<PAGE>
[LOGO OF STRONG]
[PICTURE]
semi-annual report
The Strong
T E C H N O L O G Y
Funds
The Strong Internet Fund
The Strong Technology 100 Fund
Semi-Annual Report . June 30, 2000
<PAGE>
Letter from the Chairman
Dear Strong Investor,
The United States' economic miracle continues to set records for longevity.
Today, we enjoy a near-perfect economy. How in the world did we get here?
In the days of our grandparents and great-grandparents, the railroad helped
drive the Industrial Revolution. Nearly every aspect of the Industrial
Revolution directly impacted and improved people's lives. Today, the
technological revolution is similarly impacting our lives. We feel its presence
every time we dial a cell phone, pull out a PalmPilot, boot up a computer, and
punch "play" on the CD player in the dashboard of our computer-programmed cars.
Technology is our constant companion.
Aside from those tangible ways in which we employ technology each and every day,
ongoing technological developments affect us in another, less obvious way. The
technology revolution is enhancing worker productivity, enabling the economy to
grow faster than ever before without the drag of inflation. This allows real
wages to rise faster than in previous periods of expansion, raising nearly
everyone's standard of living.
The phenomenal economic growth and wealth creation that we have experienced has
powered the financial markets to ever-higher levels in recent years. As long as
this favorable economic environment prevails--and assuming that there isn't a
negative policy change or an economic "accident" to derail it--our economy
should continue to expand. Hopefully, the financial markets will continue to
reflect that.
Despite the good times, we should never forget that the financial markets are in
control and that they are a discounting mechanism, continually peering into the
future. In fact, many experienced investors believe that certain sectors of the
financial markets are currently priced to perfection and any little hiccup could
cause a significant correction.
The U.S. Federal Reserve Board has increased interest rates six times during the
last 18 months in an attempt to slow the economy. Many central banks around the
world have been making a concerted effort to slow their economies. If one or
more of these economies should slow, it may be reflected in the tone of our
economy and financial markets as well. If that happens, 2000 could be the first
time in many years that investors earn a negative return on their stock
investments. It will be a new--and unpleasant--experience for investors who know
only the unbridled bull markets of the 1990s.
Financial markets are cyclical. A market correction, though painful, is as
natural as breathing. Financial volatility can significantly derail an
investment program, especially if that program is not carefully planned. At
Strong, we pride ourselves on helping our investors invest wisely and with
purpose. We advise you to establish a clear set of goals, a plan to reach them,
and a program of constant monitoring to make certain you are heading in the
right direction.
/s/ Dick
<PAGE>
The Strong Technology Funds
____________
SEMI-ANNUAL REPORT . JUNE 30, 2000
Table of Contents
<TABLE>
<S> <C>
Investment Reviews
The Strong Internet Fund............................................................................. 2
The Strong Technology 100 Fund....................................................................... 4
Financial Information
Schedules of Investments in Securities
The Strong Internet Fund.......................................................................... 6
The Strong Technology 100 Fund.................................................................... 6
Statements of Assets and Liabilities................................................................. 9
Statements of Operations............................................................................. 10
Statements of Changes in Net Assets.................................................................. 11
Notes to Financial Statements........................................................................ 12
Financial Highlights.................................................................................... 15
</TABLE>
<PAGE>
THE STRONG INTERNET FUND
------------------------
Fund Highlights
. The Fund returned -2.90% for the six months ended June 30, 2000, while the S&P
500 Stock Index returned -0.42%./1/, *
. Internet in frastructure, networking, Internet security, and optical
component holdings provided strong performance. The Fund also was protected
because we reduced our holdings in business-to-consumer (B2C) and business-to-
business (B2B) e-commerce software companies, as they underperformed.
--------------------------------------------------------------------------------
TOTAL RETURN/1/
As of 6-30-00
Since Inception -2.90%
(on 12-31-99)
Equity funds are volatile investments and should only be considered for long-
term goals.
--------------------------------------------------------------------------------
FIVE LARGEST
STOCK HOLDINGS
As of 6-30-00
Security % of Net Assets
Broadcom Corporation 7.9%
Cisco Systems, Inc. 7.6%
VeriSign, Inc. 6.1%
America Online, Inc. 5.5%
Juniper Networks, Inc. 5.5%
Please see the Schedule of Investments in Securities for a complete listing of
the Fund's portfolio.
Perspectives
from the Manager
/s/ James W.M. Houlton
James W.M. Houlton
Portfolio Manager
--------------------------------------------------------------------------------
We believe that the highest-quality Internet-related companies poised to succeed
in the new economy share several characteristics:
. Unique and innovative products or services targeting very large potential
markets.
. Sustainable business models that make sense.
. Competitive advantages, such as dominant market share or first-mover
advantage.
. Effective management, as indicated by high return on invested capital or
improving profit margins.
. Management executives who have already successfully run other technology
companies.
These are the types of companies we seek. We believe these young industry
leaders will be the big winners as the Internet goes through a consolidation
over the next three to five years. It's anticipated that as many as half of the
public Internet companies will either go bankrupt or be acquired over that
period. In contrast, we expect these new winners to improve their competitive
positions through acquisitions. If we are right, these resulting companies will
become very large and may become the "blue chip" technology companies of the
future.
We focus on industry segments in which the demand for products and services is
extremely large. One industry segment we are focused on right now is
communications, as the global phone network is being upgraded to better handle
Internet data traffic. This transition represents a $1 trillion capital
investment
--------------------------------------------------------------------------------
We believe that we are
entering a stock-picking
period in the market,
one in which companies
with good business
fundamentals will be in
demand, and others will
be vulnerable.
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------
/1/ Total Return is not annualized and measures aggregate change in the value of
an investment in the Fund, assuming reinvestment of dividends and capital
gains.
2
<PAGE>
throughout the industry. For the portfolio, we have added companies involved in
networking, communication, semiconductors, and optical components because they
sell into this dynamic market.
Another area in which capital spending is exploding is business-to-business
(B2B) e-commerce. Many of the Fortune 1000 companies view their Internet capital
expenditures as being strategic to their success. As these companies build
corporate web sites targeted at their customers, employees, and suppliers, they
are presenting a tremendous revenue opportunity to B2B e-commerce vendors.
Substantial revenue opportunities are also being created for Internet
infrastructure and Internet security companies. We have recently added to our
holdings in this area.
We believe that we are entering a stock-picking period in the market, one in
which companies with good business fundamentals will be in demand, and others
will be vulnerable. We will continue to do our best to identify and invest in
the highest-quality Internet-related companies. With Internet valuations being
more reasonable than they have been for some time, we are feeling positive about
the second half of the year.
Thank you for your interest in the Strong Internet Fund. We look forward to
continuing to help you address your long-term financial goals.
GROWTH OF AN ASSUMED $10,000 INVESTMENT
From 12-31-99 to 6-30-00
[GRAPH]
<TABLE>
<CAPTION>
The Strong
Internet Fund S&P 500 Stock Index* Lipper Science & Technology Funds Index*
<S> <C> <C> <C>
Dec 99 $10,000 $10,000 $10,000
Jan 00 $ 9,480 $ 9,497 $ 9,895
Feb 00 $11,980 $ 9,317 $12,560
Mar 00 $11,460 $10,229 $12,178
Apr 00 $ 9,390 $ 9,921 $10,756
May 00 $ 8,020 $ 9,717 $ 9,458
Jun 00 $ 9,710 $ 9,957 $10,892
</TABLE>
This graph, prepared in accordance with SEC regulations, compares a $10,000
investment in the Fund, made at its inception, with the performance of the
Standard & Poor's 500 Stock Index ("S&P 500") and the Lipper Science &
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.
Your Fund's Approach
The Strong Internet Fund seeks capital growth. It invests primarily in companies
engaged in Internet- and Intranet-related businesses. Under normal
market conditions, the Fund will invest at least 65% of its assets in equity
securities of companies of any size that derive at least 50% of their revenues,
expenses, or profits from the research, design, development, manufacturing, or
distribution of products, processes, or services for use with Internet- or
Intranet-related businesses. Some examples of these companies include providers
of broadband Internet access, web site content, Internet software, and
electronic commerce. To identify these companies, the Fund's manager generally
looks for several characteristics, including strong revenue growth, overall
financial strength, competitive advantages, and effective management.
--------------------------------------------------------------------------------
Market Highlights
. The first half of 2000 can be thought of as a tale of two economies. During
the first quarter, the enthusiasm for new economy stocks spilled over from the
fourth quarter of 1999, causing valuations to become extended.
. Unfortunately, in response to the aggressive inflation fighting of the Federal
Reserve, during the second quarter, investors shifted from new economy stocks
back to old economy stocks as a defensive measure. This produced a very
volatile market.
. The first quarter tends to be the seasonally weakest for the technology sector
in general, and the Internet in particular, with a progression through each of
the remaining quarters of the year.
--------------------------------------------------------------------------------
* The S&P 500 is an unmanaged index generally representative of the U.S. stock
market. The Lipper Science & Technology Funds Index is an equally weighted
performance index of the largest qualifying funds in this Lipper category.
Source of the S&P index data is Standard & Poor's Micropal. Source of the
Lipper index data is Lipper Inc.
3
<PAGE>
THE STRONG TECHNOLOGY 100 FUND
------------------------------
Fund Highlights
. The Strong Technology 100 Fund returned 20.80% for the six months ended June
30, 2000, while the S&P 500 Index returned -0.42%./1/,*
. Semiconductor, Internet infrastructure, telecom equipment, and biotechnology
holdings provided strong relative performance results for the Fund.
. Exposure to large-cap software issues were a negative contributor in the
period.
--------------------------------------------------------------------------------
TOTAL RETURN/1/
As of 6-30-00
Since Inception 20.80%
(on 12-31-99)
Equity funds are volatile investments and should only be considered for long-
term goals.
--------------------------------------------------------------------------------
FIVE LARGEST
STOCK HOLDINGS
As of 6-30-00
Security % of Net Assets
E-Tek Dynamics, Inc. 2.4%
Cisco Systems, Inc. 2.4%
VeriSign, Inc. 2.4%
Nortel Networks Corporation 2.1%
Micron Technology, Inc. 2.1%
Please see the Schedule of Investments in Securities for a complete listing of
the Fund's portfolio.
Perspectives from the Manager
/s/ Derek Felske
Derek Felske
Portfolio Manager
--------------------------------------------------------------------------------
The Fund's investments are concentrated in the direct enablers and the leading
beneficiaries of the growth of the networked global economy. The rapid growth of
Internet usage and its acceptance by both old and new economy companies will
continue to enhance the business prospects of companies engaged in electronic
commerce, wireless communications, semiconductors, bandwidth expansion, and
software.
Holdings in semiconductor manufacturers and equipment suppliers represent 20% of
the Fund's portfolio. End markets for semiconductor usage continue to broaden
with communications-related demand now representing roughly one third of total
sales. In addition, computer-related semiconductor demand should be enhanced as
Windows 2000 gains traction. With this in mind, we added to our semiconductor
position during the period.
Networking stocks currently represent 20% of the portfolio. The need for
bandwidth (transmission speed) in the Internet backbone to handle the explosive
growth of data traffic continues to support rapid growth in the sector. As more
and more Fortune 1000 companies and smaller businesses develop e-commerce
strategies, the demand for routers, hubs, and switches will continue to
accelerate. In addition, as wireless applications become increasingly web-
centric, the stress on the existing infrastructure will further intensify. We
generally held our position in this area in anticipation of these market
movements. Besides the obvious choices like Cisco Systems, we also like Juniper
Networks, a leader in high-end routing; Efficient Networks, a leading DSL
equipment supplier; and JDS Uniphase, the leading player in photonics.
The final area of significant concentration is enterprise software (15%). Many
software companies are seeing the benefits of the explosive growth of the
We believe that
stock picking and
more diversified
sector weightings
will be rewarded.
--------------------------------------------------------------------------------
/1/ Total Return is not annualized and measures aggregate change in the value of
an investment in the Fund, assuming reinvestment of dividends and capital
gains.
4
<PAGE>
Net, as new and old economy companies rush to develop web applications and
services. Oracle and Ariba are clear leaders offering extensive e-business
application suites.
In addition to technology, selected areas of healthcare provide interesting
opportunities, as did our careful selections within the new issues market, which
helped the performance of the Fund during this period. We particularly like the
companies that provide the "picks and shovels" of genomic discovery (PE
Biosystems). Major pharmaceutical companies like Pfizer and Genentech represent
more conservative plays on the genomic revolution. We intend to intensify our
focus on this sector as concepts come closer to reality.
In our view, the prospects for leading technology companies have never been
brighter. With pricing power nonexistent, we expect old economy companies that
are able to leverage the productivity benefits of technology-based solutions to
prosper. With sector valuations high and the market's overall technology area at
record highs, we expect continued market volatility as tech investors become
more selective and focus on the real leaders, not highly speculative concept
stocks. We believe that stock picking and more diversified sector weightings
will be rewarded. The use of proprietary quantitative screens, theme
development, and the benefits derived from hundreds of on-and off-site company
visits will continue to guide us as we attempt to take advantage of market
volatility.
We thank you for your interest in the Strong Technology 100 Fund and look
forward to continuing to help you meet your financial goals.
GROWTH OF AN ASSUMED $10,000 INVESTMENT
From 12-31-99 to 6-30-00
[GRAPH]
<TABLE>
<CAPTION>
The Strong Technology 100 Fund S&P 500 Stock Index* Lipper Science & Technology Funds Index*
<S> <C> <C> <C>
Dec 99 $10,000 $10,000 $10,000
Jan 00 $10,130 $ 9,497 $ 9,895
Feb 00 $13,050 $ 9,317 $12,560
Mar 00 $12,550 $10,229 $12,178
Apr 00 $11,290 $ 9,921 $10,756
May 00 $10,120 $ 9,717 $ 9,458
Jun 00 $12,080 $ 9,957 $10,892
</TABLE>
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
Standard & Poor's 500 Stock Index ("S&P 500") and the Lipper Science &
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.
Your Fund's Approach
The Strong Technology 100 Fund seeks capital growth. It invests in 75 to 125
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. The Fund's portfolio will likely include stocks
from the following sectors: computer software and hardware, semiconductor,
media, biotechnology, communications, electronics, defense, and aerospace.
--------------------------------------------------------------------------------
Market Highlights
. After several years of unusually strong performance for technology-related
issues, the return differential between technology companies and other growth
companies began to close during the period, particularly in the second
quarter. In our view, a weeding-out process has begun.
. The Federal Reserve's decision to hike short-term interest rates and gyrations
surrounding the release of key economic data resulted in a volatile market in
the second quarter. With valuations in the technology area at high historical
levels and the market's overall technology weighting at record highs, we
expect volatility to remain high.
. High levels of corporate profitability continue to indirectly support the
technology sector.
--------------------------------------------------------------------------------
*The S&P 500 is an unmanaged index generally representative of the U.S. stock
market. The Lipper Science & Technology Funds Index is an equally weighted
performance index of the largest qualifying funds in this Lipper category.
Source of the S&P index data is Standard & Poor's Micropal. Source of the
Lipper index data is Lipper Inc.
5
<PAGE>
<TABLE>
<CAPTION>
SCHEDULES OF INVESTMENTS IN SECURITIES June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------------------
STRONG INTERNET FUND
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks 99.6%
Computer - Local Networks 11.2%
Brocade Communications Systems, Inc. (b) 9,300 $ 1,706,405
Cisco Systems, Inc. (b) 110,700 7,036,369
3Com Corporation (b) 28,000 1,613,500
-----------
10,356,274
Computer - Manufacturers 4.6%
Sun Microsystems, Inc. (b) 47,000 4,274,062
Computer Software - Enterprise 8.5%
Business Objects SA Sponsored ADR (b) 5,000 440,625
E.piphany, Inc. (b) 9,200 986,125
I2 Technologies, Inc. (b) 12,600 1,313,747
Micromuse, Inc. (b) 4,000 661,938
Oracle Systems Corporation (b) 11,200 941,500
TIBCO Software, Inc. (b) 21,200 2,273,369
Veritas Software Corporation (b) 11,000 1,243,172
-----------
7,860,476
Computer Software - Financial 1.1%
Intuit, Inc. (b) 25,500 1,055,062
Computer Software - Security 2.8%
Check Point Software Technologies, Ltd. (b) 12,200 2,583,350
Electronics - Semiconductor Manufacturing 11.9%
Applied Micro Circuits Corporation (b) 8,700 859,125
Broadcom Corporation (b) 33,500 7,334,406
LSI Logic Corporation (b) 7,000 378,875
MIPS Technologies, Inc. Class A (b) 25,000 1,062,500
National Semiconductor Corporation (b) 6,600 374,550
PMC-Sierra, Inc. (b) 3,000 533,063
Xilinx, Inc. (b) 5,500 454,094
-----------
10,996,613
Financial Services - Miscellaneous 0.3%
CheckFree Holdings Corporation (b) 4,600 237,187
Internet - E*Commerce 3.4%
Amazon.com, Inc. (b) 20,000 726,250
Critical Path, Inc. (b) 25,900 1,510,294
Internet Capital Group, Inc. (b) 24,300 899,480
-----------
3,136,024
Internet - Internet Service Provider/Content 10.7%
Akamai Technologies, Inc. (b) 15,000 1,781,016
America Online, Inc. (b) 97,000 5,116,750
LifeMinders, Inc. (b) 11,500 339,969
Psinet, Inc. (b) 17,300 434,663
Yahoo! Inc. (b) 17,900 2,217,363
-----------
9,889,761
Internet - Network Security/Solutions 14.7%
Digex, Inc. (b) 10,300 699,756
Exodus Communications, Inc. (b) 38,000 1,750,375
Juniper Networks, Inc. (b) 35,000 5,094,687
Keynote Systems, Inc. (b) 7,400 522,163
VeriSign, Inc. (b) 32,160 5,676,240
-----------
13,743,221
Internet - Software 13.2%
Active Software, Inc. (b) 13,500 1,048,781
Ariba, Inc. (b) 33,200 3,255,156
BroadVision, Inc. (b) 28,300 1,437,993
Interwoven, Inc. (b) 11,500 1,264,820
Kana Communications, Inc. (b) 13,000 804,375
Niku Corporation (b) 38,000 1,282,500
Portal Software, Inc. (b) 19,300 1,232,787
RealNetworks, Inc. (b) 18,200 920,237
Vignette Corporation (b) 19,000 988,297
-----------
12,234,946
Telecommunications - Equipment 12.1%
Advanced Fibre Communications, Inc. (b) 9,000 407,812
CIENA Corporation (b) 9,600 1,600,200
Copper Mountain Networks, Inc. (b) 5,000 440,625
E-Tek Dynamics, Inc. (b) 9,100 2,400,694
JDS Uniphase Corporation (b) 10,900 1,306,637
Redback Networks, Inc. (b) 7,800 1,388,400
Sycamore Networks, Inc. (b) 30,200 3,333,325
Terayon Communication Systems, Inc. (b) 6,100 391,830
-----------
11,269,523
Telecommunications - Services 5.1%
Aether Systems, Inc. (b) 2,400 492,000
Level 3 Communications, Inc. (b) 17,000 1,496,000
Metromedia Fiber Network, Inc. (b) 13,000 515,938
Qwest Communications International, Inc. (b) 45,000 2,235,937
-----------
4,739,875
-------------------------------------------------------------------------------------------
Total Common Stocks (Cost $79,796,333) 92,376,374
-------------------------------------------------------------------------------------------
Short-Term Investments (a) 0.5%
Commercial Paper 0.2%
Interest Bearing, Due Upon Demand
Sara Lee Corporation, 6.27% $ 64,900 64,900
Wisconsin Electric Power Company, 6.31% 84,100 84,100
-----------
149,000
Repurchase Agreements 0.3%
ABN-AMRO Inc. (Dated 6/30/00), 6.60%,
Due 7/03/00 (Repurchase proceeds
$300,165); Collateralized by:
U.S. Government & Agency Issues (c) 300,000 300,000
-------------------------------------------------------------------------------------------
Total Short-Term Investments (Cost $449,000) 449,000
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
Total Investments in Securities (Cost $80,245,333) 100.1% 92,825,374
Other Assets and Liabilities, Net (0.1%) (69,074)
-------------------------------------------------------------------------------------------
Net Assets 100.0% $92,756,300
===========================================================================================
</TABLE>
<TABLE>
<CAPTION>
STRONG TECHNOLOGY 100 FUND
Shares or
Principal Value
Amount (Note 2)
-------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks 99.2%
Computer - Local Networks 3.0%
Cisco Systems, Inc. (b) 122,000 $ 7,754,625
3Com Corporation (b) 35,000 2,016,875
-----------
9,771,500
Computer - Manufacturers 2.6%
Dell Computer Corporation (b) 77,500 3,821,719
International Business Machines Corporation 25,000 2,739,062
Sun Microsystems, Inc. (b) 22,000 2,000,625
-----------
8,561,406
Computer - Memory Devices 1.3%
EMC Communications Corporation (b) 21,000 1,615,688
Network Appliance, Inc. (b) 16,000 1,288,000
SanDisk Corporation (b) 20,000 1,223,750
-----------
4,127,438
Computer - Optical Recognition 0.6%
Symbol Technologies, Inc. 35,500 1,917,000
Computer - Services 1.5%
InterNAP Network Services Corporation (b) 65,500 2,719,273
Sungard Data Systems, Inc. (b) 66,000 2,046,000
-----------
4,765,273
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
STRONG TECHNOLOGY 100 FUND (continued)
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------------
<S> <C> <C>
Computer Software - Desktop 3.3%
Gemstar International Group, Ltd. (b) 62,500 $ 3,840,820
Microsoft Corporation (b) 52,500 4,200,000
Verity, Inc. (b) 68,000 2,584,000
-----------
10,624,820
Computer Software - Enterprise 9.8%
Adobe Systems, Inc. 26,000 3,380,000
Business Objects SA Sponsored ADR (b) 28,500 2,511,562
I2 Technologies, Inc. (b) 17,600 1,835,075
Mercury Interactive Corporation (b) 35,500 3,434,625
Micromuse, Inc. (b) 14,000 2,316,781
Oracle Systems Corporation (b) 76,000 6,388,750
Peregrine Systems, Inc. (b) 73,000 2,532,187
SAP AG Sponsored ADR 43,500 2,041,781
TIBCO Software, Inc. (b) 26,000 2,788,094
Veritas Software Corporation (b) 41,000 4,633,641
-----------
31,862,496
Computer Software - Financial 1.1%
Intuit, Inc. (b) 85,000 3,516,875
Computer Software - Security 1.0%
Check Point Software Technologies, Ltd. (b) 14,700 3,112,725
Electronics - Measuring Instruments 0.6%
Tektronix, Inc. (b) 28,500 2,109,000
Electronics - Miscellaneous Components 0.8%
Kopin Corporation (b) 36,000 2,493,000
Electronics - Scientific Instruments 2.3%
Millipore Corporation 24,000 1,809,000
PE Corporation-PE Biosystems Group 85,000 5,599,375
-----------
7,408,375
Electronics - Semiconductor Equipment 3.9%
Applied Materials, Inc. (b) 38,000 3,443,750
Credence Systems Corporation (b) 43,000 2,373,063
KLA-Tencor Corporation (b) 42,500 2,488,906
Lam Research Corporation (b) 63,000 2,362,500
Teradyne, Inc. (b) 29,000 2,131,500
-----------
12,799,719
Electronics - Semiconductor Manufacturing 17.3%
Analog Devices, Inc. (b) 24,000 1,824,000
Applied Micro Circuits Corporation (b) 63,000 6,221,250
Conexant Systems, Inc. (b) 64,000 3,112,000
GlobeSpan, Inc. (b) 42,500 5,188,320
Integrated Device Technology, Inc. (b) 44,500 2,664,438
Intel Corporation 35,500 4,745,906
LSI Logic Corporation (b) 58,500 3,166,313
Linear Technology Corporation 40,000 2,557,500
Maxim Integrated Products, Inc. (b) 31,500 2,140,031
Micron Technology, Inc. (b) 76,500 6,736,781
National Semiconductor Corporation (b) 20,000 1,135,000
PMC-Sierra, Inc. (b) 26,000 4,619,875
Texas Instruments, Inc. 77,500 5,323,281
TriQuint Semiconductor, Inc. (b) 48,000 4,593,000
Vitesse Semiconductor Corporation (b) 29,000 2,133,313
-----------
56,161,008
Electronics Products - Miscellaneous 2.2%
Celestica, Inc. (b) 44,500 2,208,312
Flextronics International, Ltd. (b) 32,500 2,232,344
Solectron Corporation (b) 63,000 2,638,125
-----------
7,078,781
Finance - Investment Brokers 2.9%
The Goldman Sachs Group, Inc. 57,000 5,407,875
The Charles Schwab Corporation 122,000 4,102,250
-----------
9,510,125
Financial Services - Miscellaneous 1.0%
First Data Corporation 64,000 $ 3,176,000
Internet - E*Commerce 1.7%
Critical Path, Inc. (b) 36,000 2,099,250
Internet Capital Group, Inc. (b) 93,000 3,442,453
-----------
5,541,703
Internet - Internet Service Provider/Content 2.9%
InfoSpace, Inc. (b) 54,000 2,983,500
MyPoints.com, Inc. (b) 115,000 2,179,609
USinternetworking, Inc. (b) 214,000 4,373,625
-----------
9,536,734
Internet - Network Security/Solutions 4.9%
Exodus Communications, Inc. (b) 126,000 5,803,875
Juniper Networks, Inc. (b) 16,600 2,416,338
VeriSign, Inc. (b) 43,600 7,695,400
-----------
15,915,613
Internet - Software 8.3%
Ariba, Inc. (b) 28,000 2,745,312
Art Technology Group, Inc. (b) 20,500 2,069,219
BEA Systems, Inc. (b) 61,000 3,015,687
BroadVision, Inc. (b) 46,500 2,362,781
Clarent Corporation (b) 64,500 4,611,750
Kana Communications, Inc. (b) 30,000 1,856,250
Phone.com, Inc. (b) 33,500 2,181,688
Portal Software, Inc. (b) 38,000 2,427,250
Vignette Corporation (b) 73,000 3,797,141
Vitria Technology, Inc. (b) 33,000 2,017,125
-----------
27,084,203
Medical - Biomedical/Genetics 3.5%
Amgen, Inc. (b) 36,000 2,529,000
Chiron Corporation (b) 56,600 2,688,500
Genentech, Inc. (b) 35,500 6,106,000
-----------
11,323,500
Medical - Ethical Drugs 3.3%
Merck & Company, Inc. 42,500 3,256,563
Pfizer, Inc. 105,875 5,082,000
Schering-Plough Corporation 46,500 2,348,250
-----------
10,686,813
Medical - Instruments 0.8%
Medtronic, Inc. 54,000 2,689,875
Telecommunications - Cellular 1.0%
VoiceStream Wireless Corporation (b) 27,500 3,198,164
Telecommunications - Equipment 16.8%
ADC Telecommunications, Inc. (b) 41,000 3,438,875
Andrew Corporation (b) 64,500 2,164,781
Comverse Technology, Inc. (b) 32,000 2,976,000
Copper Mountain Networks, Inc. (b) 31,000 2,731,875
Ditech Communications Corporation (b) 19,000 1,796,688
E-Tek Dynamics, Inc. (b) 30,000 7,914,375
Efficient Networks, Inc. (b) 54,000 3,972,375
Ericsson (LM) Telephone Company ADR Class B 130,000 2,600,000
Lucent Technologies, Inc. 66,000 3,910,500
Motorola, Inc. 64,000 1,860,000
Nokia Corporation Sponsored ADR 45,500 2,272,156
Nortel Networks Corporation 99,000 6,756,750
Qualcomm, Inc. (b) 56,000 3,360,000
Scientific-Atlanta, Inc. 49,500 3,687,750
Sycamore Networks, Inc. (b) 11,000 1,214,125
Tellabs, Inc. (b) 55,000 3,764,063
-----------
54,420,313
Telecommunications - Services 0.8%
NEXTLINK Communications, Inc. Class A (b) 70,000 2,655,625
--------------------------------------------------------------------------------------
Total Common Stocks (Cost $282,183,951) 322,048,084
--------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
SCHEDULES OF INVESTMENTS IN SECURITIES (continued) June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
STRONG TECHNOLOGY 100 FUND (continued)
<TABLE>
<CAPTION>
Shares or
Principal Value
Amount (Note 2)
--------------------------------------------------------------------------------------------
<S> <C> <C>
Short-Term Investments (a) 2.4%
Commercial Paper 0.0%
Interest Bearing, Due Upon Demand
Sara Lee Corporation, 6.27% $ 54,100 $ 54,100
Wisconsin Electric Power Company, 6.31% 30,100 30,100
----------
84,200
Repurchase Agreements 1.3%
ABN-AMRO Inc. (Dated 6/30/00), 6.60%,
Due 7/03/00 (Repurchase proceeds
$4,102,255); Collateralized by:
U.S. Government & Agency Issues (c) 4,100,000 4,100,000
United States Government Issues 1.1%
United States Treasury Bills, Due
7/20/00 thru 9/14/00 3,600,000 3,576,930
--------------------------------------------------------------------------------------------
Total Short-Term Investments (Cost $7,760,661) 7,761,130
--------------------------------------------------------------------------------------------
Total Investments in Securities (Cost $289,944,612) 101.6% 329,809,214
Other Assets and Liabilities, Net (1.6%) (5,291,485)
--------------------------------------------------------------------------------------------
Net Assets 100.0% $324,517,729
============================================================================================
</TABLE>
LEGEND
--------------------------------------------------------------------------------
(a) Short-term investments include any security which has a remaining maturity
of less than one year.
(b) Non-income producing security.
(c) See Note 2(I) of Notes to Financial Statements.
Percentages are stated as a percent of net assets.
See Notes to Financial Statements.
8
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
(In Thousands, Except Per Share Amounts)
Strong Strong
Internet Technology
Fund 100 Fund
------ ----------
<S> <C> <C>
Assets:
Investments in Securities, at Value
(Cost of $80,245 and $289,945, respectively) $ 92,825 $329,809
Receivable for Securities Sold 3,959 25,431
Receivable for Fund Shares Sold -- 76
Dividends and Interest Receivable 2 41
Other Assets 27 17
-------- --------
Total Assets 96,813 355,374
Liabilities:
Payable for Securities Purchased 3,962 30,619
Payable for Fund Shares Redeemed 10 41
Accrued Operating Expenses and Other Liabilities 85 196
-------- --------
Total Liabilities 4,057 30,856
-------- --------
Net Assets $ 92,756 $324,518
======== ========
Net Assets Consist of:
Capital Stock (par value and paid-in capital) $102,229 $322,713
Accumulated Net Investment Loss (606) (1,183)
Accumulated Net Realized Loss (21,447) (36,877)
Net Unrealized Appreciation 12,580 39,865
-------- --------
Net Assets $ 92,756 $324,518
======== ========
Capital Shares Outstanding (Unlimited Number Authorized) 9,555 26,867
Net Asset Value Per Share $9.71 $12.08
======== ========
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
For the Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
(In Thousands)
Strong Strong
Internet Technology
Fund 100 Fund
----------- ------------
<S> <C> <C>
Income:
Dividends (net of foreign withholding taxes of $0 and $2, respectively) $ 2 $ 86
Interest 99 356
---------- -----------
Total Income 101 442
Expenses:
Investment Advisory Fees 420 992
Custodian Fees 10 16
Shareholder Servicing Costs 182 405
Federal and State Registration Fees 53 108
Other 42 104
---------- -----------
Total Expenses 707 1,625
---------- -----------
Net Investment Loss (606) (1,183)
Realized and Unrealized Gain (Loss):
Net Realized Gain (Loss) on:
Investments (21,278) (38,786)
Futures Contracts and Options (169) 1,909
---------- -----------
Net Realized Loss (21,447) (36,877)
Net Change in Unrealized Appreciation/Depreciation on Investments 12,580 39,865
---------- -----------
Net Gain (Loss) on Investments (8,867) 2,988
---------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations ($ 9,473) $ 1,805
========== ===========
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(In Thousands)
Strong Internet Strong Technology
Fund 100 Fund
------------------ -------------------
Six Months Ended Six Months Ended
June 30, 2000 June 30, 2000
------------------ -------------------
(Unaudited) (Note 1) (Unaudited) (Note 1)
<S> <C> <C>
Operations:
Net Investment Loss ($ 606) ($ 1,183)
Net Realized Loss (21,447) (36,877)
Net Change in Unrealized Appreciation/Depreciation 12,580 39,865
--------- ----------
Net Increase (Decrease) in Net Assets Resulting from Operations (9,473) 1,805
Distributions From Net Investment Income -- --
Capital Share Transactions:
Proceeds from Shares Sold 119,149 372,399
Proceeds from Reinvestment of Distributions -- --
Payment for Shares Redeemed (16,920) (49,686)
--------- ----------
Net Increase in Net Assets from Capital Share Transactions 102,229 322,713
--------- ----------
Total Increase in Net Assets 92,756 324,518
Net Assets:
Beginning of Period -- --
--------- ----------
End of Period $ 92,756 $ 324,518
========= ==========
Transactions in Shares of the Fund:
Sold 11,241 31,233
Issued in Reinvestment of Distributions -- --
Redeemed (1,686) (4,366)
--------- ----------
Net Increase in Shares of the Fund 9,555 26,867
========= ==========
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
June 30, 2000 (Unaudited)
1. Organization
The accompanying financial statements represent the Strong Technology Funds
(the "Funds"), which include the following funds, each with its own
investment objectives and policies:
- Strong Internet Fund/(3)/ (a series of Strong Equity Funds, Inc./(1/)
- Strong Technology 100 Fund/(2)/ (a series of Strong Equity
Funds, Inc./(1)/)
/(1)/ An Open-end management investment company registered under the
Investment Company Act of 1940, as amended.
/(2)/ Diversified Fund
/(3)/ Non-Diversified Fund
The Strong Internet Fund and Strong Technology 100 Fund each commenced
operations on January 3, 2000.
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 are valued at fair value
through valuations obtained by a commercial pricing service or the mean
of the bid and asked prices when no last sales price is available.
Securities for which market quotations are not readily available are
valued at fair value as determined in good faith under consistently
applied procedures established by and under the general supervision of
the Board of Directors. Securities which are purchased within 60 days of
their stated maturity are valued at amortized cost, which approximates
fair value.
The Funds may own certain investment securities which are restricted as
to resale. These securities are valued after giving due consideration to
pertinent factors, including recent private sales, market conditions and
the issuer's financial performance. The Funds generally bear the costs,
if any, associated with the disposition of restricted securities. The
Funds held no restricted securities at June 30, 2000.
(B) Federal Income and Excise Taxes and Distributions to Shareholders -- The
Funds intend to comply with the requirements of the Internal Revenue Code
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 required.
Net investment income or net realized gains for financial statement
purposes may differ from the characterization for federal income tax
purposes due to differences in the recognition of income and expense
items for financial statement and tax purposes. Where appropriate,
reclassifications between net asset accounts are made for such
differences that are permanent in nature.
Each Fund generally pays dividends from net investment income and
distributes any net capital gains that it realizes 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 or interest rates. The use of these
instruments may involve risks such as the possibility of illiquid markets
or imperfect correlation between the value of the instruments and the
underlying securities, or that the counterparty will fail to perform its
obligations.
Investments in foreign denominated assets or forward currency contracts
may involve greater risks than domestic investments due to currency,
political, economic, regulatory and market risks.
(E) Futures -- Upon entering into a futures contract, the Funds pledge to the
broker cash or other investments equal to the minimum "initial
margin" requirements of the exchange. Additional securities held by the
Funds may be designated 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 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 which is subsequently adjusted 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
12
<PAGE>
unrealized gains or losses. When an option expires, is exercised, or is
closed, 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 option,
although any potential loss during the period would be reduced by the
amount of the option premium received. Securities held by the Funds may
be designated as collateral on written options.
(G) Foreign Currency Translation -- Investment securities and other assets
and liabilities initially expressed in foreign currencies are converted
daily to U.S. dollars based upon current exchange rates. Purchases and
sales of foreign investment securities and income are converted to
U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. The effect of changes in foreign
exchange rates on realized and unrealized security gains or losses is
reflected as a component of such gains or losses.
(H) Forward Foreign Currency Exchange Contracts -- Forward foreign currency
exchange contracts are valued at the forward rate and are marked-to-
market daily. The change in market value is recorded as an unrealized
gain or loss. When the contract is closed, the Funds record an exchange
gain or loss equal to the difference between the value of the contract at
the time it was opened and the value at the time it was closed.
(I) Repurchase Agreements -- The Funds may enter into repurchase agreements
with institutions that the Funds' investment advisor, Strong Capital
Management, Inc. ("the Advisor"), has determined are creditworthy
pursuant to criteria adopted by the Board of Directors. Each repurchase
agreement is recorded at cost. The Funds require that the collateral,
represented by securities (primarily U.S. Government securities), in a
repurchase transaction be maintained in a segregated account with a
custodian bank in a manner sufficient to enable the Funds to obtain those
securities in the event of a default of the repurchase agreement. On a
daily basis, the Advisor 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.
(J) Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts in these
financial statements. Actual results could differ from those estimates.
(K) 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.
3. Related Party Transactions
The Advisor, with whom certain officers and directors of the Funds are
affiliated, provides investment advisory services and shareholder
recordkeeping and related services to the Funds. Investment advisory fees,
which are established by terms of the Advisory Agreements, are based on the
following annualized rates of the average daily net assets: Strong Internet
Fund 1.20% and Strong Technology 100 Fund 1.00%. Based on the terms of the
Advisory Agreements, advisory fees and other expenses will be waived or
absorbed by the Advisor if the Fund's operating expenses exceed 2% of the
average daily net assets of the Fund. In addition, the Fund's Advisor may
voluntarily waive or absorb certain expenses at its discretion. Shareholder
recordkeeping and related service fees are based on contractually established
rates for each open and closed shareholder account. The Advisor also
allocates to each Fund certain charges or credits resulting from transfer
agency banking activities based on each Fund's level of subscription and
redemption activity. Charges allocated to the Funds by the Advisor are
included in Other Expenses in the Funds' Statement of Operations. Credits
allocated by the Advisor serve to reduce the shareholder servicing expenses
incurred by the Funds and are reported as Fees Paid Indirectly by Advisor in
the Funds' Statement of Operations. The Advisor is also compensated for
certain other services related to costs incurred for reports to shareholders.
The Funds may invest cash in money market funds sponsored and managed by the
Advisor, subject to certain limitations. The terms of such transactions are
identical to those of non-related entities except that, to avoid duplicate
investment advisory fees, advisory fees of each Fund are reduced by an amount
equal to advisory fees paid to the Advisor under its investment advisory
agreement with the money market funds.
Certain information regarding related party transactions for the six months
ended June 30, 2000, is as follows:
<TABLE>
<CAPTION>
Shareholder
Payable to Servicing and Transfer Agency Unaffiliated
Advisor at Other Expenses Banking Directors'
June 30, 2000 Paid to Advisor Charges Fees
-------------- --------------- ---------- --------
<S> <C> <C> <C> <C>
Strong Internet Fund $39,146 $182,813 $ 8,989 $250
Strong Technology 100 Fund 98,335 406,264 18,702 250
</TABLE>
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------------
June 30, 2000 (Unaudited)
4. Line of Credit
The Strong Funds have established a line of credit agreement ("LOC") with
certain financial institutions 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 Funds' prospectus. Principal and
interest on each borrowing under the LOC are due not more than 60 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 0.08% per
annum is incurred on the unused portion of the LOC and is allocated to all
participating Strong Funds. At June 30, 2000, there were no borrowings by
the Funds outstanding under the LOC.
5. Investment Transactions
The aggregate purchases and sales of long-term securities, other than
government securities, for the six months ended June 30, 2000, were as
follows:
<TABLE>
<CAPTION>
Purchases Sales
----------- -------
<S> <C> <C>
Strong Internet Fund $ 271,489,426 $170,415,052
Strong Technology 100 Fund 1,040,765,440 719,795,654
</TABLE>
There were no purchases or sales of long-term government securities for the
six months ended June 30, 2000.
6. Income Tax Information
At June 30, 2000, the investment cost and gross unrealized appreciation and
depreciation on investments for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Federal Tax Unrealized Unrealized
Cost Appreciation Depreciation Net Appreciation
----------- ------------ ------------ ----------------
<S> <C> <C> <C> <C>
Strong Internet Fund $ 85,912,164 $ 8,077,356 $1,164,146 $ 6,913,210
Strong Technology 100 Fund 307,728,997 26,640,423 4,560,206 22,080,217
</TABLE>
14
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
STRONG INTERNET FUND
---------------------------------------
<TABLE>
<CAPTION>
Period Ended
--------------
June 30,
Selected Per-Share Data/(a)/ 2000/(b)/
---------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period $ 10.00
Income From Investment Operations:
Net Investment Loss (0.06)
Net Realized and Unrealized Losses on Investments (0.23)
---------------------------------------------------------------------------
Total from Investment Operations (0.29)
Less Distributions:
From Net Investment Income --
---------------------------------------------------------------------------
Total Distributions --
---------------------------------------------------------------------------
Net Asset Value, End of Period $ 9.71
===========================================================================
Ratios and Supplemental Data
---------------------------------------------------------------------------
Total Return -2.9%
Net Assets, End of Period (In Millions) $ 93
Ratio of Expenses to Average Net Assets 2.0%*
Ratio of Net Investment Loss to Average Net Assets (1.7%)*
Portfolio Turnover Rate 226.3%
</TABLE>
STRONG TECHNOLOGY 100 FUND
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended
------------
June 30,
Selected Per-Share Data/(a)/ 2000/(b)/
---------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period $ 10.00
Income From Investment Operations:
Net Investment Loss (0.04)
Net Realized and Unrealized Gains on Investments 2.12
---------------------------------------------------------------------------
Total from Investment Operations 2.08
Less Distributions:
From Net Investment Income --
---------------------------------------------------------------------------
Total Distributions --
---------------------------------------------------------------------------
Net Asset Value, End of Period $ 12.08
===========================================================================
Ratios and Supplemental Data
---------------------------------------------------------------------------
Total Return +20.8%
Net Assets, End of Period (In Millions) $ 325
Ratio of Expenses to Average Net Assets 1.6%*
Ratio of Net Investment Loss to Average Net Assets (1.2%)*
Portfolio Turnover Rate 332.5%
</TABLE>
* Calculated on an annualized basis.
(a) Information presented relates to a share of capital stock of the Fund
outstanding for the entire period.
(b) For the six months ended June 30, 2000 (unaudited) (Note 1).
See Notes to Financial Statements.
15
<PAGE>
NOTES
--------------------------------------------------------------------------------
16
<PAGE>
Directors
Richard S. Strong
Willie D. Davis
Stanley Kritzik
Neal Malicky
Marvin E. Nevins
William F. Vogt
Officers
Richard S. Strong, Chairman of the Board
Stephen J. Shenkenberg, Vice President and Secretary
Elizabeth N. Cohernour, Vice President
Cathleen A. Ebacher, Vice President
Dennis A. Wallestad, Vice President
Thomas M. Zoeller, Vice President
John W. Widmer, Treasurer
Rhonda K. Haight, Assistant Treasurer
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
Firstar Bank, N.A.
P.O. Box 701, Milwaukee, Wisconsin 53201
Transfer Agent and Dividend-Disbursing Agent
Strong Capital Management, 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
<PAGE>
For a prospectus containing more complete information, including
management fees and expenses, please call 1-800-368-1030. Please
read it carefully before investing or sending money. This report
does not constitute an offer for the sale of securities. Strong
Funds are offered for sale by prospectus only. To reduce the volume
of mail you receive, only one copy of financial reports,
prospectuses, and other regulatory materials is mailed to your
household. You can call us at 1-800-368-1030, or write to us at the
address listed below, to request (1) additional copies free of
charge, or (2) that we discontinue our practice of householding
regulatory materials. Strong Investments, Inc. RT5827-0800
To order a free prospectus kit, call
1-800-368-1030
To learn more about our funds, discuss an existing
account, or conduct a transaction, call
1-800-368-3863
If you are a Financial Professional, call
1-800-368-1683
Visit our web site at
www.eStrong.com
[LOGO] STRONG INVESTMENTS
P.O. Box 2936
Milwaukee, Wisconsin 53201
