<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 901539
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 STRONG CONSERVATIVE EQUITY FUNDS, INC.
001 B000000 811-7656
001 C000000 4143593472
002 A000000 P.O.BOX 2936
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53201
002 D020000 2936
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 STRONG AMERICAN UTILITIES FUND
007 C030100 N
007 C010200 2
007 C020200 STRONG EQUITY INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 STRONG GROWTH & INCOME FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 STRONG CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-10724
008 D01AA01 MILWAUKEE
008 D02AA01 WI
008 D03AA01 53201
008 D04AA01 2936
008 A00AA02 W.H. REAVES & COMPANY, INC.
008 B00AA02 S
008 C00AA02 801-13457
008 D01AA02 JERSEY CITY
008 D02AA02 NJ
<PAGE> PAGE 2
008 D03AA02 07302
011 A00AA01 STRONG FUNDS DISTRIBUTORS, INC.
011 B00AA01 8-10724
011 C01AA01 MILWAUKEE
011 C02AA01 WI
011 C03AA01 53201
011 C04AA01 2936
012 A00AA01 STRONG CAPITAL MANAGEMENT, INC.
012 B00AA01 84-1599
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53201
012 C04AA01 2936
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
014 A00AA01 STRONG FUNDS DISTRIBUTORS, INC.
014 B00AA01 8-32608
014 A00AA02 W.H. REAVES & COMPANY, INC.
014 B00AA02 8-22142
015 A00AA01 FIRSTAR TRUST COMPANY
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
015 A00AA02 BROWN BROTHERS HARRIMAN & CO.
015 B00AA02 S
015 C01AA02 BOSTON
015 C02AA02 MA
015 C03AA02 02109
015 E04AA02 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 39
019 C00AA00 STRONGFUND
020 A000001 W.H. REAVES & COMPANY, INC.
020 C000001 234
020 A000002 INSTINET
020 C000002 15
020 A000003 MORGAN STANLEY & COMPANY, INC.
020 C000003 7
020 A000004 ALEX BROWN & SONS
020 C000004 3
020 A000005 LEHMAN BROTHERS, INC.
020 C000005 2
020 A000006 SALOMON BROTHERS, INC.
020 C000006 2
020 A000007 DONALDSON, LUFKIN & JENRETTE
020 C000007 1
<PAGE> PAGE 3
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 C000008 1
020 A000009 GOLDMAN, SACHS & COMPANY INC.
020 C000009 1
020 A000010 BEAR STEARNS & COMPANY INC
020 C000010 1
021 000000 269
022 A000001 GOLDMAN, SACHS & COMPANY
022 C000001 365276
022 D000001 442
022 A000002 MORGAN STANLEY & COMPANY, INC.
022 C000002 205872
022 D000002 36
022 A000003 CHASE MANHATTAN
022 C000003 55987
022 D000003 0
022 A000004 LEHMAN BROTHERS, INC.
022 C000004 9398
022 D000004 275
022 A000005 SALOMON BROTHERS, INC.
022 C000005 6547
022 D000005 256
022 A000006 THE FIRST BOSTON CORPORATION
022 C000006 6480
022 D000006 0
022 A000007 THE CHICAGO CORPORATION
022 C000007 4021
022 D000007 12
022 A000008 CITICORP SECURITIES MARKETS
022 C000008 3999
022 D000008 0
022 A000009 FIRST CHICAGO CAPITAL MARKETS
022 C000009 3757
022 D000009 0
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 C000010 632
022 D000010 190
023 C000000 1426080
023 D000000 14818
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
<PAGE> PAGE 4
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
<PAGE> PAGE 5
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 N
066 E00AA00 Y
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 D000000 Y
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
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
<PAGE> PAGE 6
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 12370
028 A020100 0
028 A030100 0
028 A040100 4979
028 B010100 17278
028 B020100 701
028 B030100 0
028 B040100 6104
028 C010100 37753
028 C020100 0
028 C030100 0
028 C040100 9007
028 D010100 26240
028 D020100 0
028 D030100 0
028 D040100 21559
028 E010100 12056
028 E020100 1054
028 E030100 0
028 E040100 17288
028 F010100 10045
028 F020100 0
028 F030100 0
028 F040100 16558
028 G010100 115742
028 G020100 1755
028 G030100 0
028 G040100 75495
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
<PAGE> PAGE 7
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 0
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 92390
071 B000100 50969
071 C000100 115852
<PAGE> PAGE 8
071 D000100 44
072 A000100 6
072 B000100 363
072 C000100 2497
072 D000100 0
072 E000100 0
072 F000100 488
072 G000100 0
072 H000100 0
072 I000100 158
072 J000100 23
072 K000100 0
072 L000100 26
072 M000100 1
072 N000100 25
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 5
072 T000100 0
072 U000100 10
072 V000100 0
072 W000100 4
072 X000100 748
072 Y000100 0
072 Z000100 2112
072AA000100 6220
072BB000100 847
072CC010100 0
072CC020100 1466
072DD010100 1879
072DD020100 0
072EE000100 0
073 A010100 0.1791
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 3000
074 C000100 6525
074 D000100 0
074 E000100 0
074 F000100 128150
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 90
074 K000100 0
074 L000100 708
074 M000100 0
<PAGE> PAGE 9
074 N000100 138473
074 O000100 434
074 P000100 122
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 79
074 S000100 0
074 T000100 137838
074 U010100 11123
074 U020100 0
074 V010100 12.39
074 V020100 0.00
074 W000100 0.0000
074 X000100 9207
074 Y000100 0
075 A000100 0
075 B000100 127805
076 000100 0.00
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 500
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 135
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 13369
028 D020200 0
028 D030200 0
028 D040200 20
028 E010200 2223
028 E020200 33
028 E030200 0
028 E040200 829
028 F010200 1851
028 F020200 0
028 F030200 0
028 F040200 315
028 G010200 18078
028 G020200 33
028 G030200 0
028 G040200 1164
028 H000200 0
045 000200 Y
046 000200 N
<PAGE> PAGE 10
047 000200 Y
048 000200 0.800
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 0
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
<PAGE> PAGE 11
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 18164
071 B000200 5720
071 C000200 8340
071 D000200 69
072 A000200 4
072 B000200 49
072 C000200 39
072 D000200 0
072 E000200 0
072 F000200 22
072 G000200 0
072 H000200 0
072 I000200 5
072 J000200 6
072 K000200 0
072 L000200 6
072 M000200 0
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 1
072 S000200 1
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 43
072 Y000200 0
072 Z000200 45
072AA000200 210
072BB000200 240
072CC010200 383
072CC020200 0
072DD010200 33
072DD020200 0
072EE000200 0
<PAGE> PAGE 12
073 A010200 0.0238
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 4500
074 C000200 171
074 D000200 649
074 E000200 923
074 F000200 11248
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 16
074 K000200 0
074 L000200 16
074 M000200 29
074 N000200 17552
074 O000200 196
074 P000200 11
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 33
074 S000200 0
074 T000200 17312
074 U010200 1548
074 U020200 0
074 V010200 11.18
074 V020200 0.00
074 W000200 0.0000
074 X000200 1263
074 Y000200 0
075 A000200 0
075 B000200 9593
076 000200 0.00
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 500
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 428
028 C020300 0
028 C030300 0
028 C040300 5
028 D010300 1483
028 D020300 0
<PAGE> PAGE 13
028 D030300 0
028 D040300 42
028 E010300 1911
028 E020300 7
028 E030300 0
028 E040300 506
028 F010300 1422
028 F020300 0
028 F030300 0
028 F040300 570
028 G010300 5744
028 G020300 7
028 G030300 0
028 G040300 1123
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.800
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 0
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
<PAGE> PAGE 14
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 5392
071 B000300 1688
071 C000300 2206
071 D000300 77
072 A000300 4
072 B000300 16
072 C000300 8
072 D000300 0
072 E000300 0
072 F000300 7
072 G000300 0
072 H000300 0
072 I000300 3
072 J000300 4
072 K000300 0
072 L000300 1
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
<PAGE> PAGE 15
072 Q000300 0
072 R000300 1
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 16
072 Y000300 0
072 Z000300 8
072AA000300 109
072BB000300 57
072CC010300 223
072CC020300 0
072DD010300 9
072DD020300 0
072EE000300 0
073 A010300 0.0252
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 600
074 C000300 360
074 D000300 325
074 E000300 285
074 F000300 3371
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 58
074 K000300 0
074 L000300 5
074 M000300 34
074 N000300 5038
074 O000300 105
074 P000300 3
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 28
074 S000300 0
074 T000300 4902
074 U010300 430
074 U020300 0
074 V010300 11.40
074 V020300 0.00
074 W000300 0.0000
074 X000300 631
074 Y000300 300
<PAGE> PAGE 16
075 A000300 0
075 B000300 2554
076 000300 0.00
SIGNATURE RONALD A. NEVILLE
TITLE SENIOR V.P. & CFO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000901539
<NAME> "Strong Conservative Equity Funds, Inc."
<SERIES>
<NUMBER> 1
<NAME> Strong American Utilities Fund
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Nov-01-1995
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 128541
<INVESTMENTS-AT-VALUE> 137675
<RECEIVABLES> 798
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138473
<PAYABLE-FOR-SECURITIES> 434
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201
<TOTAL-LIABILITIES> 635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124792
<SHARES-COMMON-STOCK> 11123
<SHARES-COMMON-PRIOR> 7814
<ACCUMULATED-NII-CURRENT> 443
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3469
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9134
<NET-ASSETS> 137838
<DIVIDEND-INCOME> 2497
<INTEREST-INCOME> 363
<OTHER-INCOME> 0
<EXPENSES-NET> (748)
<NET-INVESTMENT-INCOME> 2112
<REALIZED-GAINS-CURRENT> 5373
<APPREC-INCREASE-CURRENT> (1,466)
<NET-CHANGE-FROM-OPS> 6019
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,879)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9235
<NUMBER-OF-SHARES-REDEEMED> (6,067)
<SHARES-REINVESTED> 141
<NET-CHANGE-IN-ASSETS> 46142
<ACCUMULATED-NII-PRIOR> 209
<ACCUMULATED-GAINS-PRIOR> (1903)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748
<AVERAGE-NET-ASSETS> 131008
<PER-SHARE-NAV-BEGIN> 11.73
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.65
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.39
<EXPENSE-RATIO> 1.1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000901539
<NAME> "Strong Conservative Equity Funds, Inc."
<SERIES>
<NUMBER> 3
<NAME> Strong Growth & Income Fund
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Dec-29-1995
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 4718
<INVESTMENTS-AT-VALUE> 4941
<RECEIVABLES> 63
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5038
<PAYABLE-FOR-SECURITIES> 105
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 136
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4628
<SHARES-COMMON-STOCK> 430
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (1)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 223
<NET-ASSETS> 4902
<DIVIDEND-INCOME> 8
<INTEREST-INCOME> 16
<OTHER-INCOME> 0
<EXPENSES-NET> (16)
<NET-INVESTMENT-INCOME> 8
<REALIZED-GAINS-CURRENT> 52
<APPREC-INCREASE-CURRENT> 223
<NET-CHANGE-FROM-OPS> 283
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 531
<NUMBER-OF-SHARES-REDEEMED> (102)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 4902
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16
<AVERAGE-NET-ASSETS> 2517
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.41
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.40
<EXPENSE-RATIO> 1.9
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000901539
<NAME> "Strong Conservative Equity Funds, Inc."
<SERIES>
<NUMBER> 2
<NAME> Strong Equity Income Fund
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-START> Dec-29-1995
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 17108
<INVESTMENTS-AT-VALUE> 17491
<RECEIVABLES> 32
<ASSETS-OTHER> 29
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17552
<PAYABLE-FOR-SECURITIES> 196
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16947
<SHARES-COMMON-STOCK> 1548
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (30)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 383
<NET-ASSETS> 17312
<DIVIDEND-INCOME> 39
<INTEREST-INCOME> 49
<OTHER-INCOME> 0
<EXPENSES-NET> (43)
<NET-INVESTMENT-INCOME> 45
<REALIZED-GAINS-CURRENT> (30)
<APPREC-INCREASE-CURRENT> 383
<NET-CHANGE-FROM-OPS> 398
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1650
<NUMBER-OF-SHARES-REDEEMED> (105)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 17312
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43
<AVERAGE-NET-ASSETS> 8401
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.18
<EXPENSE-RATIO> 1.5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>