PLEASE FILE THIS PROSPECTUS SUPPLEMENT WITH YOUR RECORDS.


                              THE STRONG CORE FUNDS
                                 INVESTOR CLASS

                              STRONG BALANCED FUND
                           STRONG BALANCED ASSET FUND
                          STRONG GROWTH AND INCOME FUND
                              STRONG INDEX 500 FUND
                           STRONG LARGE CAP CORE FUND
                             STRONG OPPORTUNITY FUND

                 Supplement to the Prospectus dated May 1, 2002


STRONG BALANCED FUND
Effective immediately, Mr. Bradley D. Doyle is the sole portfolio manager of the
bond and cash portions of the Balanced  Fund. His biography can be found on page
18 of the Prospectus.  Mr. Rimas M. Milaitis remains the sole portfolio  manager
of the equity  portion of the Balanced Fund. His biography can be found on pages
18 and 19 of the Prospectus.

ALL FUNDS
On page 13, under the Average Annual Total Returns table,  footnote 1 is deleted
and replaced with the following:

         (1) THE BALANCED  FUND,  THE BALANCED ASSET FUND, THE GROWTH AND INCOME
         FUND, THE INDEX 500 FUND, THE LARGE CAP CORE FUND, AND THE  OPPORTUNITY
         FUND  COMMENCED  OPERATIONS  ON DECEMBER 30,  1981,  DECEMBER 31, 1997,
         DECEMBER 29, 1995,  MAY 1, 1997,  JUNE 30, 1998, AND DECEMBER 31, 1985,
         RESPECTIVELY.


On page 41,  under  "Distributions",  the  paragraph  "Distribution  Policy"  is
deleted and replaced with the following:

         DISTRIBUTION POLICY
         To the extent they are  available,  the INDEX 500 FUND,  LARGE CAP CORE
         FUND,  and  OPPORTUNITY  FUND  generally  pay you  dividends  from  net
         investment  income and  distribute  any net capital gains that the Fund
         realizes annually. To the extent they are available, the BALANCED FUND,
         BALANCED  ASSET  FUND,  and GROWTH AND INCOME  FUND  generally  pay you
         dividends from net investment  income  quarterly and distribute any net
         capital  gains  that  the  Fund  realizes  annually.  There is no fixed
         dividend  rate,  and there can be no assurance that a Fund will pay any
         dividends or realize any capital gains.


            The date of this Prospectus Supplement is July 23, 2002.