<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 774627
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 STRONG SCHAFER VALUE FUND, INC.
001 B000000 811-4384
001 C000000 2126441800
002 A000000 645 FIFTH AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 SCHAFER CAPITAL MANAGEMENT, INC.
008 B000001 A
008 C000001 801-25825
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
010 A000001 STRONG CAPITAL MANAGEMENT, INC.
010 B000001 801-10724
010 C010001 MILWAUKEE
010 C020001 WI
010 C030001 53201
010 C040001 2936
011 A000001 STRONG FUNDS DISTRIBUTORS, INC.
011 B000001 8-10724
011 C010001 MILWAUKEE
011 C020001 WI
011 C030001 53201
011 C040001 2936
012 A000001 STRONG CAPITAL MANAGEMENT, INC.
<PAGE> PAGE 2
012 B000001 84-1599
012 C010001 MILWAUKEE
012 C020001 WI
012 C030001 53201
012 C040001 2936
013 A000001 COOPERS & LYBRAND, LLP.
013 B010001 MILWAUKEE
013 B020001 WI
013 B030001 53202
015 A000001 FIRSTAR TRUST COMPANY
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
015 C030001 53202
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 36
019 C000000 STRONGFUND
020 A000001 MORGAN STANLEY & COMPANY, INC.
020 C000001 110
020 A000002 OPPENHEIMER & COMPANY, INC.
020 C000002 99
020 A000003 BEAR STEARNS & COMPANY
020 C000003 76
020 A000004 WINCHESTER GROUP, INC.
020 C000004 40
020 A000005 MONNESS CRESPI HARDT & COMPANY, INC.
020 C000005 39
020 A000006 LEGG MASON WOOD WALKER, INC.
020 C000006 38
020 A000007 COUNTY NATWEST
020 C000007 31
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 C000008 23
020 A000009 DILLON REED & COMPANY, INC.
020 C000009 20
020 A000010 SHELBY CULLOM DAVIS & COMPANY, INC.
020 C000010 18
021 000000 621
022 A000001 ELAN INVESTMENT SERVICES, INC.
022 C000001 882748
022 D000001 4500
022 A000002 LAZARD, FRERES & COMPANY
022 C000002 8533
022 D000002 0
022 A000003 DILLON REED & COMPANY, INC.
022 C000003 0
022 D000003 3137
022 A000004 PRUDENTIAL SECURITIES, INC.
022 C000004 0
<PAGE> PAGE 3
022 D000004 3018
022 A000005 JEFFERIES & COMPANY, INC.
022 C000005 0
022 D000005 1661
022 A000006 MONNESS CRESPI HARDT & COMPANY, INC.
022 C000006 1100
022 D000006 0
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 C000007 666
022 D000007 0
022 A000008 SMITH BARNEY SHEARSON
022 C000008 137
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 931890
023 D000000 53421
024 000000 Y
025 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH
025 C000001 E
025 D000001 8643
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 31531
028 A020000 0
028 A030000 0
028 A040000 8259
028 B010000 26784
028 B020000 0
028 B030000 0
028 B040000 6573
028 C010000 18266
028 C020000 0
028 C030000 0
<PAGE> PAGE 4
028 C040000 9679
028 D010000 23764
028 D020000 0
028 D030000 0
028 D040000 11364
028 E010000 28151
028 E020000 0
028 E030000 0
028 E040000 9071
028 F010000 25464
028 F020000 0
028 F030000 0
028 F040000 5947
028 G010000 153960
028 G020000 0
028 G030000 0
028 G040000 50893
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 Y
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
<PAGE> PAGE 5
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 250
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
<PAGE> PAGE 6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
<PAGE> PAGE 7
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 244367
071 B000000 45751
071 C000000 256456
071 D000000 18
072 A000000 12
072 B000000 691
072 C000000 5976
072 D000000 0
072 E000000 0
072 F000000 2649
072 G000000 0
072 H000000 0
072 I000000 425
072 J000000 26
072 K000000 0
072 L000000 35
072 M000000 6
072 N000000 136
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 28
072 S000000 62
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 48
072 X000000 3415
072 Y000000 0
072 Z000000 3251
072AA000000 12850
072BB000000 2550
072CC010000 18448
072CC020000 0
072DD010000 1590
072DD020000 0
072EE000000 5315
073 A010000 0.3800
073 A020000 0.0000
073 B000000 1.2700
073 C000000 0.0000
<PAGE> PAGE 8
074 A000000 0
074 B000000 0
074 C000000 25562
074 D000000 0
074 E000000 0
074 F000000 381909
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 991
074 M000000 0
074 N000000 408462
074 O000000 18511
074 P000000 326
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 243
074 S000000 0
074 T000000 389382
074 U010000 8236
074 U020000 0
074 V010000 47.28
074 V020000 0.00
074 W000000 0.0000
074 X000000 27234
074 Y000000 0
075 A000000 0
075 B000000 267240
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
<PAGE> PAGE 9
077 Q030000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 750
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BRENDAN J. SPILLANE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000774627
<NAME> "Strong Schafer Value Fund, Inc."
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-START> Oct-01-1995
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 369,407,406
<INVESTMENTS-AT-VALUE> 407,470,925
<RECEIVABLES> 991,216
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 408,462,141
<PAYABLE-FOR-SECURITIES> 18,511,017
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 569,256
<TOTAL-LIABILITIES> 19,080,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 338,790,868
<SHARES-COMMON-STOCK> 8,235,795
<SHARES-COMMON-PRIOR> 3,756,513
<ACCUMULATED-NII-CURRENT> 2,458,289
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,069,192
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,063,519
<NET-ASSETS> 389,381,868
<DIVIDEND-INCOME> 5,975,544
<INTEREST-INCOME> 690,821
<OTHER-INCOME> 0
<EXPENSES-NET> (3,415,469)
<NET-INVESTMENT-INCOME> 3,250,896
<REALIZED-GAINS-CURRENT> 10,300,245
<APPREC-INCREASE-CURRENT> 18,447,604
<NET-CHANGE-FROM-OPS> 31,998,745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,590,270)
<DISTRIBUTIONS-OF-GAINS> (5,314,873)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,009,482
<NUMBER-OF-SHARES-REDEEMED> (1,681,871)
<SHARES-REINVESTED> 151,671
<NET-CHANGE-IN-ASSETS> 226,113,273
<ACCUMULATED-NII-PRIOR> 797,663
<ACCUMULATED-GAINS-PRIOR> 5,083,820
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,649,217
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,415,469
<AVERAGE-NET-ASSETS> 267,888,375
<PER-SHARE-NAV-BEGIN> 43
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 5
<PER-SHARE-DIVIDEND> (0)
<PER-SHARE-DISTRIBUTIONS> (1)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 47
<EXPENSE-RATIO> 1.3
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
