Please file this Prospectus Supplement with your records.
STRONG MUNICIPAL MONEY MARKET FUND
STRONG SHORT-TERM MUNICIPAL BOND FUND
STRONG INSURED MUNICIPAL BOND FUND
STRONG MUNICIPAL BOND FUND
STRONG HIGH-YIELD MUNICIPAL BOND FUND
Supplement to Prospectus dated May 1, 1995
CLOSING OF STRONG INSURED MUNICIPAL BOND FUND
Effective April 1, 1996, the Strong Insured Municipal Bond
Fund will be closed to new investors and additional
investments by existing shareholders. The Fund's existing
shareholders, however, may continue to add to their accounts
through the reinvestment of dividends and cash distributions
on any Fund shares owned.
On April 24, 1996, Strong Capital Management, Inc., the
Fund's investment advisor (the "Advisor"), intends on
recommending to the Fund's Board of Directors that the Fund
be merged into the Strong Municipal Bond Fund. The Advisor
believes that it is in the best interests of the Fund's
shareholders that the Fund be merged into the Strong
Municipal Bond Fund, a larger fund whose investment
objective is identical to that of the Fund, but whose
investment policies allow it to invest in a wider range of
investment-grade municipal securities. If approved by the
Fund's Board of Directors, the Fund's shareholders will be
asked to approve such a merger and will receive proxy
solicitation materials that fully explain the reasons for
the proposed merger and its effects.
CHANGES IN PORTFOLIO MANAGEMENT
The following portfolio-management changes were effective
December 1995:
Strong Short-Term Municipal Bond Fund. Mr. Steven D. Harrop
will serve as the portfolio manager of the Fund. He also
manages the Strong Municipal Money Market Fund and the
Strong Municipal Advantage Fund, a new, ultra short-term
municipal bond fund that began operations on November 29,
1995.
Strong Insured Municipal Bond Fund and Strong Municipal Bond
Fund. Formerly a co-portfolio manager, Ms. Mary-Kay H.
Bourbulas will assume sole portfolio-management
responsibility for both Funds.
The following portfolio-management change was effective
February 1996:
Strong High-Yield Municipal Bond Fund. Ms. Mary-Kay H.
Bourbulas will serve as the portfolio manager of the Fund.
She had co-managed the Fund from its inception in October
1993 until December 1995.
For more information on Mr. Harrop and Ms. Bourbulas, please
see pages I-25 through I-26 of the Funds' prospectus.
The date of this Prospectus Supplement is March 25, 1996.
