PLEASE FILE THIS PROSPECTUS SUPPLEMENT WITH YOUR RECORDS.
STRONG MUNICIPAL INCOME FUNDS
INVESTOR CLASS
STRONG HIGH-YIELD MUNICIPAL BOND FUND
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM HIGH YIELD MUNICIPAL FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Supplement to the Prospectus dated February 29, 2000
STRONG HIGH-YIELD MUNICIPAL BOND FUND
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM HIGH YIELD MUNICIPAL FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Effective July 31, 2000, the prospectus is revised as follows:
The "Fund Structure" paragraph on page 4 of the prospectus is deleted and
replaced with the following:
Each of the funds has adopted a multiple class plan. The MUNICIPAL BOND FUND
and the SHORT-TERM MUNICIPAL BOND FUND offer Investor Class shares, Advisor
Class shares, and Institutional Class shares. The HIGH-YIELD MUNICIPAL BOND
FUND and the SHORT-TERM HIGH YIELD MUNICIPAL FUND offer Investor Class shares
and Advisor Class shares. Only the Investor Class shares of each fund are
offered in this prospectus. The principal differences between each of the
classes of shares are that the Advisor Class shares are subject to distribution
fees and expenses under a 12b-1 plan and each class of shares is subject to
different administrative and transfer agency fees and expenses.
The second paragraph contained under the heading "Your Account - Buying Shares
- Please Remember ..." that is found on pages 18-19 of the prospectus is deleted
and replaced with the following:
MULTIPLE CLASS PLAN
Each fund has adopted a multiple class plan. The MUNICIPAL BOND FUND and the
SHORT-TERM MUNICIPAL BOND FUND offer Investor Class shares, Advisor Class
shares, and Institutional Class shares. The HIGH-YIELD MUNICIPAL BOND FUND and
the SHORT-TERM HIGH YIELD MUNICIPAL FUND offer Investor Class shares and
Advisor Class shares. Each class is offered at its net asset value without the
imposition of any sales load; however, each class of shares is subject to fees
and expenses which may differ between classes. The principal differences
between each of the classes of shares are that the Advisor Class shares are
subject to distribution fees and expenses
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under a 12b-1 plan and each class is subject to different administrative and
transfer agency fees and expenses.
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Effective March 31, 2000, Mr. Lyle J. Fitterer became the manager of the Strong
Municipal Bond Fund and the Strong Short-Term Municipal Bond Fund. Mr.
Fitterer joined Strong in 1989 and has over six years of investment experience.
He is a Chartered Financial Analyst and Certified Public Accountant. He served
as an equity trader from February 1992 to February 1993 and as a fixed income
research analyst/trader from February 1993 to January 1996. He served as a
fixed income portfolio manager from January 1996 to December 1998 and as the
Managing Director of Institutional Client Services from December 1998 to March
2000. Mr. Fitterer received his bachelors degree in Accounting from the
University of North Dakota in 1989.
The date of this Prospectus Supplement is July 31, 2000.
2
<PAGE>
PLEASE FILE THIS PROSPECTUS SUPPLEMENT WITH YOUR RECORDS.
STRONG MUNICIPAL INCOME FUNDS
ADVISOR CLASS
STRONG HIGH-YIELD MUNICIPAL BOND FUND
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM HIGH YIELD MUNICIPAL FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Supplement to the Prospectus dated February 29, 2000
STRONG HIGH-YIELD MUNICIPAL BOND FUND
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM HIGH YIELD MUNICIPAL FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Effective July 31, 2000, the prospectus is revised as follows:
The first sentence under the "Fund Structure" paragraph on page 4 of the
prospectus is deleted and replaced with the following:
Each of the funds has adopted a multiple class plan. The MUNICIPAL BOND FUND
and the SHORT-TERM MUNICIPAL BOND FUND offer Investor Class shares, Advisor
Class shares, and Institutional Class shares. The HIGH-YIELD MUNICIPAL BOND
FUND and the SHORT-TERM HIGH YIELD MUNICIPAL FUND offer Investor Class shares
and Advisor Class shares.
The first sentence under the "Multiple Class Plan" paragraph on page 21 of the
prospectus is deleted and replaced with the following:
Each of the funds has adopted a multiple class plan. The MUNICIPAL BOND FUND
and the SHORT-TERM MUNICIPAL BOND FUND offer Investor Class shares, Advisor
Class shares, and Institutional Class shares. The HIGH-YIELD MUNICIPAL BOND
FUND and the SHORT-TERM HIGH YIELD MUNICIPAL FUND offer Investor Class shares
and Advisor Class shares.
1
<PAGE>
STRONG HIGH-YIELD MUNICIPAL BOND FUND
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM HIGH YIELD MUNICIPAL FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Effective May 19, 2000, the Funds no longer intend to charge a front-end sales
load. Any information describing the front-end sales load in the prospectus is
deleted.
STRONG MUNICIPAL BOND FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
Effective March 31, 2000, Mr. Lyle J. Fitterer became the manager of the Strong
Municipal Bond Fund and the Strong Short-Term Municipal Bond Fund. Mr.
Fitterer joined Strong in 1989 and has over six years of investment experience.
He is a Chartered Financial Analyst and Certified Public Accountant. He served
as an equity trader from February 1992 to February 1993 and as a fixed income
research analyst/trader from February 1993 to January 1996. He served as a
fixed income portfolio manager from January 1996 to December 1998 and as the
Managing Director of Institutional Client Services from December 1998 to March
2000. Mr. Fitterer received his bachelors degree in Accounting from the
University of North Dakota in 1989.
The date of this Prospectus Supplement is July 31, 2000.
2
<PAGE>
