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Please file this prospectus supplement with your records.
STRONG MUNICIPAL INCOME FUNDS
STRONG MUNICIPAL MONEY MARKET FUND, INC.
STRONG SHORT-TERM MUNICIPAL BOND FUND, INC.
STRONG INSURED MUNICIPAL BOND FUND, INC.
STRONG MUNCIPAL BOND FUND, INC.
STRONG HIGH-YIELD MUNICIPAL BOND FUN, INC.
Prospectus Supplement Dated February 17, 1995, to Prospectus, Dated May 1, 1994.
ANNUAL MEETING OF SHAREHOLDERS. The Board of Directors of the Funds has
approved submitting for shareholder vote the following items at an Annual
Meeting of Shareholders to be held on April 13, 1995, or any adjournment
thereof: (i) the election of an expanded Board of Directors for each Fund; (ii)
adoption and ratification of each Fund's revised advisory agreement with Strong
Capital Management, Inc. (SCM); (iii) the ratification of independent public
accountants for each Fund; (iv) adoption of each Fund's revised Articles of
Incorporation; and (v) the approval of a revised investment objective for each
Fund.
The Board of Directors of the Funds also has proposed for shareholder approval
certain changes to each Fund's investment limitations that are designed (i) to
simplify and modernize the Funds' fundamental investment limitations, (ii) to
replace certain fundamental investment limitations with non-fundamental
operating policies, and (iii) to eliminate certain limitations. These changes,
if adopted, are intended to conform each Fund's policies to those expected to
become standard for all Funds managed by SCM and, in certain case, are
designed to increase each Fund's flexibility to make investments.
The proposed investment objective for the Money Fund is "to seek federally
tax-exempt current income, a stable share price, and daily liquidity." The Money
Fund will continue to invest in high-quality, short-term municipal securities
that represent minimal credit risk. The proposed investment objective for the
Short-Term Bond Fund is "to seek total return by investing for a high level of
federally tax-exempt current income with a low degree of share-price
fluctuation." The Short-Term Bond Fund will continue to invest primarily in
investment-grade municipal bonds with an average portfolio maturity of one to
three years. The proposed investment objective for the Insured Bond and Bond
Funds is "to seek total return by investing for a high level of federally
tax-exempt current income with a moderate degree of share-price fluctuation."
The Insured Bond Fund will continue to invest primarily in long-term,
high-quality municipal bonds that are insured for the timely payment of
principal and interest. The Bond Fund will continue to invest primarily in
long-term, investment-grade municipal securities. The proposed investment
objective for the High-Yield Bond Fund is "to seek total return by investing
for a high level of federally tax-exempt current income." The High-Yield Bond
Fund will continue to invest primarily in long-term, medium- and lower-quality
municipal securities. The amended investment objectives are designed to
describe each Fund's goal more clearly and are not intended to change the
manner in which the Funds are managed.
A copy of each Fund's Proxy Statement dated February 16, 1995, will be provided
without charge by calling 1-800-368-3863 and is incorporated herein by
reference. This information supplements the section entitled "Investment
Objectives and Policies" contained on pages I-13 through I-19 of the
Prospectus.
WHEN-ISSUED SECURITIES. Effective immediately, the Short-Term Bond and Bond
Funds may invest without limitation in when-issued or delayed delivery
securities ("when-issued securities"). For more information, please see the
section entitled "When-Issued Securities" on pages I-24 and I-25 of the
Prospectus. This information supplements the referenced section.
