercise valuable voting rights or sell the security. In each case, the lending agent has indemnified the Funds for these types of losses.

(L) Directed Brokerage — The Funds direct certain portfolio trades to brokers who, in turn, pay a portion of the Funds’ expenses not attributable to the Advisor or its affiliates. Such amounts are included in Expense Offsets reported in the Funds’ Statements of Operations and in Note 4.

(M) Earnings Credit Arrangements — Credits are earned on positive cash balances maintained in custodian accounts. These credits serve to reduce the custodian’s fees incurred by certain Funds and are included in Expense Offsets reported in the Funds’ Statements of Operations and in Note 4.

(N) Expenses — The Funds and other affiliated Strong Funds contract for certain services on a collective basis. The majority of the expenses are directly identifiable to an individual Fund. Expenses that are not readily identifiable to a specific Fund will be allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative sizes of the Strong Funds.

(O) Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in these financial statements. Actual results could differ from those estimates.

88

(P) Other — Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of premiums and discounts on the interest method. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative shares outstanding.

(Q) Redemption Fees — Class A shares of Strong Advisor Large Company Core Fund held for less than 1 year are subject to a redemption fee of 1.00% on the redeemed share’s market value. Effective October 1, 2003, Class A, B and C shares of Strong Advisor International Core Fund held for less than 30 calendar days 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 year ended December 31, 2003 was $12,110 for Strong Advisor Large Company Core Fund. Strong Advisor International Core Fund did not collect any redemption fees during the year.

3. Related Party Transactions

The Advisor provides investment advisory and related services to the Funds. Strong Investor Services, Inc. (the “Administrator”), an affiliate of the Advisor, provides administrative, transfer agent and related services to the Funds. Certain officers and, until December 2, 2003, certain directors of the Funds are or were affiliated with the Advisor and the Administrator. Investment advisory and administration fees, which are established by terms of the advisory and administration agreements, are based on the following annualized rates of the average daily net assets of the respective Fund:

			Administrative Fees
	Advisory Fees(1)		Class A		Class B		Class C		Class K		Class Z
Strong Advisor Common Stock Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		0.30	%
Strong Advisor Mid Cap Growth Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		0.30	%
Strong Advisor Small Cap Value Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		0.30	%
Strong Advisor U.S. Value Fund	0.55	%	0.30	%	0.30	%	0.30	%	0.25	%	0.30	%
Strong Advisor Endeavor Large Cap Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Focus Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor International Core Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Select Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Technology Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor U.S. Small/Mid Cap Growth Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Utilities and Energy Fund	0.75	%	0.30	%	0.30	%	0.30	%	*		*
Strong Advisor Large Company Core Fund	0.75	%	0.30	%	0.30	%	0.30	%	0.25	%	*

 * Does not offer share class.

⁽¹⁾ The Investment Advisory fees are 0.75% for assets under $4 billion, 0.725% for the next $2 billion assets, and 0.70% for assets $6 billion and above. Strong Advisor U.S. Value Fund does not have a breakpoint schedule.

The Funds’ Advisor and/or Administrator may voluntarily waive or absorb certain expenses at their discretion. The Advisor and/or Administrator has contractually agreed to waive and/or absorb expenses for the following Funds until May 1, 2004, to keep Total 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	1.50	%	2.25	%	2.25	%	**		*	*
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, 2004.

Transfer agent and related service fees for the Funds’ Class Z shares are paid at a 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

89

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

to each Fund certain charges or credits resulting from transfer agency banking activities based on each Class’ level of subscription and redemption activity. Transfer Agency Banking Charges allocated to the Funds by the Administrator, if any, are included in Other Expenses in the Funds’ Statements of Operations and in Note 4. Transfer Agency Banking Credits allocated by the Administrator, if any, serve to reduce the transfer agency expenses incurred by the Funds and are included in Expense Offsets in the Funds’ Statements of Operations and in Note 4. The Administrator is also compensated for certain other out-of-pocket expenses related to transfer agent services.

The Funds have adopted a Rule 12b-1 distribution and service plan under the 1940 Act on behalf of each of the Funds’ Class A, B and C shares. Under the plan, Strong Investments, Inc. (the “Distributor” and an affiliate of the Advisor) is paid an annual rate of 0.25%, 1.00% and 1.00% of the average daily net assets of the Class A, B and C shares, respectively, as compensation for services provided and expenses incurred, including amounts paid to brokers or dealers, in connection with the sale of each Fund’s Class A, B and C shares. See Note 4.

The Funds’ Class A, B and C shares have sales charges 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 1.00% contingent deferred sales charge, if the shares are sold within one year of their original purchase date. Certain of these sales charges may be waived in limited circumstances.

For the year ended December 31, 2003, the Distributor received aggregate sales charges from the sale of Class A shares as follows: Strong Advisor Common Stock Fund $20,159, Strong Advisor Mid Cap Growth Fund $1,456, Strong Advisor Small Cap Value Fund $74,331, Strong Advisor U.S. Value Fund $1,326, Strong Advisor Endeavor Large Cap Fund $107, Strong Advisor Focus Fund $62, Strong Advisor International Core Fund $1,813, Strong Advisor Select Fund $283, Strong Advisor Technology Fund $104, Strong Advisor U.S. Small/Mid Cap Growth Fund $1,873, Strong Advisor Utilities and Energy Fund $637 and Strong Advisor Large Company Core Fund $45,327.

For the year ended December 31, 2003, 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 $103,617, Strong Advisor Mid Cap Growth Fund $19,250, Strong Advisor Small Cap Value Fund $411,075, Strong Advisor U.S. Value Fund $19,143, Strong Advisor Endeavor Large Cap Fund $3,565, Strong Advisor Focus Fund $16,955, Strong Advisor International Core Fund $1,590, Strong Advisor Select Fund $3,745, Strong Advisor Technology Fund $20, Strong Advisor U.S. Small/Mid Cap Growth Fund $1,656, Strong Advisor Utilities and Energy Fund $0 and Strong Advisor Large Company Core Fund $22,328.

Sales charges are not an expense of the Funds and are not reflected in the financial statements of the Funds.

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

W.H. Reaves & Co., Inc. (“Reaves”) manages the investments of Strong Advisor Utilities and Energy Fund under an agreement with the Advisor. Reaves is compensated by the Advisor (not the Fund) and bears all of its own expenses in providing subadvisory services. The investment subadvisory fees are based on breakpoints ranging from net asset values of $200 million to $2.5 billion. The investment subadvisory fees are also subject to adjustment upward or downward depending on the Fund’s performance measured against a benchmark. The benchmark is 90% of the performance of a blend of utilities and energy indices. In addition, Reaves directly affects purchases and sales of securities for the Fund. In conjunction therewith, brokerage commissions paid to Reaves by the Fund for the year ended December 31, 2003, totaled $64,422.

90

The Funds may invest cash in money market funds managed by the Advisor, subject to certain limitations.

Certain information regarding related party transactions, excluding the effects of waivers and absorptions, for the year ended December 31, 2003, is as follows:

	Payable to/ (Receivable from) Advisor or Administrator at Dec. 31, 2003			Shareholder Servicing and Other Related Expenses Paid to Administrator		Transfer Agency Banking Charges/(Credits)		Unaffiliated Directors’ Fees
Strong Advisor Common Stock Fund	$	376,686		$	3,931,818	$	11,466	$	36,558
Strong Advisor Mid Cap Growth Fund		31,964			421,603		1,681		2,318
Strong Advisor Small Cap Value Fund		443,364			4,074,021		19,998		27,074
Strong Advisor U.S. Value Fund		74,121			1,088,309		25,387		4,669
Strong Advisor Endeavor Large Cap Fund		9,788			69,819		1,655		1,191
Strong Advisor Focus Fund		2,708			7,483		25		831
Strong Advisor International Core Fund		(532	)		2,282		6		756
Strong Advisor Select Fund		16,504			145,655		1,741		1,642
Strong Advisor Technology Fund		254			4,477		6		781
Strong Advisor U.S. Small/Mid Cap Growth Fund		3,235			5,188		6		759
Strong Advisor Utilities and Energy Fund		2,169			25,414		12		819
Strong Advisor Large Company Core Fund		18,007			136,488		587		867

At December 31, 2003, the Distributor owned 23% of the outstanding shares of Strong Advisor International Core Fund, and Strong Financial Corporation, the Advisor’s parent, owned 10% of Strong Advisor U.S. Small/Mid Cap Growth Fund.

91

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

4 Expenses and Expense Offsets

For the year ended December 31, 2003, the class specific expenses are as follows:

	Administrative Fees		Shareholder Servicing Costs		Reports to Shareholders			12 b-1 Fees		Other
Strong Advisor Common Stock Fund
Class A	$	185,953	$	125,386	$	14,181		$	154,961	$	41
Class B		92,421		64,365		19,790			308,069		215
Class C		83,696		57,897		16,818			278,986		1,075
Class Z		4,357,362		3,679,886		396,587			—		15,246
Strong Advisor Mid Cap Growth Fund
Class A		29,340		19,746		3,620			24,450		12
Class B		8,301		5,902		6,429			27,670		52
Class C		2,713		1,908		2,126			9,045		36
Class Z		215,717		393,113		76,512			—		3,284
Strong Advisor Small Cap Value Fund
Class A		1,395,380		939,956		93,625			1,162,817		3,441
Class B		284,393		198,322		65,900			947,977		915
Class C		380,914		262,347		55,121			1,269,712		1,841
Class Z		2,571,489		2,669,064		176,936			—		18,133
Strong Advisor U.S. Value Fund
Class A		10,075		6,865		1,152			8,396		85
Class B		10,896		7,573		1,987			36,320		29
Class C		6,787		4,856		2,084			22,740		631
Class K		43,744		35,001		(65	)		—		1,246
Class Z		577,375		1,033,129		236,827			—		24,281
Strong Advisor Endeavor Large Cap Fund
Class A		101,753		67,877		1,987			84,794		1,677
Class B		1,661		1,152		280			5,535		3
Class C		971		692		383			3,239		72
Strong Advisor Focus Fund
Class A		5,824		4,001		1,500			4,851		34
Class B		3,759		2,676		2,100			12,524		11
Class C		1,065		751		472			3,549		35
Strong Advisor International Core Fund
Class A		1,240		843		128			1,032		3
Class B		1,529		1,064		575			5,093		3
Class C		537		369		(421	)		1,805		6
Strong Advisor Select Fund
Class A		215,675		143,883		6,297			179,729		1,774
Class B		1,371		955		225			4,569		4
Class C		1,033		728		245			3,442		50
Strong Advisor Technology Fund
Class A		4,685		3,176		602			3,904		10
Class B		963		672		458			3,210		2
Class C		865		613		529			2,883		10
Strong Advisor U.S. Small/Mid Cap Growth Fund
Class A		3,478		2,353		34			2,898		12
Class B		1,976		1,347		35			6,586		3
Class C		1,940		1,327		181			6,478		152
Strong Advisor Utilities and Energy Fund
Class A		36,978		24,670		(201	)		30,815		36
Class B		374		256		110			1,249		—
Class C		669		454		116			2,231		9
Strong Advisor Large Company Core Fund
Class A		116,850		78,272		7,923			97,259		149
Class B		12,514		8,376		2,320			41,779		30
Class C		10,418		7,011		3,956			34,803		174
Class K		53,298		42,623		1,828			—		440

92

For the year ended December 31, 2003, the class specific expense offsets are as follows:

	Expense Waivers and Absorptions			Transfer Agency Banking Credits			Directed Brokerage Credits			Earnings Credits
Strong Advisor Common Stock Fund
Class A	$	(188	)	$	(826	)	$	—		$	—
Class B		(111	)		—			—			—
Class C		(149	)		—			—			—
Class Z		(6,490	)		—			—			—
Fund Level		(92,189	)		—			(117,548	)		(620	)
Strong Advisor Mid Cap Growth Fund
Class A		(504	)		(892	)		—			—
Class B		(3,077	)		—			—			—
Class C		(1,092	)		—			—			—
Class Z		(24,067	)		—			—			—
Fund Level		(4,385	)		—			(50,058	)		(351	)
Strong Advisor Small Cap Value Fund
Class A		(1,530	)		—			—			—
Class B		(374	)		—			—			—
Class C		(448	)		—			—			—
Class Z		(10,815	)		—			—			—
Fund Level		(105,306	)		—			(147,666	)		(1,314	)
Strong Advisor U.S. Value Fund
Class A		(11	)		—			—			—
Class B		(13	)		—			—			—
Class C		(629	)		—			—			—
Class K		(13,879	)		—			—			—
Class Z		(28,087	)		—			—			—
Fund Level		(12,957	)		—			(24,492	)		(416	)
Strong Advisor Endeavor Large Cap Fund
Class A		(259	)		—			—			—
Class B		(1,864	)		—			—			—
Class C		(1,202	)		—			—			—
Fund Level		(2,063	)		—			(26,861	)		(18	)
Strong Advisor Focus Fund
Class A		(16,011	)		—			—			—
Class B		(12,729	)		—			—			—
Class C		(3,587	)		—			—			—
Fund Level		(26,036	)		—			(5,552	)		(7	)
Strong Advisor International Core Fund
Class A		(3,266	)		—			—			—
Class B		(8,890	)		—			—			—
Class C		(2,708	)		—			—			—
Fund Level		(75,562	)		—			(142	)		(2	)
Strong Advisor Select Fund
Class A		(8	)		—			—			—
Class B		(103	)		—			—			—
Class C		(89	)		—			—			—
Fund Level		(4,496	)		—			(23,545	)		(17	)
Strong Advisor Technology Fund
Class A		(11,509	)		—			—			—
Class B		(5,117	)		—			—			—
Class C		(4,753	)		—			—			—
Fund Level		(7,986	)		—			(6,782	)		(3	)
Strong Advisor U.S. Small/Mid Cap Growth Fund
Class A		(495	)		—			—			—
Class B		(5,573	)		—			—			—
Class C		(6,199	)		—			—			—
Fund Level		(30,307	)		—			(3,765	)		(16	)
Strong Advisor Utilities and Energy Fund
Class A		(3	)		—			—			—
Class B		(406	)		—			—			—
Class C		(578	)		—			—			—
Fund Level		(873	)		—			—			(8	)

93

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

	Expense Waivers and Absorptions			Transfer Agency Banking Credits		Directed Brokerage Credits			Earnings Credits
Strong Advisor Large Company Core Fund
Class A	$	(68,875	)	$	—	$	—		$	—
Class B		(659	)		—		—			—
Class C		(2,305	)		—		—			—
Class K		(81,268	)		—		—			—
Fund Level		(19,437	)		—		(21,281	)		(291	)

5. Line of Credit

The Strong Funds have established a line of credit agreement (“LOC”) with certain financial institutions, which expires October 8, 2004, to be used for temporary or emergency purposes, primarily for financing redemption payments. Combined borrowings among all participating Strong Funds are subject to a $350 million cap on the total LOC. For an individual Fund, borrowings under the LOC are limited to either the lesser of 15% of the market value of the Fund’s total assets or any explicit borrowing limits in the Fund’s registration statement. The principal amount of each borrowing under the LOC is due not more than 45 days after the date of the borrowing. Borrowings under the LOC bear interest based on prevailing market rates as defined in the LOC. A commitment fee of 0.09% per annum is incurred on the unused portion of the LOC and is allocated to all participating Strong Funds based on their net asset values. For the year ended December 31, 2003, there were no borrowings by Strong Advisor Common Stock Fund, Strong Advisor Small Cap Value Fund, Strong Advisor Select Fund and Strong Advisor U.S. Small/Mid Cap Growth Fund under the LOC. Strong Advisor Mid Cap Growth Fund, Strong Advisor Endeavor Large Cap Fund, Strong Advisor Focus Fund, Strong Advisor Technology Fund, Strong Advisor Utilities and Energy Fund and Strong Advisor Large Company Core Fund had minimal borrowings under the LOC during the year. During the year ended December 31, 2003, Strong Advisor U.S. Value Fund and Strong Advisor International Core Fund had an outstanding average daily balance of $363,562 and $1,918, respectively, under the LOC. The maximum amount outstanding during the year was $26,900,000 and $200,000, respectively. Interest expense amounted to $6,488 and $32 respectively, for the year ended December 31, 2003. At December 31, 2003, Strong Advisor Endeavor Large Cap Fund and Strong Advisor Technology each had outstanding borrowings of $100,000 under the LOC.

6. Investment Transactions

The aggregate purchases and sales of long-term securities during the year ended December 31, 2003, are as follows:

	Purchases		Sales
Strong Advisor Common Stock Fund	$	596,599,289	$	906,382,164
Strong Advisor Mid Cap Growth Fund		204,751,702		235,521,238
Strong Advisor Small Cap Value Fund		693,447,295		434,546,266
Strong Advisor U.S. Value Fund		114,320,976		127,311,785
Strong Advisor Endeavor Large Cap Fund		78,660,319		79,093,164
Strong Advisor Focus Fund		8,472,373		9,654,295
Strong Advisor International Core Fund		1,457,037		906,740
Strong Advisor Select Fund		173,226,696		170,178,437
Strong Advisor Technology Fund		3,703,988		4,270,736
Strong Advisor U.S. Small/Mid Cap Growth Fund		6,672,067		2,754,473
Strong Advisor Utilities and Energy Fund		21,481,795		19,520,066
Strong Advisor Large Company Core Fund		188,414,623		96,992,355

There were no purchases or sales of long-term U.S. government securities during the year ended December 31, 2003.

94

7. Income Tax Information

The following information for the Funds is presented on an income tax basis as of December 31, 2003:

	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	$	1,200,688,003	$	446,953,480	$	(20,234,303	)	$	426,719,177	$	—	$	—
Strong Advisor Mid Cap Growth Fund		58,984,207		16,094,839		(356,842	)		15,737,997		—		—
Strong Advisor Small Cap Value Fund		1,534,448,403		643,322,847		(32,957,314	)		610,365,533		—		23,150,056
Strong Advisor U.S. Value Fund		216,193,980		50,353,484		(3,023,860	)		47,329,624		19,290		—
Strong Advisor Endeavor Large Cap Fund		31,651,154		6,516,337		(260,079	)		6,256,258		—		—
Strong Advisor Focus Fund		2,490,952		679,017		(34,916	)		644,101		—		—
Strong Advisor International Core Fund		1,165,556		317,454		(448	)		317,006		2,131		—
Strong Advisor Select Fund		67,373,483		16,243,711		(745,237	)		15,498,474		—		—
Strong Advisor Technology Fund		1,783,008		425,264		(102,903	)		322,361		—		—
Strong Advisor U.S. Small/Mid Cap Growth Fund		4,733,584		945,400		(48,325	)		897,075		—		—
Strong Advisor Utilities and Energy Fund		8,900,475		1,472,630		(60,662	)		1,411,968		883		—
Strong Advisor Large Company Core Fund		104,879,041		12,279,958		(191,031	)		12,088,927		1,633,867		16,644

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, 2003 and 2002, capital loss carryovers (expiring in varying amounts through 2011) as of December 31, 2003, and tax basis post-October losses as of December 31, 2003, which are not recognized for tax purposes until the first day of the following fiscal year, are

	2003 Income Tax Information						2002 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	$	—	$	—	$	96,520,387	$	—	$	—		$	—
Strong Advisor Mid Cap Growth Fund		—		—		118,022,208		—		—			—
Strong Advisor Small Cap Value Fund		793,398		49,600,777		—		—		—			—
Strong Advisor U.S. Value Fund		1,833,699		—		3,870,281		—		1,026,838			14,318,230
Strong Advisor Endeavor Large Cap Fund		—		—		5,639,429		5,454		—			—
Strong Advisor Focus Fund		—		—		4,477,452		—		—			—
Strong Advisor International Core Fund		19,549		—		30,255		—		—			—
Strong Advisor Select Fund		—		—		5,735,050		—		106,837			—
Strong Advisor Technology Fund		—		—		763,150		—		—			—
Strong Advisor U.S. Small/Mid Cap Growth Fund		—		—		107,537		138,702		—			—
Strong Advisor Utilities and Energy Fund		184,358		—		313,921		—		36,612			—
Strong Advisor Large Company Core Fund		71,868		101,831		—		6,338		6,435	(1)		—	(1)

⁽¹⁾ For the period from October 1, 2002 through December 31, 2002. Ordinary income distributions and long-term capital gains distributions during the year ended September 30, 2002 are $161,409 and $10, respectively.

For corporate shareholders in the Funds, the percentage of ordinary dividend income distributed for the year ended December 31, 2003, 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 100.0%, Strong Advisor U.S. Value Fund 100.0%, 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 100.0% and Strong Advisor Large Company Core Fund 100.0%.

For shareholders in the Funds, the percentage of dividend income distributed for the year ended December 31, 2003, which is designated as qualified dividend income under the Jobs and Growth Tax Relief 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 0.0%, Strong Advisor U.S. Value Fund 100.0%, Strong Advisor Endeavor Large Cap Fund 0.0%, Strong Advisor Focus Fund 0.0%, Strong Advisor International Core Fund 100.0%, 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 100.0% and Strong Advisor Large Company Core Fund 89.0%.

95

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

Capital loss carryovers utilized during the year ended December 31, 2003, are as follows: Strong Advisor Common Stock Fund $67,032,864, Strong Advisor Mid Cap Growth Fund $8,733,556, Strong Advisor Small Cap Value Fund $8,884,388, Strong Advisor U.S. Value Fund $11,033,594, Strong Advisor Endeavor Large Cap Fund $3,065,532, Strong Advisor Focus Fund $140,948, Strong Advisor International Core Fund $0, Strong Advisor Select Fund $6,665,132, Strong Advisor Technology Fund $350,551, Strong Advisor U.S. Small/Mid Cap Growth Fund $34,724, Strong Advisor Utilities and Energy Fund $214,223 and Strong Advisor Large Company Core Fund $1,015,803.

8. Capital Share Transactions

	Strong Advisor Common Stock Fund						Strong Advisor Mid Cap Growth Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	62,389,061		$	44,443,102		$	29,891,257		$	7,852,624
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(48,584,158	)		(16,422,398	)		(29,161,740	)		(5,960,849	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		13,804,903			28,020,704			729,517			1,891,775
CLASS B
Proceeds from Shares Sold		8,099,013			16,279,382			490,452			1,063,833
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(3,494,374	)		(2,796,033	)		(720,050	)		(490,422	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		4,604,639			13,483,349			(229,598	)		573,411
CLASS C
Proceeds from Shares Sold		9,917,355			17,829,709			326,442			674,422
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(8,090,361	)		(4,291,269	)		(698,172	)		(491,641	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,826,994			13,538,440			(371,730	)		182,781
CLASS Z
Proceeds from Shares Sold		203,644,369			343,017,540			31,734,000			29,008,599
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(608,593,067	)		(332,740,001	)		(61,043,159	)		(47,760,745	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(404,948,698	)		10,277,539			(29,309,159	)		(18,752,146	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(384,712,162	)	$	65,320,032		$	(29,180,970	)	$	(16,104,179	)

96

	Strong Advisor Common Stock Fund				Strong Advisor Mid Cap Growth Fund
	Year Ended Dec. 31, 2003		Year Ended Dec. 31, 2002		Year Ended Dec. 31, 2003		Year Ended Dec. 31, 2002
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold	3,431,779		2,544,987		3,106,763		696,029
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(2,666,367	)	(1,023,173	)	(2,955,165	)	(538,918	)
Net Increase (Decrease) in Shares	765,412		1,521,814		151,598		157,111
CLASS B
Sold	457,112		925,237		50,542		99,311
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(198,050	)	(177,926	)	(70,959	)	(52,425	)
Net Increase (Decrease) in Shares	259,062		747,311		(20,417	)	46,886
CLASS C
Sold	546,220		998,772		34,377		58,173
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(442,002	)	(267,172	)	(69,097	)	(47,063	)
Net Increase (Decrease) in Shares	104,218		731,600		(34,720	)	11,110
CLASS Z
Sold	11,182,299		18,893,016		3,193,498		2,521,554
Issued in Reinvestment of Distributions	—		—		—		—
Redeemed	(31,635,485	)	(19,634,686	)	(5,725,809	)	(4,229,449	)
Net Increase (Decrease) in Shares	(20,453,186	)	(741,670	)	(2,532,311	)	(1,707,895	)

97

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

	Strong Advisor Small Cap Value Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Capital Share Transactions in Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	320,685,110		$	320,021,001
Proceeds from Reinvestment of Distributions		15,265,206			—
Payment for Shares Redeemed		(184,534,476	)		(125,640,272	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		151,415,840			194,380,729
CLASS B
Proceeds from Shares Sold		23,520,790			50,127,708
Proceeds from Reinvestment of Distributions		2,765,426			—
Payment for Shares Redeemed		(12,814,273	)		(8,138,529	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		13,471,943			41,989,179
CLASS C
Proceeds from Shares Sold		50,717,429			83,189,864
Proceeds from Reinvestment of Distributions		3,207,242			—
Payment for Shares Redeemed		(42,529,352	)		(14,066,931	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		11,395,319			69,122,933
CLASS Z
Proceeds from Shares Sold		568,392,266			374,821,378
Proceeds from Reinvestment of Distributions		27,317,931			—
Payment for Shares Redeemed		(432,298,660	)		(204,951,882	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		163,411,537			169,869,496
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	339,694,639		$	475,362,337

98

	Strong Advisor Small Cap Value Fund
	Year Ended Dec. 31, 2003		Year Ended Dec. 31, 2002
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	14,585,227		15,657,871
Issued in Reinvestment of Distributions	588,254		—
Redeemed	(8,277,317	)	(6,346,438	)
Net Increase (Decrease) in Shares	6,896,164		9,311,433
CLASS B
Sold	1,128,906		2,465,423
Issued in Reinvestment of Distributions	108,960		—
Redeemed	(590,325	)	(420,462	)
Net Increase (Decrease) in Shares	647,541		2,044,961
CLASS C
Sold	2,388,522		4,083,997
Issued in Reinvestment of Distributions	126,120		—
Redeemed	(1,842,815	)	(736,820	)
Net Increase (Decrease) in Shares	671,827		3,347,177
CLASS Z
Sold	25,560,482		18,350,666
Issued in Reinvestment of Distributions	1,047,467		—
Redeemed	(18,917,370	)	(10,421,280	)
Net Increase (Decrease) in Shares	7,690,579		7,929,386

99

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

	Strong Advisor  U.S. Value Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	2,442,595		$	5,473,330
Proceeds from Reinvestment of Distributions		33,629			370,177
Payment for Shares Redeemed		(1,164,555	)		(4,576,333	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,311,669			1,267,174
CLASS B
Proceeds from Shares Sold		1,532,091			1,666,852
Proceeds from Reinvestment of Distributions		9,048			176,747
Payment for Shares Redeemed		(708,664	)		(485,944	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		832,475			1,357,655
CLASS C
Proceeds from Shares Sold		2,936,148			1,315,639
Proceeds from Reinvestment of Distributions		7,949			25,857
Payment for Shares Redeemed		(802,924	)		(267,268	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		2,141,173			1,074,228
CLASS K
Proceeds from Shares Sold		75,594,336			13,002,981
Proceeds from Reinvestment of Distributions		26,245			9,930
Payment for Shares Redeemed		(5,956,750	)		(1,156,304	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		69,663,831			11,856,607
CLASS Z
Proceeds from Shares Sold		65,563,705		$	118,873,719
Proceeds from Reinvestment of Distributions		421,710			9,855,988
Payment for Shares Redeemed		(156,527,039	)		(70,028,503	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(90,541,624	)		58,701,204
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(16,592,476	)	$	74,256,868

100

	Strong Advisor U.S. Value Fund
	Year Ended Dec. 31, 2003		Year Ended Dec. 31, 2002
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	158,971		338,473
Issued in Reinvestment of Distributions	2,133		22,294
Redeemed	(76,619	)	(322,986	)
Net Increase (Decrease) in Shares	84,485		37,781
CLASS B
Sold	101,156		111,965
Issued in Reinvestment of Distributions	558		10,387
Redeemed	(49,252	)	(33,910	)
Net Increase (Decrease) in Shares	52,462		88,442
CLASS C
Sold	187,092		87,390
Issued in Reinvestment of Distributions	485		1,601
Redeemed	(51,438	)	(18,614	)
Net Increase (Decrease) in Shares	136,139		70,377
CLASS K
Sold	4,541,506		910,728
Issued in Reinvestment of Distributions	1,657		611
Redeemed	(382,792	)	(83,911	)
Net Increase (Decrease) in Shares	4,160,371		827,428
CLASS Z
Sold	4,464,350		7,547,227
Issued in Reinvestment of Distributions	26,615		577,220
Redeemed	(9,915,698	)	(4,185,995	)
Net Increase (Decrease) in Shares	(5,424,733	)	3,938,452

101

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

	Strong Advisor Endeavor Large Cap Fund						Strong Advisor Focus Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	11,550,715		$	16,393,415		$	133,502		$	452,000
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(13,087,873	)		(6,400,225	)		(1,033,507	)		(2,024,184	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(1,537,158	)		9,993,190			(900,005	)		(1,572,184	)
CLASS B
Proceeds from Shares Sold		545,692			266,871			33,725			198,008
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(294,637	)		(15,344	)		(391,552	)		(275,731	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		251,055			251,527			(357,827	)		(77,723	)
CLASS C
Proceeds from Shares Sold		236,667			178,334			128,342			51,385
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(92,284	)		(38,097	)		(196,335	)		(284,139	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		144,383			140,237			(67,993	)		(232,754	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(1,141,720	)	$	10,384,954		$	(1,325,825	)	$	(1,882,661	)
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		1,382,830			1,855,501			26,782			77,432
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(1,497,908	)		(761,825	)		(189,152	)		(358,043	)
Net Increase (Decrease) in Shares		(115,078	)		1,093,676			(162,370	)		(280,611	)
CLASS B
Sold		66,016			33,834			6,628			34,187
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(36,913	)		(2,149	)		(74,150	)		(50,690	)
Net Increase (Decrease) in Shares		29,103			31,685			(67,522	)		(16,503	)
CLASS C
Sold		27,852			20,442			25,997			9,049
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(10,494	)		(4,900	)		(37,048	)		(51,781	)
Net Increase (Decrease) in Shares		17,358			15,542			(11,051	)		(42,732	)

102

	Strong Advisor International Core Fund						Strong Advisor Select Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	451,750		$	82,717		$	28,987,396		$	28,329,556
Proceeds from Reinvestment of Distributions		6,485			—			—			105,337
Payment for Shares Redeemed		(163,951	)		(8,947	)		(27,068,354	)		(13,665,422	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		294,284			73,770			1,919,042			14,769,471
CLASS B
Proceeds from Shares Sold		346,867			211,824			257,127			224,679
Proceeds from Reinvestment of Distributions		6,923			—			—			605
Payment for Shares Redeemed		(65,208	)		(4,153	)		(103,058	)		(246,523	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		288,582			207,671			154,069			(21,239	)
CLASS C
Proceeds from Shares Sold		562,293			65,008			204,823			96,740
Proceeds from Reinvestment of Distributions		2,436			—			—			325
Payment for Shares Redeemed		(585,411	)		—			(104,606	)		(42,582	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(20,682	)		65,008			100,217			54,483
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	562,184		$	346,449		$	2,173,328		$	14,802,715
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		47,151			9,212			4,305,907			4,115,416
Issued in Reinvestment of Distributions		570			—			—			16,256
Redeemed		(14,929	)		(1,012	)		(3,730,994	)		(2,090,284	)
Net Increase (Decrease) in Shares		32,792			8,200			574,913			2,041,388
CLASS B
Sold		36,895			23,290			37,614			34,824
Issued in Reinvestment of Distributions		609			—			—			94
Redeemed		(6,823	)		(493	)		(14,269	)		(39,516	)
Net Increase (Decrease) in Shares		30,681			22,797			23,345			(4,598	)
CLASS C
Sold		58,481			7,033			29,859			14,551
Issued in Reinvestment of Distributions		215			—			—			51
Redeemed		(59,716	)		—			(13,880	)		(6,407	)
Net Increase (Decrease) in Shares		(1,020	)		7,033			15,979			8,195

103

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

	Strong Advisor Technology Fund						Strong Advisor U.S. Small/Mid Cap Growth Fund
	Year Ended Dec. 31, 2003			Year Ended Dec. 31, 2002			Year Ended Dec. 31, 2003			Period Ended Dec. 31, 2002
										(Note 1)
Capital Share Transactions of Each Class of Shares of the Funds Were as Follows:
CLASS A
Proceeds from Shares Sold	$	475,649		$	266,907		$	2,506,870		$	346,166
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(1,132,211	)		(459,954	)		(182,320	)		(1,000	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(656,562	)		(193,047	)		2,324,550			345,166
CLASS B
Proceeds from Shares Sold		285,676			12,000			711,067			371,166
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(18,271	)		(12,910	)		(132,452	)		(2,815	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		267,405			(910	)		578,615			368,351
CLASS C
Proceeds from Shares Sold		38,794			30,503			1,161,876			230,374
Proceeds from Reinvestment of Distributions		—			—			—			—
Payment for Shares Redeemed		(128,137	)		(98,665	)		(53,800	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(89,343	)		(68,162	)		1,108,076			230,374
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	(478,500	)	$	(262,119	)	$	4,011,241		$	943,891
Transactions in Shares of Each Class of the Funds Were as Follows:
CLASS A
Sold		83,030			42,387			237,549			39,538
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(168,601	)		(77,487	)		(16,651	)		(141	)
Net Increase (Decrease) in Shares		(85,571	)		(35,100	)		220,898			39,397
CLASS B
Sold		47,464			1,820			69,682			42,958
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(2,590	)		(3,407	)		(11,990	)		(378	)
Net Increase (Decrease) in Shares		44,874			(1,587	)		57,692			42,580
CLASS C
Sold		5,992			4,804			114,610			24,692
Issued in Reinvestment of Distributions		—			—			—			—
Redeemed		(21,193	)		(20,272	)		(4,922	)		—
Net Increase (Decrease) in Shares		(15,201	)		(15,468	)		109,688			24,692

104

	Strong Advisor Utilities and Energy Fund
	Year Ended Dec. 31, 2003			Period Ended Dec. 31, 2002
				(Note 1)
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	10,745,467		$	6,765,504
Proceeds from Reinvestment of Distributions		57,522			4,689
Payment for Shares Redeemed		(8,634,471	)		(108,685	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		2,168,518			6,661,508
CLASS B
Proceeds from Shares Sold		50,393			113,000
Proceeds from Reinvestment of Distributions		232			31
Payment for Shares Redeemed		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		50,625			113,031
CLASS C
Proceeds from Shares Sold		61,694			176,187
Proceeds from Reinvestment of Distributions		1,418			310
Payment for Shares Redeemed		(11,717	)		—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		51,395			176,497
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	2,270,538		$	6,951,036
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold		1,122,369			689,582
Issued in Reinvestment of Distributions		5,985			518
Redeemed		(876,335	)		(12,430	)
Net Increase (Decrease) in Shares		252,019			677,670
CLASS B
Sold		5,210			11,499
Issued in Reinvestment of Distributions		24			3
Redeemed		—			—
Net Increase (Decrease) in Shares		5,234			11,502
CLASS C
Sold		6,587			18,747
Issued in Reinvestment of Distributions		145			34
Redeemed		(1,155	)		—
Net Increase (Decrease) in Shares		5,577			18,781

105

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

	Strong Advisor Large Company Core Fund
	Year Ended Dec. 31, 2003			Period Ended Dec. 31, 2002			Year Ended Sept. 30, 2002
Capital Share Transactions of Each Class of Shares of the Fund Were as Follows:
CLASS A
Proceeds from Shares Sold	$	59,864,417		$	2,892,737		$	3,325,537
Proceeds from Reinvestment of Distributions		78,573			5,268			138,369
Payment for Shares Redeemed		(9,871,639	)		(832,881	)		(484,661	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		50,071,351			2,065,124			2,979,245
CLASS B
Proceeds from Shares Sold		6,531,413			391,098			100,000
Proceeds from Reinvestment of Distributions		5,649			—			—
Payment for Shares Redeemed		(411,263	)		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		6,125,799			391,098			100,000
CLASS C
Proceeds from Shares Sold		5,690,544			385,146			100,000
Proceeds from Reinvestment of Distributions		5,296			69			—
Payment for Shares Redeemed		(624,699	)		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		5,071,141			385,215			100,000
CLASS K
Proceeds from Shares Sold		33,605,594			—			100,000
Proceeds from Reinvestment of Distributions		78,412			—			—
Payment for Shares Redeemed		(2,948,367	)		—			—
Net Increase (Decrease) in Net Assets from Capital Share Transactions		30,735,639			—			100,000
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	92,003,930		$	2,841,437		$	3,279,245

106

	Strong Advisor Large Company Core Fund
	Year Ended Dec. 31, 2003		Period Ended Dec. 31, 2002		Year Ended Sept. 30, 2002
Transactions in Shares of Each Class of the Fund Were as Follows:
CLASS A
Sold	6,235,824		322,256		359,651
Issued in Reinvestment of Distributions	7,791		599		13,573
Redeemed	(976,959	)	(93,720	)	(50,178	)
Net Increase (Decrease) in Shares	5,266,656		229,135		323,046
CLASS B
Sold	691,767		43,625		12,173
Issued in Reinvestment of Distributions	549		—		—
Redeemed	(40,925	)	—		—
Net Increase (Decrease) in Shares	651,391		43,625		12,173
CLASS C
Sold	596,467		42,953		12,173
Issued in Reinvestment of Distributions	512		8		—
Redeemed	(61,554	)	—		—
Net Increase (Decrease) in Shares	535,425		42,961		12,173
CLASS K
Sold	3,545,081		7		12,173
Issued in Reinvestment of Distributions	8,183		—		—
Redeemed	(302,576	)	—		—
Net Increase (Decrease) in Shares	3,250,688		7		12,173

107

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2003

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, 2003 is as follows:

	Balance of Shares Held Jan. 1, 2003	Gross Purchases and Additions		Gross Sales and Reductions		Balance of Shares Held Dec. 31, 2003	Value Dec. 31, 2003		Investment Income Jan. 1, 2003 - Dec. 31, 2003		Realized Gain/Loss on Sales
Strong Advisor Common Stock Fund
Strong Heritage Money Fund -Institutional Class	154,500,000	—		(154,500,000	)	—	$	—	$	619,097	$	—
Strong Advisor Small Cap Value Fund
Allied Healthcare Products, Inc.	427,790	420,410		—		848,200		3,265,570		—		—
Apex Silver Mines, Ltd.	1,888,100	233,000		(6,000	)	2,115,100		44,205,590		—		42,846
Barbeques Galore, Ltd. Sponsored ADR	414,120	20,111		—		434,231		1,954,040		86,624		—
Calgon Carbon Corporation	2,230,390	356,710		(2,500	)	2,584,600		16,050,366		286,034		(1,437	)
Chicago Bridge & Iron Company NV	957,830	1,002,430	*	(91,360	)	1,868,900		54,011,210		221,150		822,483
Constar International, Inc.	706,500	273,700		(478,300	)	501,900		2,705,241		—		(2,812,829	)
Covenant Transport, Inc. Class A	361,200	459,300		(37,500	)	783,000		14,884,830		—		371,257
Discovery Partners International, Inc.	1,207,180	359,820		(63,600	)	1,503,400		9,245,910		—		(11,691	)
Dura Automotive Systems, Inc.	865,300	468,600		(213,000	)	1,120,900		14,313,893		—		414,625
Encore Wire Corporation	942,700	226,900		(5,700	)	1,163,900		20,612,669		—		19,183
Evans & Sutherland Computer Corporation	533,800	166,400		—		700,200		3,150,900		—		—
Greka Energy Corporation	362,400	92,700		(455,100	)	—		—		—		(1,114,309	)
Intertape Polymer Group, Inc.	2,045,300	420,900		(40,100	)	2,426,100		30,884,253		—		(87,593	)
Kforce.com, Inc.	1,172,500	699,985		(10,000	)	1,862,485		17,395,610		—		6,043
Layne Christensen Company	—	1,514,300		—		1,514,300		17,793,025		—		—
Lightbridge, Inc.	1,168,700	365,000		(10,600	)	1,523,100		13,860,210		—		33,241
Matrix Service Company	426,900	448,100	*	(33,100	)	841,900		15,280,485		—		604,221
McMoRan Exploration Company	831,700	89,600		(83,800	)	837,500		15,703,125		—		(85,103	)
Net2Phone,Inc.	1,526,600	355,700		—		1,822,300		12,799,640		—		—
Petroleum Helicopters, Inc.(non-voting)	147,980	26,280		—		174,260		4,705,020		—		—
Range Resources Corporation	3,397,800	754,500		(20,000	)	4,132,300		39,050,235		—		134,001
Rofin-Sinar Technologies, Inc.	630,000	33,085		(663,085	)	—		—		—		6,325,916
Sharper Image Corporation	861,750	263,050		(476,400	)	648,400		21,170,260		—		6,510,589
Strong Heritage Money Fund - Institutional Class	78,000,000	—		(78,000,000	)	—		—		394,687		—
Wackenhut Corrections Corporation	472,160	352,690		(42,940	)	781,910		17,827,548		—		40,288
World Acceptance Corporation	1,101,700	80,000		(597,500	)	584,200		11,631,422		—		7,172,258

* Increase due to stock split.

108

10. Special Meeting of Shareholders of Strong Advisor Mid Cap Growth Fund

On August 1, 2003, the Strong Advisor Mid Cap Growth Fund’s and Strong Growth Fund’s Board of Directors approved the reorganization of the Strong Advisor Mid Cap Growth Fund into the Strong Growth Fund, subject to shareholder approval at a meeting scheduled for October 31, 2003, which was adjourned. A new meeting date has not been set. Effective after the close of the market on August 22, 2003, the Strong Advisor Mid Cap Growth Fund was closed to new investors. Effective January 30, 2004, the Strong Advisor Mid Cap Growth Fund was reopened to new investors.

11. Special Meeting of Shareholders of Strong Multi Cap Value Fund

On August 1, 2003, the Strong Multi Cap Value Fund’s and Strong Advisor Small Cap Value Fund’s Board of Directors approved the reorganization of the Strong Multi Cap Value Fund into the Strong Advisor Small Cap Value Fund, subject to shareholder approval at a meeting scheduled for October 31, 2003, which was adjourned. A new meeting date has not been set. Effective after the close of the market on August 22, 2003, the Strong Multi Cap Value Fund was closed to new investors. Effective January 30, 2004, the Strong Multi Cap Value Fund was reopened to new investors.

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

On August 1, 2003, the Board of Directors of the Strong Advisor U.S. Value Fund met and approved a subadvisory agreement between Matrix Asset Advisors, Inc. and Strong Capital Management, Inc., subject to shareholder approval at a meeting scheduled for October 31, 2003, which was adjourned. A new meeting date has not been set.

13. Legal Proceedings

The United States Securities and Exchange Commission (“SEC”), the New York Attorney General (“NYAG”), the Wisconsin Attorney General (“WAG”), and the Wisconsin Department of Financial Institutions (“WDFI”) are investigating active trading of the Strong Funds by employees of Strong, including Richard S. Strong, former employee and Chairman of Strong. The Independent Directors of the Strong Funds are also investigating these matters, with the assistance of counsel and an independent consulting firm. Fund expenses related to the investigation are reimbursed by Strong. The Independent Directors intend to obtain appropriate redress if they determine that the Strong Funds were harmed. In addition, Strong has received a subpoena from the West Virginia Attorney General (“WVAG”) requesting documents, if any, related to market timing and late trading practices. Effective November 2, 2003, the Independent Directors accepted Mr. Strong’s resignation as Chairman of the Strong Funds’ Boards. Effective December 2, 2003, Mr. Strong resigned as Director of the Strong Funds’ Boards, as Chairman, Chief Investment Officer and Director of Strong, and as Chairman and Director of Strong Financial Corporation, and its affiliates.

Strong is aware of a complaint filed and simultaneously settled on September 3, 2003 (the “Complaint”), by NYAG on behalf of the State of New York, against Canary Capital Partners, LLC, et al. (collectively, “Canary”), which alleges that Canary engaged in certain improper trading practices characterized as “late-day trading” and “market timing” with various mutual funds. Strong and certain Strong Funds are referenced, although not named as parties in the Complaint, with respect to the market timing allegations. On September 5, 2003, the SEC began an inquiry based on matters related to, and set forth in, the Complaint. On September 24, 2003, the WDFI asked that certain information and documents be provided related to the matters referenced in the Complaint.

Strong is currently cooperating with the NYAG, the SEC, the WAG, the WDFI, and the WVAG with respect to their separate inquires into these matters. On September 26, 2003, Strong announced its commitment to make appropriate reimbursement if it is determined that the transactions set forth in the Complaint adversely affected investors in the Strong Funds referenced in the Complaint. On October 30, 2003, Mr. Strong announced that he has committed to personally compensate the Strong Funds for any financial losses they may have experienced as a result of his transactions.

As of the date of this Report, Strong is aware of multiple shareholder class and derivative actions (“Actions”) filed since September 4, 2003, with respect to the factual matters referenced in the Complaint naming, among others, Strong, Strong Funds, Strong affiliates, and certain of their officers and directors as defendants. These Actions have been filed in the following federal and state courts: U.S. District Court for the Southern District of New York; U.S. District Court, District of New Jersey; U.S. District Court, Eastern District of Wisconsin, Milwaukee Division; U.S. District Court, Western District of Wisconsin; Superior Court of New Jersey Law Division of Hudson; State of Wisconsin Circuit Court, Milwaukee County; State of Wisconsin Circuit Court, Waukesha County; Supreme Court of the State of New York; Superior Court of the State of California, County of Los Angeles; and U.S. District Court, District of Connecticut. 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. Additional lawsuits may be filed in the same or other venues presenting allegations and demands for relief. Strong expects that any such lawsuits would contain allegations including the matters discussed here and that the demands for relief would not materially differ from those described above. Based on available information, Strong and the Strong Funds do not currently believe that any of the pending Actions or the regulatory inquires will have a material impact on any of the Strong Funds.

109

REPORT OF INDEPENDENT AUDITORS

To the Board of Directors and Shareholders of

Strong Advisor Equity Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments in securities, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position 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”) at December 31, 2003, and the results of each of their operations, the changes in each of their net assets and their financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

February 3, 2004

110

DIRECTORS AND OFFICERS

Each officer and director holds the same position with the 27 registered open-end management investment companies consisting of 72 mutual funds (“Strong Funds”).

Willie D. Davis (DOB 7-24-34), Director of the Strong Funds since July 1994.

Mr. Davis has been President and Chief Executive Officer of All Pro Broadcasting, Inc., since 1977; Director of Wisconsin Energy Corporation (formerly WICOR, Inc., a utility company) since 1990, Metro Goldwyn Mayer, Inc. (an entertainment company), since 1998, Bassett Furniture Industries, Inc., since 1997, Checker’s Drive-In Restaurants, Inc. (formerly Rally’s Hamburgers, Inc.), since 1994, Johnson Controls, Inc. (an industrial company), since 1992, MGM Mirage (formerly MGM Grand, Inc., an entertainment/hotel company) since 1990, Dow Chemical Company since 1988, Sara Lee Corporation (a food/consumer products company) since 1983, Alliance Bank since 1980, Manpower, Inc. (a worldwide provider of staffing services), since 2001, and Kmart Corporation (a discount consumer products company) from 1985 to 2003; and Trustee of the University of Chicago since 1980 and Marquette University since 1988.

Gordon B. Greer (DOB 2-17-32), Director of the Strong Funds since March 2002.

Mr. Greer was Of Counsel for Bingham McCutchen LLP (a law firm previously known as Bingham Dana LLP) from 1997 to February 2002 and Partner of Bingham McCutchen LLP from 1967 to 1997. On behalf of Bingham McCutchen LLP, Mr. Greer provided representation to the disinterested directors of the Strong Funds from 1991 to February 2002. Bingham McCutchen LLP has provided representation to the Independent Directors of the Strong Funds since 1991.

Stanley Kritzik (DOB 1-9-30), Director of the Strong Funds since January 1995 and Chairman of the Audit Committee of the Strong Funds since July 2000.

Mr. Kritzik has been Partner of Metropolitan Associates (a real estate firm) since 1962; Director of Wisconsin Health Information Network since November 1997, Health Network Ventures, Inc., from 1992 to April 2000, Aurora Health Care from September 1987 to September 2002; and Member of the Board of Governors of Snowmass Village Resort Association from October 1999 until October 2002.

Neal Malicky (DOB 9-14-34), Director of the Strong Funds since December 1999.

Mr. Malicky has been President Emeritus of Baldwin-Wallace College since July 2000; Chancellor of Baldwin-Wallace College from July 1999 to June 2000; President of Baldwin-Wallace College from July 1981 to June 1999; Director of Aspire Learning Corporation since June 2000; Trustee of Southwest Community Health Systems, Cleveland Scholarship Program, and The National Conference for Community and Justice until 2001; President of the National Association of Schools and Colleges of the United Methodist Church, Chairperson of the Association of Independent Colleges and Universities of Ohio, and Secretary of the National Association of Independent Colleges and Universities until 2001.

William F. Vogt (DOB 7-19-47), Director and Chairman of the Independent Directors Committee of the Strong Funds since January 1995.

Mr. Vogt has been Senior Vice President of IDX Systems Corporation (a management consulting firm) since June 2001; President of Vogt Management Consulting, Inc., from July 1990 to June 2001; and former Fellow of the American College of Medical Practice Executives.

111

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; Executive Vice President of the Advisor since December 2001; Director of Mutual Fund Administration of Strong Investor Services, Inc., since April 2001; and Marketing Services Manager of Strong Investments, Inc., from November 1998 to April 2001.

Christopher O. Petersen (DOB 1-18-70), Vice President and Assistant Secretary of the Strong Funds since May 2003.

Mr. Petersen has been Managing Counsel of Strong Financial Corporation since March 2003; Corporate Counsel at U.S. Bancorp Asset Management, Inc., from May 2001 to March 2003; Corporate Counsel at First American Asset Management, a division of U.S. Bank National Association (“FAAM”), from September 1999 to May 2001; Compliance Officer at FAAM from January 1999 to September 1999; and Associate Attorney at Mauzy Law Firm from September 1997 to December 1998.

Richard W. Smirl (DOB 4-18-67), Vice President of the Strong Funds since February 2002 and Secretary of the Strong Funds since November 2001.

Mr. Smirl has been Senior Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of Strong Financial Corporation from December 2001 to February 2003; Secretary of Strong Financial Corporation since February 2003; Assistant Executive Vice President of the Advisor since December 2001; Chief Legal Officer of the Advisor since February 2003; Secretary of the Advisor since November 2002; Assistant Secretary of the Advisor from December 2001 to November 2002; Senior Counsel of the Advisor from July 2000 to December 2001; General Counsel of Strong Investments, Inc. (“Distributor”), since November 2001; Secretary of the Distributor since July 2000; Vice President and Chief Compliance Officer of the Distributor from July 2000 to December 2003; Lead Counsel of the Distributor from July 2000 to November 2001; Vice President of Strong Investor Services, Inc., since December 2001; Assistant Secretary of Strong Investor Services, Inc., from December 2001 to May 2003; Secretary of Strong Investor Services, Inc., since May 2003; Partner at Keesal, Young & Logan LLP (a law firm) from September 1999 to July 2000; and Associate at Keesal, Young & Logan LLP from September 1992 to September 1999.

Gilbert L. Southwell III (DOB 4-13-54), Assistant Secretary of the Strong Funds since July 2001.

Mr. Southwell has been Associate Counsel of Strong Financial Corporation since December 2001; Assistant Secretary of the Advisor since December 2002; Associate Counsel of the Advisor from April 2001 to December 2001; Partner at Michael, Best & Friedrich, LLP (a law firm) from October 1999 to March 2001; and Assistant General Counsel of U.S. Bank, National Association (formerly Firstar Bank, N.A.) and/or certain of its subsidiaries from November 1984 to September 1999.

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

Mr. Widmer has been Treasurer of the Advisor since April 1999; Assistant Treasurer of Strong Financial Corporation since December 2001; Assistant Secretary of Strong Financial Corporation from December 2001 to January 2003; Treasurer of Strong Service Corporation since April 1999; Treasurer and Assistant Secretary of Strong Investor Services, Inc., since July 2001; and Manager of the Financial Management and Sales Reporting Systems department of the Advisor from May 1997 to April 1999.

Thomas M. Zoeller (DOB 2-21-64), Vice President of the Strong Funds since October 1999.

Mr. Zoeller has been Executive Vice President of the Advisor since April 2001; Chief Financial Officer of the Advisor since February 1998; Secretary of the Advisor from December 2001 to November 2002; Member of the Office of the Chief Executive of Strong Financial Corporation since May 2001; Chief Financial Officer and Treasurer of Strong Investments, Inc., since October 1993; Executive Vice President of Strong Investor Services, Inc., since July 2001; Secretary of Strong Investor Services, Inc., from July 2001 to May 2003; Executive Vice President, Chief Financial Officer, and Secretary of Strong Service Corporation since December 2001; Treasurer of Strong Service Corporation from September 1996 to April 1999; Vice President of Strong Service Corporation from April 1999 to December 2001; Member of the Office of the Chief Executive of the Advisor from November 1998 until May 2001; and Senior Vice President of the Advisor from February 1998 to April 2001.

Except for Messrs. Davis, Kritzik, Malicky, and Vogt, the address of all of the Directors and Officers is P.O. Box 2936, Milwaukee, WI 53201. Mr. Davis’s address is 161 North La Brea, Inglewood, CA 90301. Mr. Kritzik’s address is 1123 North Astor Street, Milwaukee, WI 53202. Mr. Malicky’s address is 4608 Turnberry Drive, Lawrence, KS 66047. Mr. Vogt’s address is P.O. Box 7657, Avon, CO 81620.

The statement of additional information contains additional information about fund directors and officers and is available without charge, upon request, by calling 1-800-368-3863.

112

NOTES

113

NOTES

114

Directors

Willie D. Davis

Gordon B. Greer

Stanley Kritzik

Neal Malicky

William F. Vogt

Officers

Phillip O. Peterson, President (effective January 2004)

Thomas M. Zoeller, Vice President

Richard W. Smirl, Vice President and Secretary

Christopher O. Petersen, Vice President and Assistant Secretary

Gilbert L. Southwell III, Assistant Secretary

John W. Widmer, Treasurer

Ane K. Ohm, Anti-Money Laundering Compliance Officer

Investment Advisor

Strong Capital Management, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Distributor

Strong Investments, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue, Kansas City, Missouri 64105

Transfer Agent and Dividend-Disbursing Agent

Strong Investor Services, Inc.

P.O. Box 2936, Milwaukee, Wisconsin 53201

Independent Accountants

PricewaterhouseCoopers LLP

100 East Wisconsin Avenue, Milwaukee, Wisconsin 53202

Legal Counsel

Godfrey & Kahn, S.C.

780 North Water Street, Milwaukee, Wisconsin 53202

115

Strong Investments

P.O. Box 2936 | Milwaukee, WI 53201

www.Strong.com

To order a free prospectus kit,

call 1-800-368-1030

To learn more about our funds, discuss an

existing account, or conduct a transaction,

call 1-800-368-3863

To receive a free copy of the policies and

procedures the funds use to determine

how to vote proxies relating to portfolio

securities, call 1-800-368-3863, or visit the

Securities and Exchange Commission’s

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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. RT40962 02-04

AEQY/WH2006 12-03

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.

(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.

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 person 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:

	2003
	Audit Fees		Audit Related Fees		Tax Fees		Other Fees
Strong Common Stock Fund, Inc.	$	81,425	$	—	$	8,477	$	—

	2002
	Audit Fees		Audit Related Fees		Tax Fees		Other Fees
Strong Common Stock Fund, Inc.	$	53,966	$	—	$	14,606	$	—

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 of 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 provided 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 and the preceding fiscal year 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 $254,000 and $266,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved 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 –  6. [Reserved]

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

Item 8. [Reserved]

Item 9. 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 its 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 controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a) above, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 10. Exhibits

The following exhibits are attached to this Form N-CSR:

10(a)	Code of Ethics required by Item 2 of Form N-CSR
10(b)(1)	Certification of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
10(b)(2)	Certification of Principal Financial Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002
10(c)	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.

Strong Common Stock Fund, Inc., on behalf of Strong Advisor Common Stock Fund, and Strong Advisor Endeavor Large Cap Fund, Strong Advisor Focus Fund and Strong Advisor Technology Fund

By:	/s/    Richard W. Smirl
	Richard W. Smirl, Vice President and Secretary
Date: February 24, 2004

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.

By:	/s/    Thomas M. Zoeller
	Thomas M. Zoeller, Principal Executive Officer
Date: February 24, 2004

By:	/s/    John W. Widmer
	John W. Widmer, Treasurer (Principal Financial Officer)
Date: February 24, 2004