PLEASE FILE THIS PROSPECTUS SUPPLEMENT WITH YOUR RECORDS.            

                             STRONG INDEX 500 FUND                              

                Supplement to the Prospectus dated July 1, 1998                 


Strong Capital Management, Inc., the Fund's shareholder servicing agent and     
transfer and dividend-disbursing agent, has agreed to extend its voluntary      
waiver of its fees and/or absorptions of fund expenses necessary to maintain    
the Strong Index 500 Fund's operating expenses at no more than 0.45% through    
January 1, 2000.                                                                


          The date of this Prospectus Supplement is December 11, 1998.          


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