<PAGE>
THE STRONG
INSURED MUNICIPAL BOND
Fund
SEMI-ANNUAL REPORT o JUNE 30, 1996
[PHOTO OF GRANDFATHER & GRANDSON]
[STRONG FUNDS LOGO]
STRONG FUNDS
<PAGE>
THE STRONG
INSURED MUNICIPAL BOND
Fund
SEMI-ANNUAL REPORT o JUNE 30, 1996
Table of Contents
INVESTMENT REVIEWS
The Insured Municipal Bond Fund...........................2
FINANCIAL INFORMATION
Schedule of Investments in Securities.....................4
Statement of Operations...................................5
Statement of Assets and Liabilities.......................5
Statement of Changes in Net Assets........................6
Notes to Financial Statements.............................6
FINANCIAL HIGHLIGHTS.............................................8
<PAGE>
The Strong INSURED MUNICIPAL BOND Fund
================================================================================
The Strong Insured Municipal Bond Fund seeks total return by investing for a
high level of federally tax-exempt current income with a moderate degree of
share-price fluctuation. The Fund invests primarily in long-term, high-quality
municipal obligations that are insured for the timely payment of principal and
interest.
AS OF 6-28-96
30-DAY ANNUALIZED YIELD 1
4.70%
AVERAGE MATURITY 2
16.1 YEARS
AVERAGE QUALITY RATING 3
AAA
A PROPOSAL TO MERGE THE FUND
Effective April 1, 1996, the Strong Insured Municipal Bond Fund was closed to
new investors. In addition, the Fund's Board of Directors approved a proposal on
April 24 to merge this Fund into the Strong Municipal Bond Fund, subject to a
shareholder vote, and a proxy statement was mailed to current shareholders on
July 3.
A shareholder meeting will be held at Strong's corporate headquarters in
Menomonee Falls, Wisconsin on August 27 and, subject to approval by
shareholders, the merger will take place on August 30.
- --------------------------------------------------------------------------------
EQUIVALENT TAXABLE YIELDS 1
as of 6-28-96
................................................................................
YOUR TAX-EXEMPT YIELD
OF 4.70% IS EQUIVALENT
JOINT RETURN SINGLE RETURN MARGINAL TAX RATE TO A TAXABLE YIELD OF:
................................................................................
$40,101-96,900 $24,001-58,150 28% 6.53%
$96,901-147,700 $58,151-121,300 31% 6.81%
$147,701-263,750 $121,301-263,750 36% 7.34%
OVER $263,750 OVER $263,750 39.6% 7.78%
- --------------------------------------------------------------------------------
The Fund's income may be subject to state and local taxes and, depending on your
tax status, the Alternative Minimum Tax. The chart reflects 1996 marginal
federal tax rates before limitations and phase-outs. Individuals with adjusted
gross income in excess of $117,950 should consult their tax advisor to determine
their actual 1996 marginal tax rate.
MARKET OVERVIEW
The bond market was marked by uncertainty during the first quarter of 1996, as a
temporary government shut-down and severe East-coast storm delayed release of
economic data early in the year. Once available, the numbers indicated
stronger-than-expected economic growth, and the market responded by pushing
interest rates higher, on fear that the Federal Reserve Board would reverse the
easing policy it had followed over most of the prior year.
Interest rates continued to rise in the second quarter, resulting in increased
yields on new bond issues. The yield on long-term municipal bonds rose by 46
basis points (just under one-half percentage point) over this six-month period,
hitting current long-bond holders hard. Consequently, insured municipal bond
funds--as measured by the Lipper Insured Municipal Bond Fund Index*--posted
average losses of 1.41% for the six-months ending June 30. The Fund sustained a
loss of 3.29% over the same period. 4
To ease the adverse effects of additional interest rate increases, we
repositioned the portfolio during the second quarter by shortening the Fund's
duration and average maturity. The Fund's duration--a measurement of sensitivity
to interest rate changes--which at 10.4 years had been longer than the
benchmark's average, was shortened to 7.5 years by the end of June, and its
average maturity was shortened from 19 to 16 years. In addition, we diversified
our holdings more broadly across sectors, by reducing our weightings in housing
and utility bonds. At the end of June, the Fund held the securities of 29
different issuers spread across 18 states, with no more than 14.0% of its assets
concentrated in any single sector.
2
<PAGE>
OUR OUTLOOK ON THE ECONOMY
The sustainability of this year's economic strength is questionable, given the
rise in long-term interest rates. If the economy continues to show strength, it
appears that the Federal Reserve Board will respond by raising short-term
interest rates in order to avoid higher inflation. Although the Fed held off on
raising interest rates during the first half of the year, it is quite possible
that it may be forced to tighten in the third quarter.
We continue to believe the market is in a trading range and, until the economy
shows some clear direction on the state of growth, we will maintain our
below-benchmark duration, which enhances the Fund's ability to avoid large price
swings without significantly reducing its attractive tax-free yield.
Thank you for your investment. We appreciate the confidence you've shown in us
to manage a portion of your investment portfolio.
Sincerely,
/s/Mary-Kay H. Bourbulas
Mary-Kay H. Bourbulas
Portfolio Manager
[PHOTO OF MARY-KAY H. BOURBULAS]
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GROWTH OF AN ASSUMED $10,000 INVESTMENT
from 11-25-91 to 6-30-96
Strong Insured Lehman Brothers Insured Lipper Insured Municipal
Municipal Bond Fund Municipal Bond Index* Bond Fund Index*
10-91 10,000 10,000 10,000
12-91 10,335 10,230 10,237
12-92 11,685 11,184 11,120
12-93 13,186 12,640 12,478
12-94 12,333 11,885 11,753
12-95 13,900 14,090 13,730
6-96 13,443 13,982 13,538
This chart, provided in accordance with SEC regulations, compares a $10,000
investment in the Fund, made at its inception, with similar investments in the
Lehman Brothers Insured Municipal Bond Index and the Lipper Insured Municipal
Bond Fund Index. To equalize time periods, the indexes' performance was prorated
for the month of November, 1991. Results include the reinvestment of all
dividends and capital gains. 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 Fund shares.
AVERAGE ANNUAL
TOTAL RETURNS 4
as of 6-30-96
1-YEAR
2.83%
3-YEAR
2.13%
SINCE INCEPTION
(ON 11-25-91)
6.65%
- --------------------------------------------------------------------------------
* The Lehman Brothers Insured Municipal Bond Index is an unmanaged, total
return benchmark for the insured, tax-exempt bond market. Source of the
Lehman index data is Micropal. The Lipper Insured Municipal Bond Fund Index
is an equally-weighted performance index, adjusted for capital gains
distributions and income dividends, of the largest qualifying funds in this
Lipper category. Source of the Lipper index data is Lipper Analytical
Services, Inc. Source of the municipal bond yields is Lehman Brothers.
1 Yields are annualized for the 30 days ended 6-28-96, are historical, and
will vary.
2 The Fund's average maturity includes the effect of futures contracts.
3 For purposes of this average rating, the Fund's short-term debt obligations
have been assigned long-term ratings by the Advisor.
4 Average annual total return and total return measure change in the value of
an investment in the Fund, assuming reinvestment of all dividends and
capital gains. Average annual total return reflects annualized change,
while total return reflects aggregate change.
3
<PAGE>
SCHEDULE OF INVESTMENTS IN SECURITIES June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 2)
(In Thousands) (In Thousands)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS 94.7%
ALABAMA 6.7%
Alabama HFA SFMR, 6.40%, Due 10/01/20 $ 1,000 $ 1,007
Tuscaloosa, Alabama GO, 6.75%, Due 7/01/20 1,000 1,064
------
2,071
ALASKA 3.3%
Alaska Student Loan Corporation Revenue, 6.25%,
Due 7/01/10 1,000 1,010
CALIFORNIA 3.0%
Orange County, California 1996 Recovery COP,
5.80%, Due 7/01/16 500 488
Rancho, California Water District Financing
Authority Revenue Refunding, 4.875%,
Due 8/01/15 520 449
------
937
COLORADO 3.4%
Denver, Colorado City and County Airport System
Revenue, 6.75%, Due 11/15/22 1,000 1,055
DISTRICT OF COLUMBIA 5.1%
District of Columbia GO, 6.75%, Due 6/01/08 1,500 1,579
FLORIDA 9.9%
Florida Housing Finance Agency Housing Revenue -
Holly Cove Apartments Project:
6.05%, Due 10/01/15 500 504
6.15%, Due 10/01/25 500 506
Manatee County, Florida HFA SFMR, 7.45%,
Due 5/01/27 1,000 1,089
St. Johns County, Florida Water and Sewer Revenue
and Refunding, 5.50%, Due 6/01/26 1,000 953
------
3,052
ILLINOIS 5.9%
Chicago, Illinois O'Hare International Airport
International Terminal Special Revenue, 6.50%,
Due 1/01/18 1,440 1,454
Illinois Metropolitan Pier and Exposition Authority
Capital Appreciation - McCormick Place
Expansion Project, Zero %, Due 6/15/16 1,250 377
------
1,831
KANSAS 1.6%
Kansas City, Kansas SFMR, Zero %, Due 12/01/14 1,500 491
LOUISIANA 5.5%
Orleans Parish, Louisiana Parishwide School
District GO, 7.50%, Due 9/01/20 1,500 1,699
MARYLAND 3.5%
Maryland Health and Higher Educational Facilities
Authority Refunding Revenue - Mercy Medical
Center Project, 6.50%, Due 7/01/13 1,000 1,075
MASSACHUSETTS 2.9%
Massachusetts Municipal Wholesale Electric
Company Power Supply System Revenue, 4.75%,
Due 7/01/10 (a) 1,000 889
NEVADA 3.2%
Washoe County, Nevada Airport Authority
Revenue, 5.625%, Due 7/01/16 1,000 973
NEW JERSEY 7.7%
New Jersey Housing and Mortgage Finance Agency
Home Buyer Revenue, 6.95%, Due 10/01/22 1,250 1,292
New Jersey Turnpike Authority Turnpike Revenue,
6.50%, Due 1/01/16 1,000 1,097
------
2,389
NEW YORK 7.7%
New York State Urban Development Corporation
Revenue, 5.50%, Due 4/01/19 1,500 1,434
Niagara Falls, New York Bridge Commission Toll
Bridge System Revenue, 5.25%, Due 10/01/15 1,000 955
------
2,389
PENNSYLVANIA 5.9%
Lehigh County, Pennsylvania IDA PCR Refunding -
Pennsylvania Power & Light Company Project,
6.40%, Due 11/01/21 1,765 1,827
TENNESSEE 2.2%
Nashville and Davidson Counties, Tennessee Health
and Educational Facilities Board of the
Metropolitan Government MFHR - American
Housing Preservation Corporation Project,
Zero %, Due 5/15/12 1,700 678
TEXAS 8.6%
Bexar County, Texas Health Facilities Development
Corporation Hospital Revenue - Baptist Memorial
Hospital System Project, 6.625%, Due 8/15/12 915 989
El Paso, Texas Property Finance Authority, Inc.
SFMR - GNMA Mortgage-Backed, 8.70%,
Due 12/01/18 195 209
San Antonio, Texas Hotel Occupancy Tax Revenue -
Henry B. Gonzalez Convention Center Expansion
Project, 5.70%, Due 8/15/26 1,500 1,453
Southeast Texas HFC SFMR, Zero %, Due 9/01/11 50 10
------
2,661
VIRGINIA 5.1%
Westmoreland County, Virginia IDA First Mortgage
Health Facilities Revenue - Mary Washington
Health Center Project, 7.00%, Due 2/01/23 1,500 1,590
WISCONSIN 3.5%
Wisconsin Health and Educational Facilities
Authority Revenue - Sisters of the Sorrowful
Mother - Ministry Corporation Project, 5.40%,
Due 8/15/13 1,140 1,077
------
TOTAL INVESTMENTS IN SECURITIES
(COST $29,346) 94.7% 29,273
Other Assets and Liabilities, Net 5.3% 1,623
------
NET ASSETS 100.0% $30,896
=======
FUTURES
- -------
UNDERLYING
FACE AMOUNT UNREALIZED
EXPIRATION AT VALUE DEPRECIATION
DATE (In Thousands)(In Thousands)
- --------------------------------------------------------------------------------
Sold:
24 Municipal Bond Index Futures 9/96 ($2,696) ($80)
LEGEND
- ------
(a) Security pledged to cover margin requirements for futures contracts.
All costs are stated in thousands.
Percentages are stated as a percent of net assets.
ABBREVIATIONS
- -------------
COP -- Certificates of Participation
GO -- General Obligation
HFA -- Housing Finance Authority
HFC -- Housing Finance Corporation
IDA -- Industrial Development Authority
MFHR -- Multi-Family Housing Revenue
PCR -- Pollution Control Revenue
SFMR -- Single Family Mortgage Revenue
See notes to financial statements.
4
<PAGE>
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended June 30, 1996 (Unaudited) (In Thousands)
INTEREST INCOME $ 958
EXPENSES:
Investment Advisory Fees 87
Custodian Fees 4
Shareholder Servicing Costs 32
Legal Fees 22
Reports to Shareholders 21
Federal and State Registration Fees 16
Other 21
--
Total Expenses 203
---
NET INVESTMENT INCOME 755
REALIZED AND UNREALIZED LOSS:
Net Realized Loss on:
Investments (729)
Futures Contracts (21)
Change in Unrealized Appreciation/Depreciation on:
Investments (1,155)
Futures Contracts (80)
---
NET LOSS (1,985)
------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ($1,230)
=======
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
June 30, 1996 (Unaudited)
(In Thousands, Except Per Share Amounts)
ASSETS:
Investments in Securities, at Value (Cost of $29,346) $29,273
Receivable from Brokers for Securities Sold 1,387
Interest Receivable 476
Other Assets 391
---
Total Assets 31,527
LIABILITIES:
Payable to Brokers for Securities Purchased 457
Dividends Payable 105
Accrued Operating Expenses and Other Liabilities 69
--
Total Liabilities 631
---
NET ASSETS $30,896
=======
Capital Shares
Authorized 10,000,000
Outstanding 3,059
NET ASSET VALUE PER SHARE $10.10
======
See notes to financial statements.
5
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
For the Six Months Ended June 30, 1996 (Unaudited) and the Year Ended December 31, 1995
(In Thousands)
JUNE 30, 1996 DEC. 31, 1995
------------- -------------
<CAPTION>
<S> <C> <C>
OPERATIONS:
Net Investment Income $ 755 $ 1,938
Net Realized Gain (Loss) (750) 2,301
Change in Unrealized Appreciation/Depreciation (1,235) 945
------ ---
Increase (Decrease) in Net Assets Resulting from Operations (1,230) 5,184
CAPITAL SHARE TRANSACTIONS (6,592) (13,731)
DISTRIBUTIONS:
From Net Investment Income (755) (1,938)
In Excess of Net Investment Income -- (1,066)
------ ------
TOTAL DECREASE IN NET ASSETS (8,577) (11,551)
NET ASSETS:
Beginning of Period 39,473 51,024
------ ------
End of Period $30,896 $39,473
======= =======
</TABLE>
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
June 30, 1996 (Unaudited)
1. ORGANIZATION
The Strong Insured Municipal Bond Fund, Inc. is a diversified, open-end
management investment company registered under the Investment Company Act
of 1940.
Effective April 1, 1996 the Fund was closed to new investors. In addition,
the Fund's Board of Directors approved a proposal on April 24, 1996 to
merge this Fund into Strong Municipal Bond Fund. The merger will take place
August 30, 1996, subject to shareholder approval.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements.
(A) Security Valuation -- Securities of the Fund are valued 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
current value.
The Fund 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 Fund generally
bears the costs, if any, associated with the disposition of restricted
securities.
(B) Federal Income and Excise Taxes and Distributions to Shareholders --
It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and
to distribute substantially all of its taxable income to its
shareholders in a manner which results in no tax cost to the Fund.
Therefore, no Federal income or excise tax provision is required.
The character of distributions made during the year from net
investment income or net realized gains 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.
(C) Realized Gains and Losses on Investment Transactions -- Gains or
losses realized on investment transactions are determined by comparing
the identified cost of the security lot sold with the net sales
proceeds.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
June 30, 1996 (Unaudited)
(D) Futures -- Upon entering into a futures contract, the Fund pledges to
the broker cash, U.S. government securities or other liquid,
high-grade debt obligations equal to the minimum "initial margin"
requirements of the exchange. The Fund also receives from or pays 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.
(E) Options -- Premiums received by the Fund 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.
When an option expires, is exercised, or is closed, the Fund realizes
a gain or loss, and the liability is eliminated. The Fund continues 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.
(F) Additional Investment Risk -- The use of futures contracts and
options, for purposes of hedging the Fund's investment portfolio
involves, to varying degrees, elements of market risk in excess of the
amount recognized in the statement of assets and liabilities. The
predominant risk with futures contracts is an imperfect correlation
between the value of the contracts and the underlying securities.
(G) Other -- Investment security transactions are recorded as of the trade
date. 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 premium and discounts.
3. NET ASSETS
Net assets as of June 30, 1996 were as follows (in thousands):
Capital Stock $34,634
Undistributed Net Investment Loss (99)
Undistributed Net Realized Loss (3,486)
Net Unrealized Depreciation (153)
----
$30,896
=======
4. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Fund for the six months ended June 30, 1996
and the year ended December 31, 1995 were as follows (in thousands):
1996 1995
---- ----
SHARES DOLLARS SHARES DOLLARS
------ ------- ------ -------
Shares Sold 306 $ 3,205 1,106 $11,694
Dividends Reinvested 53 557 209 2,217
Shares Redeemed (1,000) (10,354) (2,624) (27,642)
------ ------- ------ -------
(641) ($ 6,592) (1,309) ($13,731)
==== ======== ====== ========
5. RELATED PARTY TRANSACTIONS
Strong Capital Management, Inc. (the "Advisor"), with whom certain officers
and directors of the Fund are affiliated, provides investment advisory
services and shareholder recordkeeping and related services to the Fund.
Investment advisory fees, which are established by terms of the Advisory
Agreement, are based on an annualized rate of 0.50% of the average daily
net assets of the Fund. Advisory fees are subject to reimbursement by the
Advisor if the Fund's operating expenses exceed certain levels. Shareholder
recordkeeping and related service fees are based on contractually
established rates for each open and closed shareholder account. In
addition, the Advisor is compensated for certain other services related to
costs incurred for reports to shareholders.
Certain information regarding related party transactions for the six months
ended June 30, 1996 is as follows (in thousands):
Payable to Advisor at June 30, 1996 $17
Other Shareholder Servicing Expenses Paid to Advisor 1
Unaffiliated Directors' Fees 1
6. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of long-term securities for the six
months ended June 30, 1996 were $46,540 and $52,041, respectively.
7. INCOME TAX INFORMATION
At June 30, 1996, the investment cost and gross unrealized appreciation and
depreciation on investments for Federal income tax purposes were as follows
(in thousands):
Aggregate Investment Cost $29,346
=======
Aggregate Unrealized:
Appreciation $ 152
Depreciation (225)
----
($ 73)
========
7
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------------------------------------------------------
The following presents information relating to a share of capital stock of the
Fund, outstanding for the entire period.
<S> <C> <C> <C> <C> <C> <C>
1996(a) 1995 1994 1993 1992 1991(b)
------- ---- ---- ---- ---- -------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.67 $ 10.19 $ 11.46 $ 10.82 $ 10.28 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------
Net Investment Income 0.22 0.50 0.54 0.56 0.62 0.06
Net Realized and Unrealized Gains
(Losses) on Investments (0.57) 0.77 (1.27) 0.80 0.68 0.28
----- ---- ----- ---- ---- ----
TOTAL FROM INVESTMENT OPERATIONS (0.35) 1.27 (0.73) 1.36 1.30 0.34
LESS DISTRIBUTIONS
- ------------------
From Net Investment Income(c) (0.22) (0.51) (0.54) (0.56) (0.62) (0.06)
In Excess of Net Investment Income -- (0.28) -- -- -- --
From Net Realized Gains -- -- -- (0.16) (0.14) --
----- ---- ----- ---- ---- ----
TOTAL DISTRIBUTIONS (0.22) (0.79) (0.54) (0.72) (0.76) (0.06)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD $ 10.10 $ 10.67 $ 10.19 $ 11.46 $ 10.82 $ 10.28
======== ======== ======== ======== ======== ========
Total Return - 3.3% +12.7% - 6.5% +12.8% +13.1% +3.4%
Net Assets, End of Period (In Thousands) $ 30,896 $ 39,473 $ 51,024 $ 61,213 $ 21,367 $ 1,308
Ratio of Expenses to Average Net Assets 1.2%* 1.0% 1.0% 0.6% 0.2% 0.5%*
Ratio of Expenses to Average Net Assets
Without Waivers and Absorptions 1.2%* 1.0% 1.0% 0.9% 1.1% 1.0%*
Ratio of Net Investment Income to
Average Net Assets 4.3%* 4.6% 5.0% 4.9% 5.8% 5.6%*
Portfolio Turnover Rate 137.9% 724.9% 411.1% 110.7% 289.6% 24.2%
* Calculated on an annualized basis.
(a) For the six months ended June 30, 1996 (Unaudited). Total return and portfolio turnover rate are not annualized.
(b) Inception date is November 25, 1991. Total return and portfolio turnover rate are not annualized.
(c) Tax-exempt for regular Federal income tax purposes.
</TABLE>
8
<PAGE>
Bulk Rate
U.S. Postage
PAID
Mailed from
Zip Code 94545
Permit No. 23
FOR LITERATURE AND INFORMATION REQUESTS,
CALL 1-800-368-1030
TO DISCUSS AN EXISTING ACCOUNT OR
CONDUCT A TRANSACTION,
CALL 1-800-368-3863.
For a propecctus 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 annual report does not constitute an offer for
the sale of securities. Strong Funds are offered for sale by prospectus only.
[STRONG FUNDS LOGO]
STRONG FUNDS DISTRIBUTORS, INC.
P.O. Box 2936
Milwaukee, Wisconsin 53201
http://www.strong-funds.com
3280G96O
